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Albany International Reports Fourth-Quarter Results

Albany International Corp. (NYSE: AIN), a global advanced textiles and materials processing company with core businesses in machine clothing and engineered composites, reported Q4 2012 income from continuing operations of $8.0 million ($0.25 per share). These results include restructuring charges of $0.9 million ($0.02 per share), foreign currency revaluation losses of $4.0 million ($0.08 per share), and net unfavorable income tax adjustments of $0.1 million ($0.01 per share) (see Table 6).

Q4 2011 income from continuing operations was a loss of $10.0 million ($0.32 per share). These results included restructuring charges of $4.9 million ($0.10 per share), foreign currency revaluation gains of $3.5 million ($0.08 per share), and net unfavorable income tax adjustments of $15.6 million ($0.50 per share) (see Table 7).

Net sales from continuing operations were $194.3 million, a decrease of 1.6 percent compared to Q4 2011. The following table summarizes net sales by segment and the effect of changes in currency translation rates:

Table 1

 

 

   

Impact of

 

Percent

Net Sales

Changes

Change

Three Months ended

in Currency

excluding

 

December 31,

Percent

Translation

Currency

(in thousands)

 

2012

 

2011

 

Change

 

Rates

 

Rate Effect

Machine Clothing (MC)   $ 174,295     $ 183,218     -4.9 %   ($2,161 )   -3.7 %
Engineered Composites (AEC)     20,040       14,182     41.3     -     41.3  
Total   $

194,335

    $ 197,400     -1.6 %   ($2,161 )   -0.5 %
 

Gross profit was $79.0 million (40.6 percent of net sales) in the fourth quarter of 2012, compared to $77.0 million (39.0 percent of net sales) in the same period of 2011. The increase in gross profit percentage was primarily due to results at Machine Clothing, where gross profit margins increased from 42.1 percent in 2011 to 45.0 percent in 2012, reflecting high plant utilization in the Americas, favorable geographic sales mix, and the cumulative effect of restructuring actions taken over the last year.

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