Albany Q1 sales rise by just 3.7%

These results include restructuring charges of $0.6 million, foreign currency revaluation gains of $0.7 million, a gain on the sale of a former manufacturing facility of $3.8 million, and net unfavorable discrete income tax adjustments of $0.2 million.

Q1 2012 income from continuing operations was a loss of $0.1 million. These results included restructuring charges of $0.3 million, foreign currency revaluation losses of $5.6 million, a pension settlement charge of $9.2 million, and net favorable discrete income tax adjustments of $6.7 million.

First-quarter Financial Highlights

- Net sales were $186.7 million, compared to $180.1 million in Q1 2012, an increase of 3.7 percent.

- Adjusted EBITDA for Q1 2013 was $33.8 million, compared to $25.6 million in Q1 2012.

- Q1 2013 income from continuing operations was $0.37 per share. These results include restructuring charges of $0.01, foreign currency revaluation gains of $0.02, a gain on the sale of a former manufacturing facility of $0.08, and net unfavorable discrete income tax adjustments of $0.01.

- Q1 2012 income from continuing operations was $0.00 per share. These results included restructuring charges of $0.01, foreign currency revaluation losses of $0.11, a pension settlement charge of $0.19, and net favorable discrete income tax adjustments of $0.22.

- During Q1 2013, the Company entered into a new, $330 million five-year revolving credit facility agreement, replacing the previous $390 million facility agreement. Additionally, we completed the redemption of all remaining Convertible Senior Notes that were due in 2026.

Albany International