Delaware
|
06-0865505
|
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
One Colonial Road, Manchester, Connecticut
|
06042
|
|
(Address of principal executive offices)
|
(zip code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit
|
Exhibit
|
|
Number
|
Description
|
|
99.1
|
Press release, dated November 8, 2011, titled “Lydall Announces Financial Results for the Third Quarter and Nine Months Ended September 30, 2011,” furnished herewith.
|
LYDALL, INC.
|
|||
November 8, 2011
|
By:
|
/s/ James V. Laughlan
|
|
James V. Laughlan
|
|||
Chief Accounting Officer and Controller
|
Exhibit
Number
|
|
Exhibit
Description
|
99.1
|
Press release, dated November 8, 2011, titled “Lydall Announces Financial Results for the Third Quarter and Nine Months Ended September 30, 2011,” furnished herewith.
|
|
·
|
Sales were $93.7 million, an increase of 21% from Q3 2010
|
|
·
|
SG&A at 13.5% of sales in Q3 2011 compared to 15.6% in Q3 2010
|
|
·
|
Operating income of $2.3 million compared to operating loss of $(0.3) million
|
|
·
|
EPS (diluted) from continuing operations $0.07 compared to $0.03 in Q3 2010 (Q3 2010 EPS included a tax benefit of $1.1 million, or $0.07 per share)
|
|
·
|
Cash, Restricted Cash and Short Term Investments total $35.0 million
|
Quarter ended September 30,
|
||||||||||||||||
Revised
|
||||||||||||||||
2011
|
2010
|
Change
|
% Change
|
|||||||||||||
Net sales
|
93,741 | 77,746 | 15,995 | 20.6 | % | |||||||||||
Gross profit
|
14,512 | 11,401 | 3,111 | 27.3 | % | |||||||||||
Gross margin
|
15.5 | % | 14.7 | % | ||||||||||||
Operating income (loss)
|
2,272 | (285 | ) | 2,557 | ||||||||||||
Income (loss) from continuing ops before tax
|
2,184 | (687 | ) | 2,871 | ||||||||||||
Income tax expense (benefit)
|
1,053 | (1,114 | ) | 2,167 | ||||||||||||
Income from discontinued ops, net of tax
|
- | 919 | (919 | ) | ||||||||||||
Net income
|
1,131 | 1,346 | (215 | ) | ||||||||||||
|
||||||||||||||||
Diluted EPS: Continuing
|
$ | 0.07 | $ | 0.03 | $ | 0.04 | ||||||||||
Discontinued
|
$ | - | $ | 0.05 | $ | (0.05 | ) | |||||||||
Net Income
|
$ | 0.07 | $ | 0.08 | $ | (0.01 | ) |
Lydall, Inc. News Release
|
|
November 8, 2011
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2011
|
Revised
2010
|
Revised
2011
|
Revised
2010
|
|||||||||||||
Net sales
|
$ | 93,741 | $ | 77,746 | $ | 294,245 | $ | 226,259 | ||||||||
Cost of sales
|
79,229 | 66,345 | 243,671 | 187,030 | ||||||||||||
Gross profit
|
14,512 | 11,401 | 50,574 | 39,229 | ||||||||||||
Selling, product development and administrative expenses
|
12,644 | 12,090 | 39,991 | 39,672 | ||||||||||||
Gain on sale of product line, net
|
(404 | ) | (404 | ) | (1,214 | ) | (2,137 | ) | ||||||||
Operating income (loss)
|
2,272 | (285 | ) | 11,797 | 1,694 | |||||||||||
Interest expense
|
103 | 209 | 786 | 638 | ||||||||||||
Other (income) expense, net
|
(15 | ) | 193 | 13 | 45 | |||||||||||
Income (loss) from continuing operations before income taxes
|
2,184 | (687 | ) | 10,998 | 1,011 | |||||||||||
Income tax expense (benefit)
|
1,053 | (1,114 | ) | 4,619 | (638 | ) | ||||||||||
Income from continuing operations
|
1,131 | 427 | 6,379 | 1,649 | ||||||||||||
Income from discontinued operations, net of tax
|
- | 919 | 4,732 | 1,309 | ||||||||||||
Net income
|
$ | 1,131 | $ | 1,346 | $ | 11,111 | $ | 2,958 | ||||||||
Basic earnings per share:
|
||||||||||||||||
Continuing operations
|
$ | 0.07 | $ | 0.03 | $ | 0.38 | $ | 0.10 | ||||||||
Discontinued operations
|
$ | - | $ | 0.06 | $ | 0.28 | $ | 0.08 | ||||||||
Net Income
|
$ | 0.07 | $ | 0.08 | $ | 0.66 | $ | 0.18 | ||||||||
Diluted earnings per share:
|
||||||||||||||||
Continuing operations
|
$ | 0.07 | $ | 0.03 | $ | 0.38 | $ | 0.10 | ||||||||
Discontinued operations
|
$ | - | $ | 0.05 | $ | 0.28 | $ | 0.08 | ||||||||
Net Income
|
$ | 0.07 | $ | 0.08 | $ | 0.66 | $ | 0.18 | ||||||||
Weighted average common shares outstanding
|
16,757 | 16,682 | 16,744 | 16,664 | ||||||||||||
Weighted average common shares and equivalents outstanding
|
16,932 | 16,731 | 16,893 | 16,701 |
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Net Sales
|
||||||||||||||||
Performance Materials Segment
|
$ | 33,999 | $ | 32,264 | $ | 106,360 | $ | 90,802 | ||||||||
Thermal/Acoustical Segment
|
56,423 | 42,264 | 178,355 | 125,054 | ||||||||||||
Other Products and Services:
|
||||||||||||||||
Life Sciences Vital Fluids
|
3,788 | 3,673 | 10,959 | 11,653 | ||||||||||||
Reconciling Items
|
(469 | ) | (455 | ) | (1,429 | ) | (1,250 | ) | ||||||||
Consolidated Totals
|
$ | 93,741 | $ | 77,746 | $ | 294,245 | $ | 226,259 | ||||||||
Operating Income
|
||||||||||||||||
Performance Materials Segment
|
$ | 2,843 | $ | 6,013 | $ | 15,233 | $ | 13,978 | ||||||||
Thermal/Acoustical Segment
|
2,742 | (3,167 | ) | 7,516 | (1,779 | ) | ||||||||||
Other Products and Services:
|
||||||||||||||||
Life Sciences Vital Fluids
|
(174 | ) | (285 | ) | (753 | ) | 32 | |||||||||
Corporate Office Expenses
|
(3,139 | ) | (2,846 | ) | (10,199 | ) | (10,537 | ) | ||||||||
Consolidated Totals
|
$ | 2,272 | $ | (285 | ) | $ | 11,797 | $ | 1,694 |
Lydall, Inc. News Release
|
|
Revised
|
|||||||||
In thousands except ratio data |
September 30, 2011
|
December 31, 2010
|
|||||||
(Unaudited) | |||||||||
Cash and cash equivalents
|
$ | 22,107 | $ | 24,988 | |||||
Working capital
|
$ | 84,166 | $ | 61,893 | |||||
Total debt
|
$ | 3,835 | $ | 4,888 | |||||
Stockholders' equity
|
$ | 166,711 | $ | 154,145 | |||||
Total capitalization
|
$ | 170,546 | $ | 159,033 | |||||
Current ratio
|
2.6 | 2.2 | |||||||
Total debt to total capitalization
|
2.2 | % | 3.1 | % |
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Net cash (used for) provided by operating activities
|
$ | (3,693 | ) | $ | (2,511 | ) | $ | 2,074 | $ | (1,336 | ) | |||||
Net cash used for investing activities
|
$ | (11,048 | ) | $ | (3,233 | ) | $ | (4,032 | ) | $ | (2,420 | ) | ||||
Net cash used for financing activities
|
$ | (333 | ) | $ | (314 | ) | $ | (999 | ) | $ | (876 | ) | ||||
Depreciation and amortization
|
$ | 3,669 | $ | 3,433 | $ | 11,541 | $ | 10,749 | ||||||||
Capital expenditures
|
$ | (2,607 | ) | $ | (3,233 | ) | $ | (5,945 | ) | $ | (7,493 | ) |
2011
|
2010
|
|||||||
High
|
$ | 12.50 | $ | 8.21 | ||||
Low
|
$ | 7.51 | $ | 6.51 | ||||
Close
|
$ | 8.90 | $ | 7.36 |
Lydall, Inc. News Release
|
|
|
Revision of Prior Period Amounts
|
||
Consolidated Balance Sheet - December 31, 2009
|
in thousands
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Taxes receivable
|
$ | 4,651 | $ | (1,269 | ) | $ | 3,382 | |||||
Total current assets
|
$ | 99,987 | $ | (1,269 | ) | $ | 98,718 | |||||
Total assets
|
$ | 224,352 | $ | (1,269 | ) | $ | 223,083 | |||||
Deferred tax liabilities
|
$ | 6,357 | $ | (59 | ) | $ | 6,298 | |||||
Retained earnings
|
$ | 169,083 | $ | (1,210 | ) | $ | 167,873 | |||||
Total stockholders' equity
|
$ | 156,389 | $ | (1,210 | ) | $ | 155,179 | |||||
Total liabilities and stockholders' equity
|
$ | 224,352 | $ | (1,269 | ) | $ | 223,083 |
in thousands
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Taxes receivable
|
$ | 1,867 | $ | (1,150 | ) | $ | 717 | |||||
Total current assets
|
$ | 116,031 | $ | (1,150 | ) | $ | 114,881 | |||||
Total assets
|
$ | 231,888 | $ | (1,150 | ) | $ | 230,738 | |||||
Accrued taxes
|
$ | 3,113 | $ | 317 | $ | 3,430 | ||||||
Total current liabilities
|
$ | 52,671 | $ | 317 | $ | 52,988 | ||||||
Deferred tax liabilities
|
$ | 5,360 | $ | (157 | ) | $ | 5,203 | |||||
Retained earnings
|
$ | 171,822 | $ | (1,310 | ) | $ | 170,512 | |||||
Total stockholders' equity
|
$ | 155,455 | $ | (1,310 | ) | $ | 154,145 | |||||
Total liabilities and stockholders' equity
|
$ | 231,888 | $ | (1,150 | ) | $ | 230,738 |
in thousands
(Unaudited)
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Accrued taxes
|
$ | 4,389 | $ | 1,501 | $ | 5,890 | ||||||
Total current liabilities
|
$ | 54,332 | $ | 1,501 | $ | 55,833 | ||||||
Deferred tax liabilities
|
$ | 7,618 | $ | 499 | $ | 8,117 | ||||||
Retained earnings
|
$ | 182,492 | $ | (2,000 | ) | $ | 180,492 | |||||
Total stockholders' equity
|
$ | 172,979 | $ | (2,000 | ) | $ | 170,979 |
in thousands, except per share data
|
As Previously
Reported**
|
Adjustments
|
Revised**
|
|||||||||
Income tax (benefit) expense from continuing operations
|
$ | (3,888 | ) | $ | 336 | $ | (3,552 | ) | ||||
Loss from continuing operations | $ | (6,031 | ) | $ | (336 | ) | $ | (6,367 | ) | |||
Net loss
|
$ | (4,979 | ) | $ | (336 | ) | $ | (5,315 | ) | |||
Basic loss per share:
|
||||||||||||
Continuing operations
|
$ | (0.37 | ) | $ | (0.39 | ) | ||||||
Net loss
|
$ | (0.30 | ) | $ | (0.32 | ) | ||||||
Diluted loss per share:
|
||||||||||||
Continuing operations
|
$ | (0.37 | ) | $ | (0.39 | ) | ||||||
Net loss
|
$ | (0.30 | ) | $ | (0.32 | ) | ||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
16,458 | 16,458 | ||||||||||
Diluted
|
16,458 | 16,458 |
**
|
As previously reported year ended December 31, 2008 discontinued operations represents the sale of Lydall's wholly owned subsidiary, Lydall Transport, Ltd.
|
Lydall, Inc. News Release
|
|
|
Revision of Prior Period Amounts (continued)
|
||
Consolidated Statement of Operations - Year Ended December 31, 2009
|
in thousands, except per share data
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Income tax (benefit) expense
|
$ | (3,789 | ) | $ | 243 | $ | (3,546 | ) | ||||
Net loss
|
$ | (14,572 | ) | $ | (243 | ) | $ | (14,815 | ) | |||
Basic loss per share
|
$ | (0.88 | ) | $ | (0.89 | ) | ||||||
Diluted loss per share
|
$ | (0.88 | ) | $ | (0.89 | ) | ||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
16,567 | 16,567 | ||||||||||
Diluted
|
16,567 | 16,567 |
in thousands, except per share data
(Unaudited)
|
As Previously
Reported*
|
Adjustments
|
Revised*
|
|||||||||
Income tax (benefit) expense
|
$ | (1,284 | ) | $ | 170 | $ | (1,114 | ) | ||||
Income (loss) from continuing operations
|
$ | 597 | $ | (170 | ) | $ | 427 | |||||
Net income (loss)
|
$ | 1,516 | $ | (170 | ) | $ | 1,346 | |||||
Basic earnings per share:
|
||||||||||||
Continuing operations
|
$ | 0.04 | $ | 0.03 | ||||||||
Net income
|
$ | 0.09 | $ | 0.08 | ||||||||
Diluted earnings per share:
|
||||||||||||
Continuing operations
|
$ | 0.04 | $ | 0.03 | ||||||||
Net income
|
$ | 0.09 | $ | 0.08 | ||||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
16,682 | 16,682 | ||||||||||
Diluted
|
16,731 | 16,731 |
*
|
As previously reported quarter ended September 30, 2010 has been retroactively restated to reflect Affinity as a discontinued operation.
|
in thousands, except per share data
(Unaudited)
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Income tax expense (benefit)
|
$ | 2,319 | $ | (70 | ) | $ | 2,249 | |||||
Net (loss) income
|
$ | (389 | ) | $ | 70 | $ | (319 | ) | ||||
Basic loss per share
|
$ | (0.02 | ) | $ | (0.02 | ) | ||||||
Diluted loss per share
|
$ | (0.02 | ) | $ | (0.02 | ) | ||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
16,695 | 16,695 | ||||||||||
Diluted
|
16,695 | 16,695 |
in thousands, except per share data
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Income tax expense
|
$ | 1,187 | $ | 100 | $ | 1,287 | ||||||
Net income (loss)
|
$ | 2,739 | $ | (100 | ) | $ | 2,639 | |||||
Basic earnings per share
|
$ | 0.16 | $ | 0.16 | ||||||||
Diluted earnings per share
|
$ | 0.16 | $ | 0.16 | ||||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
16,672 | 16,672 | ||||||||||
Diluted
|
16,788 | 16,788 |
Lydall, Inc. News Release
|
|
|
Revision of Prior Period Amounts (continued)
|
||
Consolidated Statement of Operations - Quarter Ended March 31, 2011
|
in thousands, except per share data
(Unaudited)
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Income tax expense
|
$ | 1,729 | $ | 63 | $ | 1,792 | ||||||
Net income (loss)
|
$ | 2,943 | $ | (63 | ) | $ | 2,880 | |||||
Basic earnings per share
|
$ | 0.18 | $ | 0.17 | ||||||||
Diluted earnings per share
|
$ | 0.17 | $ | 0.17 | ||||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
16,735 | 16,735 | ||||||||||
Diluted
|
16,838 | 16,838 |
in thousands, except per share data
(Unaudited)
|
As Previously
Reported
|
Adjustments
|
Revised
|
|||||||||
Income tax expense
|
$ | 1,284 | $ | 627 | $ | 1,911 | ||||||
Income (loss) from continuing operations
|
$ | 3,243 | $ | (627 | ) | $ | 2,616 | |||||
Net income (loss)
|
$ | 7,727 | $ | (627 | ) | $ | 7,100 | |||||
Basic earnings per share:
|
||||||||||||
Continuing operations
|
$ | 0.19 | $ | 0.16 | ||||||||
Net income
|
$ | 0.46 | $ | 0.42 | ||||||||
Diluted earnings per share:
|
||||||||||||
Continuing operations
|
$ | 0.19 | $ | 0.15 | ||||||||
Net income
|
$ | 0.46 | $ | 0.42 | ||||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
16,741 | 16,741 | ||||||||||
Diluted
|
16,909 | 16,909 |