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Third-Quarter Highlights
Increase in Percent Change
third-quarter
Net sales 2005 net sales
as reported due to changes Excluding
Three months ended in currency Currency
September 30, translation As Rate
(in thousands) 2005 2004 rates Reported Effect
Engineered
Fabrics $186,290 $169,513 $4,083 9.9% 7.5%
Albany
Door Systems 26,724 26,081 72 2.5% 2.2%
Applied
Technologies 29,316 27,254 865 7.6% 4.4%
Total $242,330 $222,848 $5,020 8.7% 6.5%
Net sales Increase in Percent Change
as reported 2005 net sales
Nine months due to changes Excluding
ended in currency Currency
(in thousands) September 30, translation As Rate
2005 2004 rates Reported Effect
Engineered
Fabrics $555,752 $517,873 $16,435 7.3% 4.1%
Albany
Door Systems 83,706 79,575 2,362 5.2% 2.2%
Applied
Technologies 91,342 83,915 2,810 8.9% 5.5%
Total $730,800 $681,363 $21,607 7.3% 4.1%
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(in thousands except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
$242,330 $222,848 Net sales $730,800 $681,363
142,689 135,603 Cost of goods sold 431,649 414,200
99,641 87,245 Gross profit 299,151 267,163
Selling, technical, general
68,842 63,134 and research expenses 206,522 196,946
- 2,576 Restructuring, net - 45,244
30,799 21,535 Operating income 92,629 24,973
1,848 3,533 Interest expense, net 8,662 11,073
(665) 2,053 Other (income)/expense, net 916 10,180
29,616 15,949 Income before income taxes 83,051 3,720
11,140 5,640 Income tax expense 25,783 5,753
Income/(loss) before
18,476 10,309 associated companies 57,268 (2,033)
32 158 Equity in earnings of
associated companies 500 375
18,508 10,467 Net income/(loss) 57,768 (1,658)
468,235 416,594 Retained earnings,
beginning of period 434,057 433,407
(2,899) (2,536) Dividends declared (7,981) (7,224)
Retained earnings,
$483,844 $424,525 end of period $483,844 $424,525
Earnings per share - basic:
$0.58 $0.33 Net income/(loss) $1.82 ($0.05)
Earnings per share - diluted:
$0.57 $0.32 Net income/(loss) $1.79 ($0.05)
Average number of shares
used in basic earnings
32,063 32,160 per share computations 31,791 32,947
Average number of shares
used in diluted earnings
32,513 32,732 per share computations 32,292 32,947
$0.09 $0.08 Dividends per share $0.25 $0.22
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
September 30, December 31,
2005 2004
ASSETS
Cash and cash equivalents $35,961 $58,982
Accounts receivable, net 130,484 144,950
Note receivable 18,751 18,955
Inventories 197,769 185,530
Deferred taxes 22,605 26,526
Prepaid expenses 10,617 8,867
Total current assets 416,187 443,810
Property, plant and equipment, net 338,666 378,170
Investments in associated companies 6,378 6,456
Intangibles 13,201 14,207
Goodwill 155,203 171,622
Deferred taxes 84,825 87,848
Cash surrender value of life
insurance policies 36,977 34,583
Other assets 22,823 19,064
Total assets $1,074,260 $1,155,760
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable $4,693 $14,617
Accounts payable 37,379 43,378
Accrued liabilities 118,377 120,263
Current maturities of long-term debt 1,010 1,340
Income taxes payable and deferred 26,216 29,620
Total current liabilities 187,675 209,218
Long-term debt 139,708 213,615
Other noncurrent liabilities 146,907 147,268
Deferred taxes and other credits 29,767 34,882
Total liabilities 504,057 604,983
Commitments and Contingencies - -
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 34,045,574 in 2005 and
33,176,872 in 2004 34 33
Class B Common Stock, par value $.001 per
share; authorized 25,000,000 shares;
issued and outstanding 3,236,476 in
2005 and 3,236,476 in 2004 3 3
Additional paid in capital 317,654 296,045
Retained earnings 483,844 434,057
Accumulated items of other
comprehensive income:
Translation adjustments (64,996) (11,711)
Derivative valuation adjustment - (2,785)
Pension liability adjustment (38,369) (38,369)
698,170 677,273
Less treasury stock (Class A), at
cost (5,050,319 shares in 2005 and
5,004,152 shares in 2004) 127,967 126,496
Total shareholders' equity 570,203 550,777
Total liabilities and
shareholders' equity $1,074,260 $1,155,760
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 30,
2005 2004
OPERATING ACTIVITIES
Net income/(loss) $57,768 ($1,658)
Adjustments to reconcile net
income/(loss) to net cash provided
by operating activities:
Equity in earnings of associated
companies (500) (376)
Depreciation 38,570 39,691
Amortization 2,877 2,710
Provision for deferred income
taxes, other credits and long-
term liabilities (1,326) (19,488)
Provision for write-off of equipment 2,138 11,931
Provision for impairment of investment - 4,000
Increase in cash surrender value
of life insurance (1,372) (1,141)
Change in unrealized currency
transaction gains and losses (3,058) 8,150
Gain on disposition of assets - 842
Shares contributed to ESOP 4,361 4,546
Tax benefit of options exercised 4,672 1,322
Changes in operating assets and liabilities:
Accounts receivable 7,378 3,542
Note receivable 203 3,553
Inventories (18,840) (2,800)
Prepaid expenses (807) (283)
Accounts payable (466) (4,126)
Accrued liabilities 10,767 19,131
Income taxes payable (3,659) 6,626
Other, net (2,267) 60
Net cash provided by operating activities 96,439 76,232
INVESTING ACTIVITIES
Purchases of property, plant and
equipment (30,541) (41,296)
Purchased software (2,035) (489)
Proceeds from sale of assets 5,067 3,944
Cash received from life insurance
policy terminations - 863
Premiums paid for life insurance policies (1,022) (1,089)
Net cash used in investing activities (28,531) (38,067)
FINANCING ACTIVITIES
Proceeds from borrowings 20,280 53,388
Principal payments on debt (103,965) (21,295)
Purchase of treasury shares (1,576) (66,135)
Proceeds from options exercised 12,531 5,303
Debt issuance costs - (1,555)
Dividends paid (7,590) (7,034)
Net cash used in financing activities (80,320) (37,328)
Effect of exchange rate changes on
cash flows (10,609) 1,557
(Decrease)/increase in cash and cash
equivalents (23,021) 2,394
Cash and cash equivalents at
beginning of year 58,982 78,822
Cash and cash equivalents at end of
period $35,961 $81,216
SOURCE Albany International Corp.
Kenneth C. Pulver, Vice President-Global Marketing & Communications, Albany
International Corp., +1-518-445-2214