-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RkX5k1/GexfYH6fZgMCghdOihyRWAvrcAUyNdeNFrtwPHEBOZljnW5JuHNgn5uqg niCA9g9lqTEvkP8A6RsfwA== 0000891092-09-001777.txt : 20090501 0000891092-09-001777.hdr.sgml : 20090501 20090430173257 ACCESSION NUMBER: 0000891092-09-001777 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090501 DATE AS OF CHANGE: 20090430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALBANY INTERNATIONAL CORP /DE/ CENTRAL INDEX KEY: 0000819793 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILS, MAN MADE FIBER & SILK [2221] IRS NUMBER: 140462060 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10026 FILM NUMBER: 09785328 BUSINESS ADDRESS: STREET 1: 1373 BROADWAY CITY: ALBANY STATE: NY ZIP: 12204 BUSINESS PHONE: 5184452200 MAIL ADDRESS: STREET 1: 1373 BROADWAY CITY: ALBANY STATE: NY ZIP: 12204 FORMER COMPANY: FORMER CONFORMED NAME: ALBINT INC DATE OF NAME CHANGE: 19870924 8-K 1 e35251_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 1, 2009 ALBANY INTERNATIONAL CORP. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-10026 14-0462060 ----------------------------------------------------------------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1373 Broadway, Albany, New York 12204 --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (518) 445-2200 None -------------------------------------------------------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| 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 240.13a-4(c)) 2.02. Results of Operations and Financial Condition Albany International Corp. (the "Company) operates its business in the following five segments: Paper Machine Clothing, Albany Door Systems, Engineered Fabrics, Engineered Composites, and PrimaLoft(R) Products. Effective January 1, 2009, the Company changed its business segment reporting by reclassifying global information systems (GIS) expenses. As a result of the reclassification, GIS expenses are presented as being unallocated to any specific business segment. Additionally, the Company has modified previously reported segment operating income as detailed in Exhibit 99.1 to be consistent with the reclassification. In May 2008, the Financial Accounting Standards Board issued Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments that May be Settled in Cash Upon Conversion ("FSP APB 14-1"). FSP APB 14-1 requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) be separately accounted for in a manner that reflects an issuer's nonconvertible debt borrowing rate. The Company has adopted FSP APB 14-1 effective January 1, 2009 and will reflect the new accounting in its 2009 financial statements, starting with its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009. Retrospective application to all periods presented is required. Accordingly, the Company will adjust its previously issued financial statements to give effect to FSP APB 14-1, as applicable. The effect on the financial statements is summarized in Exhibit 99.2. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Schedules showing the effect on operating income of changes in reportable segments for quarterly periods of 2008, full year 2008, and full year 2007. 99.2 Schedules showing the effect on financial statements of adopting FSP APB 14-1 for quarterly periods of 2008 and 2007, and full year 2006, 2007 and 2008. Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALBANY INTERNATIONAL CORP. By: /s/ David Pawlick ------------------------------- Name: David Pawlick Title: Vice President -- Controller Date: April 30, 2009 EXHIBIT INDEX Exhibit No. Description 99.1 Schedules showing the effect on operating income of changes in reportable segments for quarterly periods of 2008, full year 2008, and full year 2007. 99.2 Schedules showing the effect on financial statements of adopting FSP APB 14-1 for quarterly periods of 2008 and 2007, and full year 2006, 2007 and 2008. EX-99.1 2 e35251ex99_1.txt SCHEDULES SHOWING THE EFFECT ON OPERATING INCOME EXHIBIT 99.1
- ------------------------------------------------------------------------------------------- Segment operating income Effect of Segment totals reclassification quarter ended change in based on March 31, 2008 As previously reportable 2009 USD 000's reported segments classification - ------------------------------------------------------------------------------------------- Paper Machine Clothing $18,550 $3,989 $22,539 Albany Door Systems 2,836 601 3,437 Engineered Fabrics 5,569 286 5,855 Engineered Composites (1,826) 8 (1,818) PrimaLoft(R) Products 1,078 34 1,112 Research expense (5,871) - (5,871) Unallocated expenses (13,156) (4,918) (18,074) - ------------------------------------------------------------------------------------------- Total $7,180 - $7,180 - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- Segment operating income Effect of Segment totals reclassification quarter ended change in based on June 30, 2008 As previously reportable 2009 USD 000's reported segments classification - ------------------------------------------------------------------------------------------- Paper Machine Clothing $27,427 $3,804 $31,231 Albany Door Systems 4,322 514 4,836 Engineered Fabrics 3,577 303 3,880 Engineered Composites (225) 8 (217) PrimaLoft(R) Products 1,685 33 1,718 Research expense (8,288) - (8,288) Unallocated expenses (13,972) (4,662) (18,634) - ------------------------------------------------------------------------------------------- Total $14,526 - $14,526 - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- Segment operating income Effect of Segment totals reclassification quarter ended change in based on September 30, 2008 As previously reportable 2009 USD 000's reported segments classification - ------------------------------------------------------------------------------------------- Paper Machine Clothing $19,246 $3,145 $22,391 Albany Door Systems 3,231 359 3,590 Engineered Fabrics 4,060 224 4,284 Engineered Composites (3,342) 8 (3,334) PrimaLoft(R) Products 646 26 672 Research expense (6,004) - (6,004) Unallocated expenses (13,715) (3,762) (17,477) - ------------------------------------------------------------------------------------------- Total $4,122 - $4,122 - -------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------- Segment operating income Effect of Segment totals reclassification quarter ended change in based on December 31, 2008 As previously reportable 2009 USD 000's reported segments classification - ------------------------------------------------------------------------------------------- Paper Machine Clothing ($44,753) $4,284 ($40,469) Albany Door Systems 4,523 249 4,772 Engineered Fabrics (18,003) 467 (17,536) Engineered Composites (20,562) 11 (20,551) PrimaLoft(R) Products (432) 34 (398) Research expense (2,620) - (2,620) Unallocated expenses (10,898) (5,045) (15,943) - ------------------------------------------------------------------------------------------- Total ($92,745) - ($92,745) - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- Segment operating income Effect of Segment totals reclassification year ended change in based on December 31, 2008 As previously reportable 2009 USD 000's reported segments classification - ------------------------------------------------------------------------------------------- Paper Machine Clothing $20,468 $15,222 $35,690 Albany Door Systems 14,912 1,722 16,634 Engineered Fabrics (4,797) 1,281 (3,516) Engineered Composites (25,955) 34 (25,921) PrimaLoft(R) Products 2,977 128 3,105 Research expense (22,783) - (22,783) Unallocated expenses (51,739) (18,387) (70,126) - ------------------------------------------------------------------------------------------- Total ($66,917) - ($66,917) - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- Segment operating income Effect of Segment totals reclassification year ended change in based on December 31, 2007 As previously reportable 2009 USD 000's reported segments classification - ------------------------------------------------------------------------------------------- Paper Machine Clothing $87,973 $16,402 $104,375 Albany Door Systems 4,933 1,801 6,734 Engineered Fabrics 16,234 1,364 17,598 Engineered Composites (6,283) 24 (6,259) PrimaLoft(R) Products 2,679 141 2,820 Research expense (23,337) - (23,337) Unallocated expenses (49,003) (19,732) (68,735) - ------------------------------------------------------------------------------------------- Total $33,196 - $33,196 - -------------------------------------------------------------------------------------------
EX-99.2 3 e35251ex99_2.txt SCHEDULES SHOWING THE EFFECT OF FINANCIAL STATEMENTS EXHIBIT 99.2
- ------------------------------------------------------------------------------------------------------------------------------------ 2008 by quarter FSP APB 14-1 implementation in USD and in 000's except per share data 1st 2nd 3rd 4th Full year - ------------------------------------------------------------------------------------------------------------------------------------ As previously reported: Interest expense, net $4,319 $4,763 $4,520 $5,349 $18,951 Other (income)/expense, net (274) 2,155 (706) (716) 459 Income tax expense/(benefit) on continuing operations 4,551 1,726 5,805 (16,016) (3,934) Net (loss)/income (1,492) 5,896 760 (80,912) (75,748) Net (loss)/income per share: Basic ($0.05) $0.20 $0.03 ($2.71) ($2.54) Diluted ($0.05) $0.20 $0.03 ($2.71) ($2.54) Shares used in computing earnings per share: Basic 29,612 29,760 29,857 29,912 29,786 Diluted 29,612 30,051 29,857 29,912 29,786 Adjustments to: Interest expense, net $1,078 $1,117 $1,157 $1,174 $4,526 Other (income)/expense, net (41) (41) (41) (41) (164) Income tax expense/(benefit) on continuing operations (433) (433) (433) (433) (1,732) As presented in 2009: Interest expense, net $5,397 $5,880 $5,677 $6,523 $23,477 Other (income)/expense, net (315) 2,114 (747) (757) 295 Income tax expense/(benefit) on continuing operations 4,118 1,293 5,372 (16,449) (5,666) Net (loss)/income (2,096) 5,253 77 (81,612) (78,378) Net (loss)/income per share: Basic ($0.07) $0.18 $0.00 ($2.73) ($2.63) Diluted ($0.07) $0.17 $0.00 ($2.73) ($2.63) Shares used in computing earnings per share: Basic 29,612 29,760 29,857 29,912 29,786 Diluted 29,612 30,051 29,857 29,912 29,786 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 2007 by quarter FSP APB 14-1 implementation in USD and in 000's except per share data 1st 2nd 3rd 4th Full year - ------------------------------------------------------------------------------------------------------------------------------------ As previously reported: Interest expense, net $3,265 $3,619 $3,782 $4,280 $14,946 Other (income)/expense, net (327) 540 1,409 (1,222) 400 Income tax expense/(benefit) on continuing operations 3,172 (2,282) 81 842 1,813 Net income/(loss) 9,305 4,405 (3,871) 7,943 17,782 Net income/(loss) per share: Basic $0.32 $0.15 ($0.13) $0.27 $0.60 Diluted $0.31 $0.15 ($0.13) $0.27 $0.60 Shares used in computing earnings per share: Basic 29,265 29,380 29,492 29,545 29,421 Diluted 29,672 29,818 29,492 29,949 29,854 Adjustments to: Interest expense, net $1,020 $1,058 $1,096 $1,112 $4,286 Other (income)/expense, net (26) (41) (41) (41) (149) Income tax expense/(benefit) on continuing operations (396) (396) (396) (395) (1,583) As presented in 2009: Interest expense, net $4,285 $4,677 $4,878 $5,392 $19,232 Other (income)/expense, net (353) 499 1,368 (1,263) 251 Income tax expense/(benefit) on continuing operations 2,776 (2,678) (315) 447 230 Net income/(loss) 8,707 3,784 (4,530) 7,267 15,228 Net income/(loss) per share: Basic $0.30 $0.13 ($0.15) $0.25 $0.52 Diluted $0.29 $0.13 ($0.15) $0.24 $0.51 Shares used in computing earnings per share: Basic 29,265 29,380 29,492 29,545 29,421 Diluted 29,672 29,818 29,492 29,949 29,854 - ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------- Full year FSP APB 14-1 implementation in USD and in 000's except per share data 2006 2007 2008 - --------------------------------------------------------------------------------------------------------------- As previously reported: Interest expense $13,107 $16,581 $20,827 Other expense, net 1,910 400 459 Income tax expense/(benefit) on continuing operations 20,700 1,813 (3,934) Net income/(loss) 58,039 17,782 (75,748) Net income/(loss) per share: Basic $1.95 $0.60 ($2.54) Diluted $1.92 $0.60 ($2.54) Shares used in computing earnings per share: Basic 29,803 29,421 29,786 Diluted 30,289 29,854 29,786 Deferred taxes 112,280 100,604 115,582 Other assets 37,486 69,528 22,016 Long-term debt 354,587 446,433 530,367 Deferred taxes and other credits 49,142 65,748 57,017 Additional paid-in capital 316,164 326,608 343,763 Retained earnings 541,602 527,790 436,919 Adjustments to: Interest expense $3,293 $4,286 $4,526 Other expense, net (129) (149) (163) Income tax expense/(benefit) on continuing operations (1,234) (1,583) (1,732) Deferred taxes 358 269 236 Other assets (1,013) (767) (604) Long-term debt, Note 1 (30,793) (26,507) (21,981) Deferred taxes and other credits 12,010 10,338 8,573 Additional paid-in capital, Note 2 20,155 20,155 20,155 Retained earnings (1,930) (2,554) (2,631) As presented in 2009: Interest expense $16,400 $20,867 $25,353 Other expense, net 1,781 251 296 Income tax expense/(benefit) on continuing operations 19,466 230 (5,666) Net income/(loss) 56,109 15,228 (78,379) Net income/(loss) per share: Basic $1.88 $0.52 ($2.63) Diluted $1.85 $0.51 ($2.63) Shares used in computing earnings per share: Basic 29,803 29,421 29,786 Diluted 30,289 29,854 29,786 Deferred taxes 112,638 100,873 115,818 Other assets 36,473 68,761 21,412 Long-term debt 323,794 419,926 508,386 Deferred taxes and other credits 61,152 76,086 65,590 Additional paid-in capital 336,319 346,763 363,918 Retained earnings 539,672 523,306 429,804 - ---------------------------------------------------------------------------------------------------------------
Note 1 - Adjustments to Long-term debt include a $34,086,000 initial reduction to debt during 2006 offset by accumulative accrual of additional interest expense of $3,293,000, $7,579,000, and $12,105,000 in 2006, 2007, and 2008, respectively. Note 2 - Adjustments to Additional paid-in capital include: an increase of $34,086,000 representing the bifurcated convertible bond equity component, a reduction of $1,045,000 related to equity issuance costs, and a reduction of $12,886,006 due to changes in non-current deferred taxes. -----END PRIVACY-ENHANCED MESSAGE-----