UNITED STATES
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 quarterly period ended: September 30, 2004
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 |
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(IRS Employer Identification No.) |
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incorporation or organization) |
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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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
The registrant had 28,485,153 shares of Class A Common Stock and 3,236,476 shares of Class B Common Stock outstanding as of September 30, 2004.
ALBANY INTERNATIONAL CORP.
TABLE OF CONTENTS
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(unaudited)
(in thousands except per share data)
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Three Months Ended |
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Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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$ |
222,848 |
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$ |
213,392 |
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Net sales |
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$ |
681,363 |
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$ |
656,609 |
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135,603 |
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127,109 |
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Cost of goods sold |
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414,200 |
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386,335 |
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87,245 |
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86,283 |
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Gross profit |
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267,163 |
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270,274 |
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63,134 |
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60,716 |
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Selling, technical, general and research expenses |
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196,946 |
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186,774 |
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2,576 |
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14,317 |
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Restructuring, net |
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45,244 |
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15,999 |
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21,535 |
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11,250 |
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Operating income |
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24,973 |
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67,501 |
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3,533 |
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3,910 |
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Interest expense, net |
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11,073 |
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11,316 |
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2,053 |
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(2,115 |
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Other expense/(income), net |
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10,180 |
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1,232 |
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15,949 |
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9,455 |
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Income before income taxes |
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3,720 |
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54,953 |
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5,640 |
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2,809 |
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Income tax expense |
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5,753 |
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11,243 |
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10,309 |
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6,646 |
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Income/(loss) before associated companies |
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(2,033 |
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43,710 |
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158 |
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(96 |
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Equity in earnings/(losses) of associated companies |
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375 |
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(191 |
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10,467 |
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6,550 |
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Net income/(loss) |
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(1,658 |
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43,519 |
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416,594 |
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420,995 |
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Retained earnings, beginning of period |
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433,407 |
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387,609 |
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(2,536 |
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(2,328 |
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Dividends declared |
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(7,224 |
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(5,911 |
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$ |
424,525 |
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$ |
425,217 |
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Retained earnings, end of period |
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$ |
424,525 |
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$ |
425,217 |
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Earnings per share - basic: |
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$ |
0.33 |
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$ |
0.20 |
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Net income/(loss) |
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$ |
(0.05 |
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$ |
1.33 |
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Earnings per share - diluted: |
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$ |
0.32 |
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$ |
0.19 |
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Net income/(loss) |
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$ |
(0.05 |
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