SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: June 30, 2002
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 0-16214
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
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Delaware |
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14-0462060 |
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(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification No.) |
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1373 Broadway, Albany, New York |
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12204 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code 518-445-2200 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports,) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
The registrant had 26,552,702 shares of Class A Common Stock and 5,736,476 shares of Class B Common Stock outstanding as of June 30, 2002.
ALBANY INTERNATIONAL CORP.
INDEX
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Part 1 Financial Information |
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Consolidated balance sheets - June 30, 2002 and December 31, 2001 |
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Consolidated statements of cash flows - six months ended June 30, 2002 and 2001 |
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ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(unaudited)
(In thousands except per share data)
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Three
Months ended |
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Six Months
ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Net sales |
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$ |
203,937 |
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$ |
207,078 |
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$ |
395,723 |
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$ |
415,616 |
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Cost of goods sold |
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117,505 |
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121,184 |
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228,832 |
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242,597 |
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Gross profit |
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86,432 |
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85,894 |
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166,891 |
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173,019 |
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Selling, technical, general and research expenses |
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61,348 |
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60,844 |
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119,495 |
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117,248 |
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Operating income |
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25,084 |
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25,050 |
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47,396 |
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55,771 |
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Interest expense, net |
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4,209 |
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7,746 |
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8,636 |
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16,732 |
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Other (income/expense, net |
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(622 |
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1,227 |
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3,731 |
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2,423 |
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Income before income taxes |
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21,497 |
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16,077 |
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35,029 |
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36,616 |
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Income taxes |
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7,524 |
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5,333 |
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12,260 |
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13,548 |
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Income before associated companies |
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13,973 |
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10,744 |
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22,769 |
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23,068 |
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Equity in earnings of associated companies |
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(15 |
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124 |
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63 |
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133 |
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Income before cumulative effect of change in accounting principle |
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13,958 |
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10,868 |
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22,832 |
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23,201 |
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Cumulative effect of change in accounting principle, net of taxes |
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(5,837 |
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— |
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(5,837 |
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(1,129 |
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Net income |
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8,121 |
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10,868 |
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16,995 |
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22,072 |
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Retained earnings, beginning of period |
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352,560 |
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325,843 |
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345,273 |
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314,639 |
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Dividends declared |
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(1,621 |
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— |
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(3,208 |
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— |
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Retained earnings, end of period |
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$ |
359,060 |
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$ |
336,711 |
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$ |
359,060 |
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$ |
336,711 |
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Earnings per share - basic: |
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Income before cumulative effect of change in accounting principle |
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$ |
0.43 |
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$ |
0.35 |
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$ |
0.71 |
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$ |
0.75 |
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Cumulative effect of change in accounting principle |
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(0.18 |
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0.00 |
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(0.18 |
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(0.04 |
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Net Income |
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$ |
0.25 |
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$ |
0.35 |
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$ |
0.53 |
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$ |
0.71 |
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Earnings per share - diluted: |
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Income before cumulative effect of change in accounting principle |
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$ |
0.43 |
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$ |
0.35 |
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$ |
0.70 |
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$ |
0.74 |
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Cumulative effect of change in accounting principle |
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(0.18 |
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0.00 |
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(0.18 |
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(0.03 |
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Net Income |
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$ |
0.25 |
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$ |
0.35 |
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$ |
0.52 |
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$ |
0.71 |
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Average number of shares used in basic earnings per share computations |
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32,214 |
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31,027 |
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31,913 |
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30,937 |
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Average number of shares used in diluted earnings per share computations |
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32,846 |
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31,370 |
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32,568 |
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31,173 |
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The accompanying notes are an integral part of the financial statements.
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