ALBANY INTERNATIONAL CORP /DE/ - FORM 8-K/A - EX-99.2 - UNAUDITED PRO FORMA FINANCIAL INFORMATION - February 9, 2012

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Exhibit 99.2
Unaudited Pro Forma Financial Information
                   
Albany International Corp.
Unaudited Pro Forma Consolidated Statements of Income and Retained Earnings
For the years ended December 31,
(in thousands, except per share amounts)

 

   Historical  Pro Forma  Actual  Historical  Pro Forma  Actual  Historical  Pro Forma  Actual
   2011  Adjustments  2011  2010  Adjustments  2010  2009  Adjustments  2009
Statements of Income                                    
                                     
Net sales  $998,839   ($184,143)  $814,696   $914,356   ($148,587)  $765,769   $871,045   ($133,424)  $737,621 
Cost of goods sold  605,335   (119,600)  485,735   569,100   (98,094)  471,006   576,745   (92,410)  484,335 
    Gross profit  393,504   (64,543)  328,961   345,256   (50,493)  294,763   294,300   (41,014)  253,286 
Selling and general expenses  224,081   (44,277)  179,804   203,159   (37,631)  165,528   205,089   (36,380)  168,709 
Technical, product engineering, and research expenses  59,875   (3,108)  56,767   57,163   (2,960)  54,203   54,964   (2,435)  52,529 
Restructuring and other  9,907   (590)  9,317   3,750   (3)  3,747   72,445   (4,271)  68,174 
     Operating income/(loss)  99,641   (16,568)  83,073   81,184   (9,899)  71,285   (38,198)  2,072   (36,126)
Interest income  (2,027)  —   (2,027)  (1,165)  —   (1,165)  (741)  —   (741)
Interest expense  20,148   0   20,148   18,405   (0)  18,405   21,368   (0)  21,368 
Other expense/(income), net  3,172   (452)  2,720   (514)  (370)  (884)  (49,871)  171   (49,700)
     Income/(loss) before income taxes  78,348   (16,115)  62,232   64,458   (9,529)  54,929   (8,954)  1,901   (7,053)
           —           —           — 
Income tax expense  43,011   (7,232)  35,779   26,882   (3,337)  23,545   14,376   64   14,440 
     Income/(loss) before equity in earnings of associated companies  35,337   (8,884)  26,453   37,576   (6,192)  31,384   (23,330)  1,837   (21,493)
Equity in (losses)/earnings of associated companies  (399)  (480)  (879)  60   (31)  29   (128)  (160)  (288)
  Income/(loss) from continuing operations  34,938   (9,364)  25,574   37,636   (6,223)  31,413   (23,458)  1,677   (21,781)
                                     
Income/(loss) from discontinued operations  —   16,596   16,596   —   9,560   9,560   —   (1,741)  (1,741)
Loss on sale of discontinued business  —   —   —   —   —   —   (10,000)  —   (10,000)
Income tax expense/(benefit)  —   7,232   7,232   —   3,337   3,337   —   (64)  (64)
     Income/(loss) from discontinued operations  —   9,364   9,364   —   6,223   6,223   (10,000)  (1,677)  (11,677)
           —                         
     Net income/(loss)  $34,938   $0   $34,938   $37,636   $0   $37,636   ($33,458)  $0   ($33,458)
                                     
Earnings per share - Basic                                    
     Income/(loss) from continuing operations  $1.12   ($0.30)  $0.82   $1.21   ($0.20)  $1.01   ($0.76)  $0.05   ($0.71)
     Discontinued operations  —   0.30   0.30   —   0.20   0.20   (0.33)  (0.05)  (0.38)
     Net income  $1.12   $0.00   $1.12   $1.21   $0.00   $1.21   ($1.09)  $0.00   ($1.09)
                                     
Earnings per share - Diluted                                    
     Income/(loss) from continuing operations  $1.11   ($0.30)  $0.81   $1.21   ($0.20)  $1.01   ($0.76)  $0.05   ($0.71)
     Discontinued operations  —   0.30   0.30   —   0.20   0.20   (0.33)  (0.05)  (0.38)
     Net income  $1.11   $0.00   $1.11   $1.21   $0.00   $1.21   ($1.09)  $0.00   ($1.09)

 
 

Albany International Corp.
Unaudited Pro Forma Consolidated Balance Sheets
As of December 31,
(in thousands, except share data)            

 

   Historical  Pro Forma  Actual  Historical  Pro Forma  Actual
   2011  Adjustments  2011  2010  Adjustments  2010
                         
Assets                        
Current assets:                        
Cash and cash equivalents  $132,454   ($13,545)  $118,909   $122,301   ($4,376)  $117,925 
                         
Accounts receivable, less allowance for doubtful accounts  183,969   (35,120)  148,849   176,716   (28,202)  148,514 
Inventories  146,310   (12,661)  133,649   156,171   (12,614)  143,557 
Income taxes receivable and deferred  30,094   (84)  30,010   39,721   (141)  39,580 
Prepaid expenses and other current assets  14,106   (697)  13,409   11,883   (249)  11,634 
Current assets of discontinued operations  —   62,107   62,107   —   45,582   45,582 
     Total current assets  506,934   —   506,934   506,792   —   506,792 
                         
Property, plant and equipment, at cost, net  445,860   (6,344)  439,516   488,121   (6,169)  481,952 
Investments in associated companies  2,828   (1,949)  879   2,926   (2,068)  858 
Intangibles  2,634   (1,555)  1,079   4,182   (2,604)  1,578 
Goodwill  113,141   (37,672)  75,469   115,616   (38,420)  77,196 
Deferred taxes  136,385   (1,741)  134,644   141,701   (1,746)  139,955 
Other assets  23,147   (642)  22,504   18,955   (852)  18,103 
Noncurrent assets of discontinued operations  —   49,904   49,904   —   51,859   51,859 
     Total assets  $1,230,929   $0   $1,230,929   $1,278,293   $0   $1,278,293 
                         
Liabilities                        
Current liabilities:                        
Notes and loans payable  $424   $0   $424   $1,587   $0   $1,587 
Accounts payable  41,963   (8,300)  33,663   44,294   (8,492)  35,802 
Accrued liabilities  116,532   (10,883)  105,649   110,292   (10,628)  99,664 
Current maturities of long-term debt  1,263   —   1,263   12   —   12 
Income taxes payable and deferred  10,529   (1,763)  8,766   9,670   (382)  9,288 
Current liabilities of discontinued operations  —   20,946   20,946   —   19,503   19,503 
     Total current liabilities  170,711   —   170,711   165,855   —   165,855 
                         
Long-term debt  373,125   —   373,125   423,647   (13)  423,634 
Other noncurrent liabilities  195,712   (10,064)  185,648   190,493   (8,724)  181,769 
Deferred taxes and other credits  75,530   (4,001)  71,529   72,038   (3,448)  68,590 
Noncurrent liabilities of discontinued operations  —   14,065   14,065   —   12,185   12,185 
     Total liabilities  815,078   —   815,078   852,033   —   852,033 
                         
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 36,540,842 in 2011 and  —   —   —   —   —   — 
 36,442,209 in 2010  37   —   37   36   —   36 
 Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,236,098  —   —   —   —   —   — 
 in 2011 and 2010  3   —   3   3   —   3 
 Additional paid-in capital  391,495   —   391,495   387,876   —   387,876 
 Retained earnings  422,044   —   422,044   403,048   —   403,048 
 Accumulated items of other comprehensive income:  —   —   —   —   —   — 
  Translation adjustments  (19,111)  —   (19,111)  (6,041)  —   (6,041)
  Pension and postretirement liability adjustments  (118,104)  —   (118,104)  (100,355)  —   (100,355)
  Derivative valuation adjustment  (2,594)  —   (2,594)  (276)  —   (276)
 Treasury stock (Class A), at cost; 8,479,487 shares  —   —   —   —   —   — 
 in 2011 and 8,484,528 in 2010  (257,920)  —   (257,920)  (258,031)  —   (258,031)
     Total shareholders' equity  415,851   —   415,851   426,260   —   426,260 
     Total liabilities and shareholders' equity  $1,230,929   $0   $1,230,929   $1,278,293   $0   $1,278,293 
 

ALBANY INTERNATIONAL CORP /DE/ Reports