First-Quarter Financial Highlights
- Net sales were $172.3 million, a
decrease of 5.0% compared to Q1 2015. Excluding currency effects,
net sales decreased 3.9% (see Table 1).
- Adjusted EBITDA was $41.3 million,
compared to $41.5 million in Q1 2015 (see Tables 6 and 7).
- Q1 2016 income attributable to the
Company was $0.42 per share, compared to $0.38 inQ1 2015. Excluding
adjustments (see Table 10), income attributable to the Company was
$0.46 per share, compared to $0.45 in Q1 2015.
- On April 8, 2016, the Company completed
the acquisition of Harris Corporation’s composite aerostructures
division.
Albany International Corp. (NYSE:AIN) reported that Q1 2016
income attributable to the Company was $13.5 million, including a
net benefit of $1.0 million for discrete income tax adjustments.
Income attributable to the Company in Q1 2015 was $12.2 million,
including net charges of $0.2 million for discrete income tax
adjustments.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160502006032/en/
Q1 2016 income before income taxes was $20.4 million, including
restructuring charges of $0.7 million, losses of $1.4 million from
foreign currency revaluation, and $1.6 million of acquisition
expenses. Q1 2015 income before income taxes was $20.8 million,
including restructuring charges of $9.0 million, and gains of $5.4
million from foreign currency revaluation and $0.9 million from the
sale of an investment.
Table 1 summarizes net sales and the effect of changes in
currency translation rates:
Table 1
(in thousands)
Net SalesThree Months endedMarch 31,
PercentChange
Impact ofChangesin
CurrencyTranslationRates
Percent ChangeexcludingCurrency
RateEffect
2016
2015
Machine Clothing (MC)
$145,264 $158,494
-8.3% ($1,838) -7.2% Albany Engineered
Composites (AEC) 27,067 22,830
18.6% (57) 18.8% Total
$172,331 $181,324
-5.0% ($1,895) -3.9%
Excluding the currency translation effects, MC sales were down
7.2% principally due to the continuing effect of the significant
drop in publication sales that occurred in the first half of 2015.
The increase in Q1 sales for AEC was due to the LEAP program.
Q1 2016 gross profit was $72.5 million, or 42.1% of net sales,
compared to $76.7 million, or 42.3% of net sales, in the same
period of 2015. Q1 2016 MC gross profit was $69.6 million, compared
to $75.3 million in Q1 2015, reflecting lower sales. MC gross
profit margin improved to 47.9% in Q1 2016, compared to 47.5% in Q1
2015. AEC gross profit increased to $3.1 million in Q1 2016,
compared to $1.8 million in Q1 2015 due to higher LEAP sales.
Q1 2016 selling, technical, general, and research (STG&R)
expenses were $49.6 million, or 28.8% of net sales, including
losses of $1.9 million from the revaluation of
nonfunctional-currency assets and liabilities, and $1.6 million of
expenses related to the Company’s acquisition of Harris
Corporation’s composite aerostructures division. Restructuring
actions in the past year reduced STG&R expenses in the quarter
by approximately $2 million. Q1 2015 STG&R expenses were $47.5
million, or 26.2% of net sales, including gains of $2.9 million
from the revaluation of nonfunctional-currency assets and
liabilities.
The following table presents first-quarter expenses associated
with internally funded research and development by segment:
Table 2
Research and developmentexpenses by
segmentThree Months endedMarch 31,
(in thousands)
2016
2015
Machine Clothing $4,337
$4,796 Albany Engineered Composites
2,681 2,873 Corporate expenses
- 294 Total $7,018
$7,963
The following table summarizes first-quarter operating income by
segment:
Table 3
Operating Income/(loss)Three Months
endedMarch 31,
(in thousands)
2016
2015
Machine Clothing $37,139
$35,689 Albany Engineered Composites
(3,706) (3,811) Corporate expenses
(11,164) (11,729) Total
$22,269 $20,149
Segment operating income was affected by restructuring, currency
revaluation, and acquisition costs as shown in Table 4 below. MC
restructuring charges in both periods were principally related to
ongoing plant closure costs in Germany.
Table 4
Expenses/(gain) in Q1 2016resulting
from
Expenses/(gain) in Q1 2015resulting
from
(in thousands)
Restructuring
Revaluation
Acquisitioncosts
Restructuring
Revaluation
Machine Clothing $698 $1,890
$ - $9,001 ($2,923) Albany Engineered
Composites - 5 1,596
- (17) Corporate expenses
(19) 2 - - (4) Total
$679 $1,897 $1,596
$9,001 ($2,944)
Q1 2016 Other income/expense, net, was income of $0.3 million,
including income related to the revaluation of
nonfunctional-currency balances of $0.5 million. Q1 2015 Other
income/expense, net, was income of $3.3 million, including gains
related to the revaluation of nonfunctional-currency balances of
$2.4 million, and a gain of $0.9 million related to the sale of the
Company’s investment in an unaffiliated company.
The following table summarizes currency revaluation effects on
certain financial metrics:
Table 5
Income/(loss) attributableto currency
revaluationThree Months endedMarch 31,
(in thousands)
2016
2015
Operating income ($1,897)
$2,944 Other income/(expense), net 479
2,427 Total ($1,418)
$5,371
The Company’s income tax rate, excluding tax adjustments, was
39.7% for Q1 2016, compared to 40.0% for the same period of 2015.
Discrete tax items decreased income tax expense by $1.0 million in
2016 and increased income tax expense by $0.2 million in Q1
2015.
The following tables summarize Adjusted EBITDA:
Table 6
Three Months ended March 31,
2016(in thousands)
MachineClothing
AlbanyEngineeredComposites
Corporateexpensesand other
TotalCompany
Net income $37,139
($3,706) ($20,117) $13,316 Interest
expense, net - -
2,238 2,238 Income tax expense
- - 7,043
7,043 Depreciation and amortization
9,318 3,395 2,107 14,820
EBITDA 46,457
(311) (8,729)
37,417 Restructuring expenses, net
698 - (19) 679
Foreign currency revaluation (gains)/losses
1,890 5 (477)
1,418 Acquisition expenses -
1,596 - 1,596 Pretax loss
attributable to non-controlling interest in ASC
- 187 - 187
Adjusted EBITDA $49,045
$1,477 ($9,225)
$41,297
Table 7
Three Months ended March 31,
2015(in thousands)
MachineClothing
AlbanyEngineeredComposites
Corporateexpensesand other
TotalCompany
Net income $35,689
($3,811) ($19,639) $12,239 Interest
expense, net - -
2,676 2,676 Income tax expense
- - 8,519
8,519 Depreciation and amortization
10,205 2,995 2,154 15,354
EBITDA 45,894
(816) (6,290)
38,788 Restructuring expenses, net
9,001 - - 9,001
Foreign currency revaluation (gains)/losses
(2,923) (17) (2,431)
(5,371) Gain on sale of investment
- - (872) (872)
Pretax income attributable to non-controlling interest in ASC
- (26) -
(26)
Adjusted EBITDA
$51,972 ($859)
($9,593) $41,520
Capital spending was $10.9 million for Q1 2016, compared to
$12.2 million for Q1 2015. Depreciation and amortization was $14.8
million for Q1 2016, compared to $15.4 million for Q1 2015.
CFO Comments
CFO and Treasurer John Cozzolino commented, “Net debt (total
debt less cash) increased $5 million to $86 million (see Table 11).
The increase in net debt was mostly due to incentive compensation
payments, which typically occur in the first quarter of each year.
Capital expenditures in Q1 were $11 million. We estimate full-year
spending in 2016 to be $85 million to $95 million, including
capital expenditures for the acquired business.
“The Company’s income tax rate, excluding tax adjustments, was
40% in Q1, above our estimated range for 2016 of 30% to 35%. The
increase in the tax rate is due to the tax impact of planned cash
repatriation activities. Cash paid for income taxes was about $9
million in Q1, and we estimate cash taxes in 2016 to range from $20
million to $25 million.
“In conjunction with the completion of the acquisition on April
8, the Company amended and extended its revolving credit facility.
The size of the facility was increased by $150 million to $550
million and the maturity date was extended to April 2021. The terms
of the facility, including LIBOR spreads, were essentially the same
as those contained in the previous agreement. Up-front fees
associated with the amended agreement were $1.8 million.
“On April 8, the Company borrowed an additional $205 million,
under the amended facility, to fund the acquisition and related
costs, including borrowing costs and initial operating cash
requirements of the new business. Including the impact of that
borrowing and the historic EBITDA of the acquired business, the
Company’s leverage ratio, as defined in the credit agreement, was
2.57 at the date of the acquisition.”
CEO Comments
President and CEO Joe Morone said, “Q1 2016 was another good
quarter for Albany International. Against an unusually strong Q1
2015, and despite a 7% drop in year-over-year MC sales, Q1 2016
Adjusted EBITDA held constant against Q1 2015. Both businesses
again performed well, as MC continued to generate strong
profitability and AEC strong growth. And, shortly after the end of
the quarter, we announced the completion of our acquisition of
Harris Corporation’s composite aerostructures division, which
effectively doubles the size and growth potential of AEC.
“Turning first to MC, there were no top-line surprises in Q1, as
the trends of the previous three quarters continued. On a
year-over-year basis, sales declined 7%, excluding currency
effects, primarily because of the significant drop in publication
sales that we experienced in several of our markets in the first
half of last year. On a sequential basis, sales in the Americas,
Europe and China were stable; sales in the growth grades were
stable and reached 75% of total Q1 sales; we continued to perform
well on new machines in the growth grades; and we were particularly
encouraged by the performance of our new technology platform in
development trials and product sales in the tissue market.
“Profitability remained strong as the combined effect of
restructuring, productivity improvements, and lower material costs
effectively offset the impact on Adjusted EBITDA of last year’s
large drop in publication sales.
“As for the outlook in MC, we do not expect any significant
deviation from our expectation that full-year 2016 Adjusted EBITDA
should be in the upper end of the $180 million to $195 million
range. The normal seasonal pattern in this business is for sales to
increase from Q1 to Q2, and for margins to decrease as annual
salary increases are implemented. Last year’s unusually strong
sales in Q1 notwithstanding, we expect a return to the normal
pattern this year. Q2 sales should improve somewhat over Q1 and
profit margins should decline. The net effect is that we expect Q2
2016 Adjusted EBITDA to improve compared to Q2 2015, and first half
2016 Adjusted EBITDA to be comparable to first half 2015. The
primary risk to this outlook continues to be global macroeconomic
conditions, particularly in commodity-driven economies, and
especially in Brazil.
“AEC also had a strong first quarter. Driven by growth in LEAP,
sales improved by 19% and Adjusted EBITDA swung from a loss of $0.9
million to a positive $1.5 million. From an operational
perspective, performance was strong across the board -- preparation
for the LEAP ramp, deliveries and quality on key programs in
Boerne, Texas, the plan to improve the profitability of our legacy
programs, and new business development all continued on track. And,
of course, shortly after the end of Q1, on April 8, we announced
the completion of our composites acquisition. We will include the
acquisition in our consolidated AEC results starting with the Q2
2016 earnings release.
“Our outlook for AEC remains unchanged from what we described
last quarter and in our press release and investor call about the
acquisition. We expect the acquisition to contribute roughly $65
million of sales and $10 million of Adjusted EBITDA to AEC in 2016;
on a pro-forma full-year basis, it should add $80 million to $90
million and $13 million to $15 million, respectively. For the
combined entity, our pro-forma full-year 2016 outlook is for AEC
sales to grow to approximately $190 million to $200 million.
Pro-forma full-year Adjusted EBITDA for the combined entity should
be roughly $15 million to $17 million, including $10 million of
R&T spending.
“Our longer term outlook for the combined AEC also remains
unchanged. The new AEC has the potential to reach approximately
$450 million of annual revenue by 2020. Recent progress in new
business development adds to our confidence in this growth
potential. And, driven by growth-related operational efficiencies
and STG&R leverage, we expect steadily improving EBITDA margins
through the rest of the decade, growing to 18% to 20% by 2020.
“The new AEC’s growth potential hinges on operational execution
and market demand in six sets of key programs:
- Fan blades and cases for the LEAP
engine: LEAP continues to achieve unprecedented market success.
Total orders now exceed 10,500 engines, and CFM’s latest forecast
is for engine sales to grow from 100 in 2016, to 500 in 2017, 1200
in 2018, 1800 in 2019, and 2000 by 2020. AEC sales should be
somewhat higher than this annual rate. This program has the
potential to account for as much as $200 million in annual sales by
2020.
- Airframe Components for the Joint
Strike Fighter: AEC is producing a variety of parts for the
airframes of each of the three versions of the Joint Strike
Fighter. Total sales, which should account for roughly $30 million
of pro-forma annual sales in 2016, are expected to begin to ramp in
2017, and have the potential to reach $75 million to $100 million
by 2020.
- Forward Fuselage Frames for the Boeing
787: AEC production in this program began to ramp this year, and
has the potential to contribute roughly $50 million to $60 million
in annual sales by 2020.
- CH-53K components: AEC is producing the
tail rotor pylon, horizontal stabilizer, and sponsons for the
Marine’s next generation heavy lift rotorcraft. The first versions
of the CH-53K are currently undergoing flight tests, low- rate
initial production is scheduled to begin in 2017, and the ramp is
expected to begin in 2019. This program has the potential to
generate more than $20 million of annual revenue by 2020, and at
full-rate production early next decade, more than $100 million in
annual revenue.
- Components for several other new engine
programs, including the LiftFan® of the JSF, and fan cases for
GE9X. The ramps for these programs will be spread out through the
rest of the decade and into early next decade, and depending on the
outcome of current negotiations on other engine programs, have the
potential to generate $25 million to $50 million of revenue by
2020.
- Numerous legacy programs, most notably
bodies for a family of Lockheed Martin standoff air- to- surface
missiles, and vacuum waste tanks for most Boeing aircraft. In
aggregate, these legacy programs have the potential to generate $50
million to $70 million in sales by 2020.
“It bears emphasizing that our ability to realize the revenue
potential of these programs is by no means certain. Each requires
successful execution against demanding requirements and schedules,
and assumes no significant slippage in schedule. Given the
strategic importance to our customers of each of the program
platforms, we continue to view operational execution as the primary
risk to our ability to maintain our position on these programs and
thus realize the new AEC’s revenue and profit potential.
“In sum, Q1 2016 was another good quarter, highlighted by strong
profitability in MC, LEAP-driven growth in AEC, and the acquisition
of our composite aerostructures division. Our outlook for MC
continues unchanged: we expect to end the first half of 2016 on
track toward full-year Adjusted EBITDA in the upper end of the
normal $180 million to $195 million range. And for AEC, including
the acquisition, we expect pro-forma full-year 2016 sales to grow
to $190 million $200 million, and assuming good execution and an
absence of market-based delays across the six sets of key programs,
rapid growth through the decade accompanied by steadily improving
profitability.”
The Company plans a webcast to discuss first-quarter financial
results on Tuesday, May 3, at 9:00 a.m. Eastern Time. For access,
go to www.albint.com.
About Albany International Corp.
Albany International is a global advanced textiles and materials
processing company, with two core businesses. Machine Clothing is
the world’s leading producer of custom-designed fabrics and belts
essential to production in the paper, nonwovens, and other process
industries. Albany Engineered Composites is a rapidly growing
supplier of highly engineered composite parts for the aerospace
industry. Albany International is headquartered in Rochester, New
Hampshire, operates 22 plants in 10 countries, employs 4,400 people
worldwide, and is listed on the New York Stock Exchange (Symbol
AIN). Additional information about the Company and its products and
services can be found at www.albint.com.
This release contains certain items, such as earnings before
interest, taxes, depreciation and amortization (EBITDA), Adjusted
EBITDA, EBITDA margin, sales excluding currency effects, income tax
rate excluding adjustments, net debt, net income attributable to
the Company, excluding adjustments (on an absolute and per-share
basis), and certain income and expense items on a per-share basis
that could be considered non-GAAP financial measures. Such items
are provided because management believes that, when presented
together with the GAAP items to which they relate, they provide
additional useful information to investors regarding the Company’s
operational performance. Presenting increases or decreases in
sales, after currency effects are excluded, can give management and
investors insight into underlying sales trends. An understanding of
the impact in a particular quarter of specific restructuring costs,
or other gains and losses, on operating income or EBITDA can give
management and investors additional insight into quarterly
performance, especially when compared to quarters in which such
items had a greater or lesser effect, or no effect. All non-GAAP
financial measures in this release relate to the Company’s
continuing operations.
The effect of changes in currency translation rates is
calculated by converting amounts reported in local currencies into
U.S. dollars at the exchange rate of a prior period. That amount is
then compared to the U.S. dollar amount reported in the current
period. The Company calculates Income tax adjustments by adding
discrete tax items to the effect of a change in tax rate for the
reporting period. The Company calculates its income tax rate,
exclusive of income tax adjustments, by removing income tax
adjustments from total Income tax expense, then dividing that
result by Income before income taxes. The Company calculates EBITDA
by removing the following from Net income: Interest expense net,
Income tax expense, Depreciation and amortization. Adjusted EBITDA
is calculated by: adding to EBITDA costs associated with
restructuring and pension settlement charges; adding (or
subtracting) revaluation losses (or gains); subtracting (or adding)
gains (or losses) from the sale of buildings or investments;
subtracting insurance recovery gains; subtracting (or adding)
Income (or loss) attributable to the non-controlling interest in
Albany Safran Composites (ASC); and adding expenses related to the
Company’s acquisition of Harris Corporation’s composite
aerostructures division. The Company believes that EBITDA and
Adjusted EBITDA provide useful information to investors because
they provide an indication of the strength and performance of the
Company's ongoing business operations, including its ability to
fund discretionary spending such as capital expenditures and
strategic investments, as well as its ability to incur and service
debt. While depreciation and amortization are operating costs under
GAAP, they are noncash expenses equal to current period allocation
of costs associated with capital and other long-lived investments
made in prior periods.
While restructuring expenses, foreign currency revaluation
losses or gains, pension settlement charges, insurance-recovery
gains, gains or losses from sales of buildings or investments, and
acquisition expenses have an impact on the Company's net income,
removing them from EBITDA can provide, in the opinion of the
Company, a better measure of operating performance. EBITDA is also
a calculation commonly used by investors and analysts to evaluate
and compare the periodic and future operating performance and value
of companies. EBITDA, as defined by the Company, may not be similar
to EBITDA measures of other companies. Such EBITDA measures may not
be considered measurements under GAAP, and should be considered in
addition to, but not as substitutes for, the information contained
in the Company’s statements of income.
The Company discloses certain income and expense items on a
per-share basis. The Company believes that such disclosures provide
important insight into underlying quarterly earnings and are
financial performance metrics commonly used by investors. The
Company calculates the quarterly per-share amount for items
included in continuing operations by using the estimated effective
annual tax rate and the weighted average number of shares
outstanding for each period. Year-to-date earnings per-share
effects are determined by adding the amounts calculated at each
reporting period.
Table 8
Three Months ended March 31,
2016(in thousands, except per share amounts)
Pre-taxamounts
TaxEffect
After-taxEffect
Per ShareEffect
Restructuring expenses, net $679
$270 $409 $0.01 Foreign currency
revaluation losses 1,418
563 855 0.03 Acquisition expenses
1,596 575
1,021 0.03 Net discrete income tax benefit
- 1,033 1,033
0.03
Table 9
Three Months ended March 31,
2015(in thousands, except per share amounts)
Pre-taxamounts
TaxEffect
After-taxEffect
Per ShareEffect
Restructuring expenses, net $9,001
$3,420 $5,581 $0.18
Foreign currency revaluation gains
5,371 2,041 3,330 0.10
Gain on sale of investment 872
331 541 0.02 Net discrete income
tax charge - 219
219 0.01
The following table contains the calculation of net income per
share attributable to the Company, excluding adjustments:
Table 10
Three Months endedMarch 31,
Per share amounts (Basic)
2016
2015
Net income attributable to the Company, reported
$0.42 $0.38 Adjustments:
Restructuring charges
0.01 0.18 Discrete tax
charges/(benefit) (0.03)
0.01 Foreign currency revaluation losses/(gains)
0.03 (0.10) Acquisition expenses
0.03 - Gain on sale of
investment - (0.02) Net
income attributable to the Company, excluding adjustments
$0.46 $0.45
The following table contains the calculation of net debt:
Table 11
(in thousands)
March 31,2016
December 31,2015
September 30,2015
June 30,2015
March 31,2015
December 31,2014
Notes and loans payable $590
$587 $390 $543
$496 $661 Current maturities of long-term debt
16 16 50,016
50,015 50,015 50,015
Long-term debt 255,076
265,080 220,084 252,088
232,092 222,096
Total debt
255,682 265,683
270,490 302,646
282,603 272,772 Cash and cash
equivalents 169,615
185,113 171,780 182,474
170,838 179,802
Net debt
$ 86,067 $80,570
$98,710 $120,172
$111,765 $92,970
This press release may contain statements, estimates, or
projections that constitute “forward-looking statements” as defined
under U.S. federal securities laws. Generally, the words “believe,”
“expect,” “intend,” “estimate,” “anticipate,” “project,” “will,”
“should,” “look for,” and similar expressions identify
forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties (including, without limitation, those set forth in
the Company’s most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q) that could cause actual results to differ
materially from the Company’s historical experience and our present
expectations or projections.
Forward-looking statements in this release or in the webcast
include, without limitation, statements about macroeconomic and
paper industry trends and conditions during 2016 and in future
years; expectations in 2016 and in future periods of sales, EBITDA,
Adjusted EBITDA, income, gross profit, gross margin and other
financial items in each of the Company’s businesses, including the
acquired composite aerostructures business, and for the Company as
a whole; the timing and impact of production and development
programs in the Company’s AEC business segment and the sales growth
potential of key AEC programs, as well as AEC as a whole; the
amount and timing of capital expenditures, future tax rates and
cash paid for taxes, depreciation and amortization; future debt and
net debt levels and debt covenant ratios; the timeline for ASC’s
planned facility in Mexico; and changes in currency rates and their
impact on future revaluation gains and losses. Furthermore, a
change in any one or more of the foregoing factors could have a
material effect on the Company’s financial results in any period.
Such statements are based on current expectations, and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
Statements expressing management’s assessments of the growth
potential of its businesses, or referring to earlier assessments of
such potential, are not intended as forecasts of actual future
growth, and should not be relied on as such. While management
believes such assessments to have a reasonable basis, such
assessments are, by their nature, inherently uncertain. This
release and earlier releases set forth a number of assumptions
regarding these assessments, including historical results,
independent forecasts regarding the markets in which these
businesses operate, and the timing and magnitude of orders for our
customers’ products.
Historical growth rates are no guarantee of future growth, and
such independent forecasts and assumptions could prove materially
incorrect, in some cases.
ALBANY INTERNATIONAL CORP.CONSOLIDATED
STATEMENTS OF INCOME(in thousands, except per share
data)(unaudited)
Three Months Ended
March 31,
2016 2015 Net sales $ 172,331 $
181,324 Cost of goods sold 99,830 104,640
Gross profit 72,501 76,684 Selling, general, and
administrative expenses 39,421 35,233 Technical, product
engineering, and research expenses 10,132 12,301 Restructuring
expenses, net 679 9,001
Operating income 22,269 20,149 Interest expense, net 2,238 2,676
Other income, net (328 ) (3,285 ) Income
before income taxes 20,359 20,758 Income tax expense 7,043
8,519 Net income 13,316 12,239 Net
(loss)/income attributable to the noncontrolling interest
(185 ) 26 Net income attributable to the Company $
13,501 $ 12,213 Earnings per share
attributable to Company shareholders - Basic $ 0.42 $ 0.38
Earnings per share attributable to Company shareholders - Diluted $
0.42 $ 0.38 Shares of the Company used in computing earnings
per share: Basic 32,041 31,882 Diluted 32,081 31,972
Dividends per share, Class A and Class B $ 0.17 $ 0.16
ALBANY INTERNATIONAL CORP.CONSOLIDATED
BALANCE SHEETS(in thousands, except share data)(unaudited)
March 31, December 31, 2016 2015
ASSETS Cash and cash equivalents $ 169,615 $ 185,113 Accounts
receivable, net 150,821 146,383 Inventories 110,356 106,406 Income
taxes prepaid and receivable 4,953 2,927 Asset held for sale 5,193
4,988 Prepaid expenses and other current assets 11,796
6,243 Total current assets 452,734 452,060
Property, plant and equipment, net 356,943 357,470
Intangibles 147 154 Goodwill 68,359 66,373 Income taxes receivable
and deferred 108,123 108,945 Other assets 28,607
24,560 Total assets $ 1,014,913 $ 1,009,562
LIABILITIES AND SHAREHOLDERS' EQUITY Notes and loans
payable $ 590 $ 587 Accounts payable 31,865 26,753 Accrued
liabilities 84,450 91,785 Current maturities of long-term debt 16
16 Income taxes payable 3,465 7,090
Total current liabilities 120,386 126,231 Long-term debt
255,076 265,080 Other noncurrent liabilities 102,689 101,544
Deferred taxes and other liabilities 14,057
14,154 Total liabilities 492,208
507,009 SHAREHOLDERS' EQUITY Preferred stock, par
value $5.00 per share; authorized 2,000,000 shares; none issued - -
Class A Common Stock, par value $.001 per share; authorized
100,000,000 shares; issued 37,302,833 in 2016 and 37,238,913 in
2015 37 37 Class B Common Stock, par value $.001 per share;
authorized 25,000,000 shares; issued and outstanding 3,235,048 in
2016 and 2015 3 3 Additional paid in capital 424,243 423,108
Retained earnings 499,997 491,950 Accumulated items of other
comprehensive income: Translation adjustments (95,541 ) (108,655 )
Pension and postretirement liability adjustments (49,087 ) (48,725
) Derivative valuation adjustment (3,058 ) (1,464 ) Treasury stock
(Class A), at cost 8,455,293 shares in 2016 and in 2015
(257,391 ) (257,391 ) Total Company shareholders' equity
519,203 498,863 Noncontrolling interest 3,502
3,690 Total equity 522,705 502,553
Total liabilities and shareholders' equity $ 1,014,913
$ 1,009,562
ALBANY INTERNATIONAL CORP.CONSOLIDATED
STATEMENTS OF CASH FLOW(in thousands)(unaudited)
Three Months Ended
March 31,
2016 2015 OPERATING ACTIVITIES Net
income $ 13,316 $ 12,239 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation 13,124 13,524
Amortization 1,696 1,830 Change in other noncurrent liabilities
(2,636 ) (1,552 ) Change in deferred taxes and other liabilities
2,529 1,275 Provision for write-off of property, plant and
equipment 592 152 Gain on disposition of assets - (1,056 ) Excess
tax benefit of options exercised (66 ) (261 ) Compensation and
benefits paid or payable in Class A Common Stock 864 576
Changes in operating assets and liabilities that provide/(use)
cash: Accounts receivable (902 ) (13,699 ) Inventories (1,348 )
(3,070 ) Prepaid expenses and other current assets (5,382 ) (2,705
) Income taxes prepaid and receivable (1,895 ) 84 Accounts payable
1,632 3,512 Accrued liabilities (8,843 ) (1,587 ) Income taxes
payable (3,836 ) (398 ) Other, net (4,801 ) (2,455 )
Net cash provided by operating activities 4,044
6,409 INVESTING ACTIVITIES Purchases of
property, plant and equipment (7,993 ) (12,211 ) Purchased software
(82 ) (33 ) Proceeds from sale or involuntary conversion of assets
- 2,797 Net cash used in investing
activities (8,075 ) (9,447 ) FINANCING
ACTIVITIES Proceeds from borrowings 12,396 15,274 Principal
payments on debt (22,398 ) (5,443 ) Debt acquisition costs (200 ) -
Proceeds from options exercised 205 685 Excess tax benefit of
options exercised 66 261 Dividends paid (5,443 )
(5,098 ) Net cash (used in)/provided by financing activities
(15,374 ) 5,679 Effect of exchange rate
changes on cash and cash equivalents 3,907
(11,605 ) Decrease in cash and cash equivalents (15,498 )
(8,964 ) Cash and cash equivalents at beginning of period
185,113 179,802 Cash and cash equivalents at
end of period $ 169,615 $ 170,838
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160502006032/en/
Albany International Corp.InvestorsJohn Cozzolino,
518-445-2281john.cozzolino@albint.comorMediaSusan Siegel,
603-330-5866susan.siegel@albint.com
Albany (NYSE:AIN)
Historical Stock Chart
From Apr 2024 to May 2024
Albany (NYSE:AIN)
Historical Stock Chart
From May 2023 to May 2024