This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lydall Announces Financial Results For The Fourth Quarter And Year Ended December 31, 2012

Stocks in this article: LDL

MANCHESTER, Conn., Feb. 26, 2013 (GLOBE NEWSWIRE) -- LYDALL, INC. (NYSE:LDL) today announced financial results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter 2012 ("Q4 2012") compared to Fourth Quarter 2011 ("Q4 2011")

  • Net sales were $90.5 million, including unfavorable foreign currency translation of $1.3 million, or 1.4%, compared to $89.3 million
  • Operating income of $2.0 million, or 2.2%, compared to $4.4 million, or 4.9%

  - Q4 2012 operating income included an asset impairment charge of $1.8 million

  - Q4 2011 operating income included income of $0.8 million from a completed pricing negotiation and $0.4 million of income from a license agreement

  • Net income of $2.4 million, or $0.14 per share, compared to $2.7 million, or $0.16 per share

  - Income tax benefit of $0.5 million included a reversal of valuation allowance on a foreign tax credit carryover of $1.3 million, or $0.08 per share

2012 Year Highlights

  • Net sales were $378.9 million, including unfavorable foreign currency translation impact of $10.6 million, or 2.8%, compared to $383.6 million in 2011
  • Gross margin of 20.5%, an improvement of 290 basis points from 2011, primarily from operational efficiency improvements in the Thermal/Acoustical Fibers segment
  • Operating income of $21.4 million, or 5.6%, compared to $16.2 million, or 4.2% in 2011

  - 2012 operating income included the asset impairment charge of $1.8 million and $0.8 million of income from a license agreement

  - 2011 operating income included $1.6 million of income from a license agreement

  • Effective tax rate for 2012 of 19.9%, primarily as a result of reversal of valuation allowance on a foreign tax credit carryover of $3.9 million, or $0.23 per share, compared to an effective tax rate of 41.3% in 2011
  • Income from continuing operations in 2012 was $16.8 million, or $0.99 per share, compared to $9.1 million, or $0.54 per share in 2011
  • Net income of $16.8 million, or $0.99 per share, compared to net income in 2011 of $13.8 million, or $0.82 per share

Liquidity

  • Cash provided by operations of $15.2 million in Q4 2012 ($34.4 million in full year 2012) compared to cash provided by operations of $12.6 million in Q4 2011 ($14.7 million in full year 2011)
  • Cash and short-term investments of $63.6 million at December 31, 2012 compared to $42.9 million at December 31, 2011

Net sales of $90.5 million in Q4 2012 were $1.1 million greater than Q4 2011. Increased sales volume from the Thermal/Acoustical Fibers ("T/A Fibers") segment of $3.3 million and the Life Sciences Vital Fluids business ("VF business") of $0.8 million, included in Other Products and Services, were partially offset by lower net sales from the Performance Materials ("PM") and Thermal/Acoustical Metals ("T/A Metals") segments of $2.1 million and $0.7 million, respectively. Higher consumer demand in North America for vehicles on Lydall's existing platforms and new platform awards contributed to the increased net sales for the T/A Fibers segment. Lower net sales for the Performance Materials segment were primarily due to decreased volumes of Industrial Thermal Insulation products of $1.4 million, specifically with lower sales of electrical papers products, as the product line was sold to a customer in a prior year. 

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs