SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarter ended: March 31, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number: 0-16214 |
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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 |
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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 27,959,693 shares of Class A Common Stock and 4,552,293 shares of Class B Common Stock outstanding as of March 31, 2003.
ALBANY INTERNATIONAL CORP.
INDEX
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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2003 |
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2002 |
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Net sales |
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$ |
210,413 |
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$ |
191,786 |
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Cost of goods sold |
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120,919 |
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111,327 |
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Gross profit |
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89,494 |
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80,459 |
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Selling, technical, general and research expenses |
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61,788 |
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58,147 |
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Operating income |
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27,706 |
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22,312 |
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Interest expense, net |
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3,871 |
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4,427 |
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Other expense, net |
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1,209 |
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4,353 |
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Income before income taxes |
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22,626 |
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13,532 |
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Income taxes |
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1,545 |
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4,736 |
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Income before associated companies |
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21,081 |
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8,796 |
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Equity in (losses)/earnings of associated companies |
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(88 |
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78 |
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Income before cumulative effect of change in accounting principle, net of taxes |
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20,993 |
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8,874 |
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Cumulative effect of change in accounting principle, net of taxes |
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— |
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(5,837 |
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Net income |
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20,993 |
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3,037 |
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Retained earnings, beginning of period |
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387,609 |
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345,273 |
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Dividends declared |
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(1,783 |
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(1,587 |
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Retained earnings, end of period |
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$ |
406,819 |
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$ |
346,723 |
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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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$ |
0.65 |
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$ |
0.28 |
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Cumulative effect of change in accounting principle |
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0.00 |
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(0.18 |
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Net income |
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$ |
0.65 |
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$ |
0.10 |
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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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$ |
0.64 |
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$ |
0.27 |
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Cumulative effect of change in accounting principle |
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0.00 |
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(0.18 |
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Net income |
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$ |
0.64 |
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$ |
0.09 |
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Average number of shares used in basic earnings per share computations |
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32,438 |
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31,608 |
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Average number of shares used in diluted earnings per share computations |
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32,857 |
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32,282 |
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Dividends per share |
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$ |
0.055 |
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$ |
0.05 |
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The accompanying notes are an integral part of the consolidated financial statements.
1
ALBANY INTERNATIONAL CORP.
(in thousands, except share data)
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(unaudited) |
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March 31, |
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December
31, |
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ASSETS |
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Cash and cash equivalents |
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$ |
38,394 |
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$ |
18,799 |
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Accounts receivable, net |
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134,711 |
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135,339 |
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Note receivable |
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22,709 |
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20,075 |
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Inventories |
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Finished goods |
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90,570 |
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90,766 |
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Work in process |
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47,731 |
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44,763 |
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Raw material and supplies |
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30,800 |
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28,534 |
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169,101 |
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164,063 |
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Deferred taxes |
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33,558 |
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43,439 |
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Prepaid expenses |
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9,353 |
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7,173 |
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Total current assets |
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407,826 |
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388,888 |
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Property, plant and equipment, net |
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347,761 |
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346,073 |
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Investments in associated companies |
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4,867 |
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4,849 |
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Intangibles |
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16,304 |
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16,274 |
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Goodwill |
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140,886 |
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137,146 |
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Deferred taxes |
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66,661 |
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65,574 |
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Other assets |
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52,111 |
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52,717 |
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Total assets |
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$ |
1,036,416 |
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$ |
1,011,521 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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