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):     February 8, 2017

Registrant’s telephone number, including area code       (518) 445-2200

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 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On February 8, 2017, Albany International issued a news release reporting fourth-quarter 2016 financial results.   The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on Thursday, February 9. Copies of the news release and management’s related earnings call slide presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this report.

Item 9.01.  Financial Statements and Exhibits.

   (d)  Exhibits.  The following exhibits are being furnished herewith:
          99.1     News release dated February 8, 2017 reporting fourth-quarter 2016 financial results.
          99.2     Albany International Corp. fourth-quarter 2016 Earnings Call Slide Presentation.

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.

EXHIBIT INDEX

Exhibit 99.1

Albany International Reports Fourth-Quarter Results

Fourth-quarter Financial Highlights

• Net sales were $213.0 million, an increase of 20.0% compared to Q4 2015. Net sales increased 11.8% as a result of the Q2 2016 acquisition in AEC (see Tables 1 and 2).
• Net income attributable to the Company was $15.8 million ($0.49 per share), compared to $37.6 million ($1.17 per share) in Q4 2015. Income tax-related adjustments increased earnings per share by $0.08 in 2016 and $0.93 in 2015 (see Table 16).
• Net income attributable to the Company, excluding adjustments (a non-GAAP measure), was $0.36 per share, compared to $0.46 in Q4 2015 (see Table 16).
• Net income attributable to the Company in Q4 2016, both as reported and excluding adjustments, was reduced by a pre-tax charge of $2.5 million ($0.05 per share) as a result of a loss caused by the theft of cash from the Company’s subsidiary in Japan and by $0.8 million ($0.01 per share) of integration costs (see Table 12).
• Adjusted EBITDA (a non-GAAP measure) was $38.3 million, including the loss in Japan and integration costs, compared to $38.7 million in Q4 2015 (see Tables 7 and 8).

ROCHESTER, N.H.--(BUSINESS WIRE)--February 8, 2017--Albany International Corp. (NYSE:AIN) reported that Q4 2016 net income attributable to the Company was $15.8 million, including a net benefit of $2.5 million for income tax adjustments. Q4 2015 net income attributable to the Company was $37.6 million, including favorable income tax adjustments of $29.8 million.

Q4 2016 income before income taxes was $20.8 million, including restructuring charges of $0.7 million and gains of $3.2 million from foreign currency revaluation. Q4 2015 income before income taxes was $11.3 million, including restructuring charges of $9.9 million and losses of $0.6 million from foreign currency revaluation. Q4 2016 income before income taxes included a charge of $2.5 million related to a loss caused by a theft of cash from the Company’s subsidiary in Japan and $0.8 million of integration costs related to the recent AEC acquisition.

As previously reported, in the second quarter of 2016, the Company completed the acquisition of Harris Corporation’s composite aerostructures division, which is located in Salt Lake City (referred to below as “SLC”). Table 1 summarizes key financial metrics of the acquired business, which is included in the AEC segment:

Table 1

Table 2 summarizes net sales and the effect of changes in currency translation rates:

Table 2

In comparison to Q4 2015, MC net sales were essentially flat in every region. The increase in AEC net sales was due to the acquisition and growth in LEAP.

Fourth-quarter gross profit increased to $77.3 million in 2016 from $71.7 million in 2015. Gross profit margin in Q4 2016 was 36.3% compared to 40.4% in Q4 2015, reflecting the change in the business mix due to higher AEC sales. MC gross profit was $67.8 million (46.8% of net sales) in Q4 2016, compared to $68.8 million (47.4% of net sales) in Q4 2015. AEC gross profit increased to $9.8 million in Q4 2016, compared to $3.3 million in Q4 2015, due to higher sales.

Q4 2016 selling, technical, general, and research (STG&R) expenses were $49.8 million, or 23.4% of net sales, including gains of $2.0 million from the revaluation of nonfunctional-currency assets and liabilities, and expenses of $0.8 million related to the integration of SLC. Q4 2015 STG&R expenses were $46.9 million, or 26.4% of net sales, including gains of $0.5 million from the revaluation of nonfunctional-currency assets and liabilities. The reduction in STG&R expenses as a percent of net sales in 2016 reflects the relative growth in AEC which carries lower STG&R expenses as a percent of net sales.

The following table summarizes fourth-quarter expenses associated with internally funded research and development by segment:

Table 3

The following table summarizes fourth-quarter operating income by segment:

Table 4

Segment operating income was affected by restructuring and currency revaluation as shown in Table 5 below:

Table 5

Q4 2016 Other income/expense, net, was expense of $2.1 million, including income related to the revaluation of nonfunctional-currency balances of $1.2 million, and a $2.5 million charge related to a loss caused by a theft of cash from the Company’s subsidiary in Japan. Q4 2015 Other income/expense, net, was expense of $1.6 million, including losses related to the revaluation of nonfunctional-currency balances of $1.1 million.

The following table summarizes currency revaluation effects on certain financial metrics:

Table 6

The Company’s income tax rate based on income from continuing operations was 35.3% for Q4 2016, compared to 31.8% for Q4 2015. The increase in the tax rate was due to a change in the mix of pre-tax income among the jurisdictions in which we operate. Discrete tax items and the effect of a change in the tax rate from the previous quarter decreased income tax expense by $2.5 million in Q4 2016 and $29.8 million in Q4 2015. The Q4 2015 amount included a tax benefit of $28.6 million related to the elimination of the value of the Company’s investment in its German subsidiary.

The following tables provide a reconciliation of operating income and net income to EBITDA and Adjusted EBITDA:

Table 7

Table 8

Capital expenditures were $24.7 million in Q4 2016, compared to $10.3 million in Q4 2015, primarily due to the ramp in AEC programs. Depreciation and amortization was $16.2 million in Q4 2016, compared to $14.8 million in Q4 2015. As noted in Table 1, depreciation and amortization for SLC was $2.8 million in Q4 2016.

CFO Comments

CFO and Treasurer John Cozzolino commented, “Cash decreased about $15 million during Q4 to $182 million, as the Company used cash to pay down debt and cover significant capital expenditures. As a result, total debt at the end of the year was $485 million, a decrease of $7 million compared to the end of Q3, and net debt (total debt less cash, see Table 17) increased by about $8 million to $303 million. At the end of Q4, the Company had utilized $418 million of its $550 million credit facility. The Company’s leverage ratio, as defined in our primary debt agreements, was 2.30 as of the end of the year.

“Capital expenditures in Q4 were $25 million, bringing the full-year total to $79 million. Due to the continued ramp up of AEC programs and the carry-over of a number of projects from 2016, we currently estimate full-year total Company capital expenditures in 2017 to be $95 million to $105 million. Assuming no significant change in the timing of any of our major programs, 2017 should represent the peak in annual capital expenditures between now and 2020.

“The Company’s income tax rate based on income from continuing operations was 35% in 2016. We expect a similar tax rate in 2017, assuming no significant change to the Company’s repatriation program. Cash paid for income taxes during the year was about $23 million and is expected to total $25 million to $30 million in 2017.

“During Q4, we became aware of a theft of cash from our subsidiary in Japan by a third party. After an extensive investigation and detailed substantive procedures to ensure the accuracy of our financial statements, we concluded that a Q4 2016 charge of $2.5 million was necessary to reflect the impact of this loss. While some of the loss occurred in prior periods, the majority occurred in Q4 2016. The amount of the loss that occurred prior to Q4 2016 was not material and, accordingly, the Company does not expect to restate any previously issued financial statements. We are in the process of evaluating the impact of this loss on our internal controls assessment and the results of this evaluation will be appropriately reflected in our Annual Report on Form 10-K.”

CEO Comments

CEO Joseph Morone said, “In Q4 2016 both Albany businesses again performed well, as AEC generated especially strong growth and MC continued to generate strong profitability. Unfortunately, we had to take a $2.5 million charge in Q4 due to a theft by a third party in a small operation in Japan. Even so, the Company ended the quarter and full year with sales and net income in line with our expectations, and with AEC poised for rapidly accelerating growth and MC for continued strong profitability in 2017 and beyond.

“Q4 2016 sales in MC were essentially flat compared to Q4 2015. From a regional perspective, Q4 year-over-year sales were stable in every major geographic market. From a grade perspective, Q4 year-over-year publication sales declined by another 10%, but the decline was offset by incremental growth in the other grades. We continue to be encouraged by new product performance and especially by the potential of the new technology platform in the tissue, nonwovens, pulp, building products and corrugator grades, which together accounted for 35% of total sales in Q4 2016. For the full year, 2016 sales dropped 4.3% primarily because of the declines in publication grades coupled with weakness in South America.

“Q4 gross margin once again held close to 47%, due in large measure to good plant utilization despite year-end slowdowns. As a result, full-year profitability was once again strong, with slightly improved gross margins, improved segment net income and Adjusted EBITDA at the high end of our normal $180 million to $195 million range.

“Looking ahead to 2017, we expect recent market trends to continue. Publication sales will likely continue to decline, but now that they comprise only 25% of total sales, and as the other grades hold steady or grow incrementally, we expect an easing of the recent trend of downward year-over-year comparisons in MC sales. As for profitability, after two years of favorable currency and inflationary environments, we expect some regression toward the mean in 2017, and as a result, we expect full-year Adjusted EBITDA to pull back from the high end toward the middle of that $180 million to $195 million range. The primary risks to this outlook are associated with macro-economic and geo-political conditions.

“AEC sales grew to $68 million in Q4, compared to an average of close to $50 million for the previous two quarters. The sequential growth was driven primarily by the LEAP program. Sales from our recently acquired Salt Lake City operation (SLC) were stable. Excluding SLC, Q4 sales were $47 million compared to $32 million in Q4 2015. For the full year, including nearly three quarters of sales from SLC, sales were $197 million. Excluding SLC, sales for the year were $131 million compared to $101 million in 2015.

“Q4 performance was particularly strong in the LEAP, F-35 JSF LiftFan®, and Boeing 787 Fuselage Frames programs. More generally, AEC remains on track for the ramp up in all of its major growth programs. Although demand has reportedly softened in some segments of the aerospace industry, the near- and long-term demand outlook for AEC’s major growth programs remains robust. Meanwhile, R&D and new business development continues to progress on each of the three fronts discussed on our last call: incremental new sales on existing aerospace platforms, development of opportunities on potentially new aerospace platforms, and the continuing probe into the automotive market.

“AEC profitability continued to improve during the fourth quarter; segment net income/loss improved to a loss of $1.3 million and Adjusted EBITDA grew to $5.5 million. Q4 2016 results include costs of roughly $1 million associated with SLC integration and the consolidation of AEC legacy programs into our Texas operation, and a $1 million per quarter acceleration in R&D spending to support a cross section of the growth and new business development initiatives mentioned above. Good progress was made during the quarter on integration, particularly in the major effort to integrate ERP systems, which resulted in SLC going live at the beginning of February. All business-wide functions, such as finance, human resources, procurement, information technology and business development are now fully integrated, and our focus is now shifting almost exclusively to strengthening operational execution. While much remains to be done in 2017, our experience in Q4 suggests that AEC is firmly on track toward our long-term stated objective of 18%-20% EBITDA margins by 2020, on at least $450 million of sales.

“Turning to our short-term outlook, driven by accelerating ramps in LEAP, Boeing 787 Fuselage Frames, and F-35 JSF airframe components, we look for AEC sales to grow by 25% to 35% for each of the next two years. And, driven by the effects of integration, STG&R leverage, and learning curve effects, we expect gradually strengthening margins through the period. The primary risk factor for AEC will continue to be execution, especially during this period of ramp ups across multiple programs and sites.

“In sum, apart from the theft in Japan, this was a strong quarter and full year for both businesses, with continued strong competitive performance and profitability in MC, accelerating growth in AEC, and good progress on the integration of our recently acquired SLC operation. For 2017, for MC, we look for Adjusted EBITDA in the upper half of the normal $180 million to $195 million range; and for AEC, rapidly accelerating sales and gradually improving margins.”

About Albany International Corp.

Albany International is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International is headquartered in Rochester, New Hampshire, operates 22 plants in 10 countries, employs 4,400 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

This release contains certain non-GAAP metrics, including: percent change in net sales excluding currency rate effects (for each segment and the Company as a whole); EBITDA and Adjusted EBITDA (for each segment and the Company as a whole); net debt; and net income per share attributable to the Company, excluding adjustments. Such items are provided because management believes that, when reconciled from the GAAP items to which they relate, they provide additional useful information to investors regarding the Company’s operational performance.

Presenting increases or decreases in sales, after currency effects are excluded, can give management and investors insight into underlying sales trends. EBITDA, or net income with interest, taxes, depreciation, and amortization added back, is a common indicator of financial performance used, among other things, to analyze and compare core profitability between companies and industries because it eliminates effects due to differences in financing, asset bases and taxes. An understanding of the impact in a particular quarter of specific restructuring costs, acquisition expenses, currency revaluation, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect. Restructuring expenses in the MC segment, while frequent in recent years, are reflective of significant reductions in manufacturing capacity and associated headcount in response to shifting markets, and not of the profitability of the business going forward as restructured. Net debt is, in the opinion of the Company, helpful to investors wishing to understand what the Company’s debt position would be if all available cash were applied to pay down indebtedness. EBITDA, Adjusted EBITDA and net income per share attributable to the Company, excluding adjustments, are performance measures that relate to the Company’s continuing operations.

Percent changes in net sales, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. That amount is then compared to the U.S. dollar amount reported in the current period. The Company calculates EBITDA by removing the following from Net income: Interest expense net, Income tax expense, Depreciation and amortization. Adjusted EBITDA is calculated by: adding to EBITDA costs associated with restructuring and pension settlement charges; adding (or subtracting) revaluation losses (or gains); subtracting (or adding) gains (or losses) from the sale of buildings or investments; subtracting insurance recovery gains; subtracting (or adding) Income (or loss) attributable to the non-controlling interest in Albany Safran Composites (ASC); and adding expenses related to the Company’s acquisition of Harris Corporation’s composite aerostructures division. Net income per share attributable to the Company, excluding adjustments, is calculated by adding to (or subtracting from) net income attributable to the Company per share, on an after-tax basis: restructuring charges; discrete tax charges (or gains) and the effect of changes in the income tax rate; foreign currency revaluation losses (or gains); acquisition expenses; and losses (or gains) from the sale of investments.

EBITDA, Adjusted EBITDA, and net income per share attributable to the Company, excluding adjustments, as defined by the Company, may not be similar to EBITDA measures of other companies. Such measures are not considered measurements under GAAP, and should be considered in addition to, but not as substitutes for, the information contained in the Company’s statements of income.

The Company discloses certain income and expense items on a per-share basis. The Company believes that such disclosures provide important insight into underlying quarterly earnings and are financial performance metrics commonly used by investors. The Company calculates the quarterly per-share amount for items included in continuing operations by using the income tax rate based on income from continuing operations and the weighted-average number of shares outstanding for each period. Year-to-date earnings per-share effects are determined by adding the amounts calculated at each reporting period.

Table 9

Table 10

Table 11

Table 12

Table 13

Table 14

Table 15

The following table contains the calculation of net income per share attributable to the Company, excluding adjustments:

Table 16

The following table contains the calculation of net debt:

Table 17

The following table contains the reconciliation of MC 2017 projected Adjusted EBITDA to MC 2017 projected net income:

Table 18

This press release may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q) that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections.

Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic, geopolitical and paper-industry trends and conditions during 2016 and in future years; expectations in 2017 and in future periods of sales, EBITDA, Adjusted EBITDA, income, gross profit, gross margin and other financial items in each of the Company’s businesses, including the acquired composite aerostructures business, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the sales growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products.

Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

CONTACT:
Albany International Corp.
Investors
John Cozzolino, 518-445-2281
john.cozzolino@albint.com
or
Media
Heather Kralik, 801-505-7001
heather.kralik@albint.com

Exhibit 99.2

Q4 Financial Performance

February 8, 2017

Non-GAAP’ Items and Forward-Looking Statements This presentation contains the following non-GAAP measures: Percentage changes in net sales, excluding currency rate effects (for each segment, and the Company as a whole); Adjusted EBITDA (for each segment, and the Company as a whole); Net debt; and Net income per share attributable to the Company, excluding adjustments. We think such items provide useful information to investors regarding the Company’s core operational performance. See the Company’s earnings release (which accompanies this presentation) for additional information including reconciliations to GAAP measures. This presentation also may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. We disclaim any obligation to update any information in this presentation to reflect any changes or developments after the date on the cover page. Certain additional disclosures regarding our use of these ‘non-GAAP’ items and forward-looking statements are set forth in our fourth-quarter earnings press release dated February 8, 2017, and in our SEC filings, including our most recent quarterly reports and our annual reports for the years ended December 31, 2013, 2014, and 2015.Our use of such items in this presentation is subject to those additional disclosures, which we urge you to read. 2

et Net Sales by Segment (in thousands, except percentages) Net Sales Three Months ended December 31, 2016 2015 Percent Change Impact of Changes in Currency Translation Rates Percent Change excluding Currency Rate Effect Machine Clothing (MC) $144,744 $145,004 -0.2% ($968) 0.5% Albany Engineered Composites (AEC) 68,302 32,462 110.4%  (201) 111.0% Total $213,046 $177,466 20.0% ($1,169) 20.7% (in thousands)  Net Sales Years ended December 31, 2016 2015 Percent Change Impact of Changes  in Currency Translation Rates Percent Change excluding Currency Rate Effect Machine Clothing (MC) $582,190 $608,581 -4.3% ($2,840) -3.9% Albany Engineered Composites (AEC) 197,649 101,287 95.1% (139) 95.3% Total $779,839 $709,868 9.9% ($2,979) 10.3% 3by Segment

Gross Profit Margin by QuarterPercentage of Net Sales 45.0% 42.4% 41.9% 43.0% 47.5% 45.2% 48.4% 47.4% 47.9% 47.6% 47.5% 46.8% 41.5% 38.9% 38.2% 38.0% 42.3% 31.7% 42.4% 40.4% 42.1% 38.5% 37.9% 36.3% 30% 35% 40% 45% 50% 55% Q12014 Q22014 Q32014 Q42014 Q12015 Q22015 Q32015 Q42015 Q12016 Q22016Q32016 Q42016 Machine Clothing Total Company 4

EarningsPer SharePer share amounts (Basic) Three Months ended December 31, 2016 2015 Years Ended December 31, 2016 2015  Netincome attributable to the Company, as reported (GAAP) $0.49 $1.17 $1.64 $1.79*  Adjustments: Restructuring expenses, net 0.01 0.21 0.16 0.48  Discrete tax adjustments and effect of change in income tax rate (0.08) (0.93) (0.07) (0.69) Foreign currency revaluation (gains)/losses (0.06) 0.01 (0.07) (0.07) Acquisition expenses - - 0.11 - Gain on sale of investment - - - (0.02) Net income attributable to the Company, excluding adjustments (non-GAAP) $0.36 $0.46 $1.77 $1.49 * Includes $0.28 charge for BR725

Operating and Net Income (GAAP) and Adjusted EBITDA (non-GAAP) by Segment  6    Three Months ended December 31, 2016         (in thousands)   Machine Clothing    Albany Engineered Composites  Corporate expenses and other   Total Company  Operating income/(loss) (GAAP)   $39,946   $(1,280)   ($11,836)   $26,830  Interest, taxes, other income/expense  -  -   (10,844)   (10,844)  Net income (GAAP)   39,946   (1,280)   (22,680)   15,986  Interest expense, net    -   -   3,854   3,854  Income tax expense/(benefit)   -   -   4,841   4,841  Depreciation and amortization   8,583   6,433   1,221   16,237  EBITDA (non-GAAP)   48,529   5,153   (12,764)   40,918  Restructuring expenses, net   150   526   47   723  Foreign currency revaluation (gains)/losses   (2,050)   11   (1,170)   (3,209)  Pretax (income)/loss attributable to non-controlling interest in ASC   -    (160)   -   (160)  Adjusted EBITDA (non-GAAP)  $46,629    $5,530   ($13,887)  $38,272  Three Months ended December 31, 2015          Machine Clothing    Albany Engineered Composites   Corporate expenses and other    Total Company   $30,342   $(1,843)   ($13,634)   $14,865  -  -   22,601   22,601   30,342   (1,843)   8,967   37,466   -   -   1,935   1,935   -   -   (26,185)   (26,185)   9,425   3,295   2,113   14,833   39,767   1,452   (13,170)   28,049   8,282   -    1,635   9,917   (542)   -   1,092   550   -    135   -   135  $47,507   $1,587  ($10,443)  $38,651

Operating and Net Income (GAAP) and Adjusted EBITDA (non-GAAP) by Segment  7 Year ended December 31, 2016  (in thousands)   Machine Clothing   Albany Engineered Composites  Corporate expenses and other   Total Company  Operating income/(loss) (GAAP)   $152,529   ($15,363)   ($45,390)  $91,776  Interest, taxes, other income/expense   -   -   (38,964)  (38,964)  Net income (GAAP)   152,529   (15,363)   (84,354)   52,812  Interest expense, net    -   -   13,464   13,464  Income tax expense/(benefit)   -   -   25,454   25,454  Depreciation and amortization   36,428   24,211   6,822   67,461  EBITDA (non-GAAP)   188,957   8,848   (38,614)   159,191  Restructuring expenses, net   6,069   2,314   (7)   8,376  Foreign currency revaluation (gains)/losses   (404)   16   (3,525)   (3,913)  Acquisition expenses   -   5,367   -   5,367  Gain from sale of investment   -   -   -   -  Pretax (income)/loss attributable to non-controlling interest in ASC   -    (125)   -   (125)  Adjusted EBITDA (non-GAAP)  $194,622   $16,420  ($42,146)  $168,896  Year ended December 31, 2015          Machine Clothing    Albany Engineered Composites   Corporate expenses and other    Total Company   $141,311   ($28,478)*    ($48,938)  $63,895   -   -   (6,630)   (6,630)   141,311   (28,478)    (55,568)   57,265   -   -   9,984   9,984   -   -   (5,787)   (5,787)   39,503   12,140   8,471   60,114   180,814   (16,338)   (42,900)   121,576   22,211   -   1,635    23,846   (5,075)   (17)   1,498   (3,594)   -   -   -   -   -   -   (872)   (872)   -    20   -   20  $197,950   ($16,335)  ($40,639)  $140,976  * Includes $14 million charge for BR725

Total Debt (GAAP) and Net Debt* (non-GAAP)$ thousands $80,570 $86,067 $310,287 $295,638 $303,154 $265,683 $255,682 $486,312 $491,808 Dec. 31, 2015 March 31, 2016 June 30, 2016Sept. 30, 2016 Dec. 31, 2016 Net Debt Total Debt *Total debt less cash see table 17 for reconciliation of total debt to net debt