Albany International Reports Third-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 Q3 2012 income from continuing operations of $9.1 million ($0.29 per share). These results include restructuring charges of $2.7 million ($0.06 per share), foreign currency revaluation losses of $3.6 million ($0.07 per share), and net unfavorable income tax adjustments of $1.3 million ($0.04 per share) (see Table 6).

Q3 2011 income from continuing operations was $14.5 million ($0.46 per share). These results included restructuring charges of $2.7 million ($0.06 per share) and foreign currency revaluation gains of $6.6 million ($0.14 per share) (see Table 7).

Net sales from continuing operations were $194.6 million, a decrease of 2.8 percent compared to Q3 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

 
September 30,

Percent
Translation

Currency

(in thousands)
   

2012
   

2011
   

Change
    Rates    

Rate Effect
Machine Clothing (MC)     $ 177,471     $ 188,334     -5.8 %     ($5,449 )     -2.9 %
Engineered Composites (AEC)       17,118       11,918     43.6       -       43.6  
Total     $ 194,589     $ 200,252     -2.8 %     ($5,449 )     -0.1 %
   

A transition to new contract terms with a major customer in North America, accelerating the transfer of inventory ownership to that customer, increased Q3 net sales by $8 million, and will have a smaller positive residual impact on sales over the next two quarters.

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