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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S Employer
Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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None
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(Former name or former address, if changed since last report.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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||
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Emerging growth company
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☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
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(d)
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Exhibits. The following exhibit is being furnished herewith:
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99.1 |
News release dated April 29, 2020 reporting first-quarter 2020 financial results.
|
ALBANY INTERNATIONAL CORP.
|
|||
|
|
||
By:
|
/s/ Stephen M. Nolan | ||
Name:
|
Stephen M. Nolan | ||
Title:
|
Chief Financial Officer and Treasurer | ||
|
(Principal Financial Officer) |
Exhibit No. | Description |
|
|
99.1
|
News release dated April 29, 2020 reporting first-quarter 2020 financial results. |
104
|
Inline XBRL cover page. |
ROCHESTER, N.H.--(BUSINESS WIRE)--April 29, 2020--Albany International Corp. (NYSE:AIN) today reported operating results for its first quarter of 2020, which ended March 31, 2020.
“We are pleased with the performance of the business during the first quarter.” said Albany International President and Chief Executive Officer Bill Higgins. “We are focusing in the near-term on maintaining the health and safety of our workforce while fulfilling our commitments to our customers – particularly in our role as a supplier to industries considered essential to dealing with the COVID-19 response and essential to the U.S. defense industrial base.
“We finished the first quarter in good financial health with a strong balance sheet, low leverage, and over $400 million of liquidity. We’ve adapted our operations by sharing best practices to work safely within the new reality of the COVID-19 pandemic. To manage through the turbulence caused in some of our end-markets, we will continue to assess the dynamics of the situation and make adjustments based on the best information we have. Our leadership team took action to address the pandemic and its impacts on our business. Our employees responded admirably, and our operations performed well in this new environment.”
For the first quarter ended March 31, 2020:
Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.
ALBANY INTERNATIONAL CORP. | |||
CONSOLIDATED STATEMENTS OF INCOME | |||
(in thousands, except per share amounts) | |||
(unaudited) | |||
|
|
|
|
|
|
|
|
|
Three Months ended |
||
|
March 31, |
||
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
Net sales |
$235,764 |
|
$251,373 |
Cost of goods sold |
146,292 |
|
159,602 |
|
|
|
|
Gross profit |
89,472 |
|
91,771 |
Selling, general, and administrative expenses |
40,106 |
|
40,945 |
Technical and research expenses |
9,130 |
|
10,249 |
Restructuring expenses, net |
642 |
|
484 |
|
|
|
|
Operating income |
39,594 |
|
40,093 |
Interest expense, net |
3,977 |
|
4,417 |
Other expense/(income), net |
15,569 |
|
(1,208) |
|
|
|
|
Income before income taxes |
20,048 |
|
36,884 |
Income tax expense |
12,454 |
|
7,476 |
|
|
|
|
Net income |
7,594 |
|
29,408 |
Net (loss)/income attributable to the noncontrolling interest |
(1,515) |
|
218 |
Net income attributable to the Company |
$9,109 |
|
$29,190 |
|
|
|
|
Earnings per share attributable to Company shareholders - Basic |
$0.28 |
|
$0.90 |
|
|
|
|
Earnings per share attributable to Company shareholders - Diluted |
$0.28 |
|
$0.90 |
|
|
|
|
Shares of the Company used in computing earnings per share: |
|
|
|
Basic |
32,312 |
|
32,272 |
|
|
|
|
Diluted |
32,320 |
|
32,285 |
|
|
|
|
Dividends declared per share, Class A and Class B |
$0.19 |
|
$0.18 |
ALBANY INTERNATIONAL CORP. | |||
CONSOLIDATED BALANCE SHEETS | |||
(in thousands, except share data) | |||
(unaudited) | |||
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
Cash and cash equivalents |
$222,680 |
|
$195,540 |
Accounts receivable, net |
211,081 |
|
218,271 |
Contract assets, net |
84,578 |
|
79,070 |
Inventories |
109,426 |
|
95,149 |
Income taxes prepaid and receivable |
5,922 |
|
6,162 |
Prepaid expenses and other current assets |
25,827 |
|
24,142 |
Total current assets |
$659,514 |
|
$618,334 |
|
|
|
|
Property, plant and equipment, net |
446,890 |
|
466,462 |
Intangibles, net |
51,323 |
|
52,892 |
Goodwill |
179,366 |
|
180,934 |
Deferred income taxes |
48,260 |
|
51,621 |
Noncurrent receivables, net |
38,929 |
|
41,234 |
Other assets |
59,349 |
|
62,891 |
Total assets |
$1,483,631 |
|
$1,474,368 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Accounts payable |
$58,874 |
|
$65,203 |
Accrued liabilities |
110,071 |
|
125,885 |
Current maturities of long-term debt |
20 |
|
20 |
Income taxes payable |
6,656 |
|
11,611 |
Total current liabilities |
175,621 |
|
202,719 |
|
|
|
|
Long-term debt |
491,002 |
|
424,009 |
Other noncurrent liabilities |
134,918 |
|
132,725 |
Deferred taxes and other liabilities |
12,529 |
|
12,226 |
Total liabilities |
814,070 |
|
771,679 |
|
|
|
|
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; 39,111,722 issued in 2020 |
|
|
|
and 39,098,792 in 2019 |
39 |
|
39 |
Class B Common Stock, par value $.001 per share; |
|
|
|
authorized 25,000,000 shares; issued and outstanding 1,617,998 |
|
|
|
in 2020 and 2019 |
2 |
|
2 |
Additional paid in capital |
431,836 |
|
432,518 |
Retained earnings |
700,021 |
|
698,496 |
Accumulated items of other comprehensive income: |
|
|
|
Translation adjustments |
(148,599) |
|
(122,852) |
Pension and postretirement liability adjustments |
(49,104) |
|
(49,994) |
Derivative valuation adjustment |
(10,843) |
|
(3,135) |
Treasury stock (Class A), at cost; 8,408,770 shares in 2020 |
|
|
|
and 2019 |
(256,391) |
|
(256,391) |
Total Company shareholders' equity |
666,961 |
|
698,683 |
Noncontrolling interest |
2,600 |
|
4,006 |
Total equity |
669,561 |
|
702,689 |
Total liabilities and shareholders' equity |
$1,483,631 |
|
$1,474,368 |
ALBANY INTERNATIONAL CORP. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOW |
|||||||
(in thousands) |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended | ||
|
|
|
|
|
March 31, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
OPERATING ACTIVITIES |
|
|
|
|
|
||
Net income |
|
|
|
$7,594 |
|
$29,408 |
|
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: |
|
|
|
||||
Depreciation |
|
|
15,506 |
|
15,642 |
||
Amortization |
|
|
2,564 |
|
2,314 |
||
Change in deferred taxes and other liabilities |
|
5,817 |
|
(1,065) |
|||
Provision for write-off of property, plant and equipment |
197 |
|
386 |
||||
Non-cash interest expense |
|
|
151 |
|
151 |
||
Compensation and benefits paid or payable in Class A Common Stock |
(682) |
|
(547) |
||||
Fair value adjustment on foreign currency option |
|
64 |
|
- |
|||
Provision for credit losses from uncollected receivables and contract assets |
1,655 |
|
585 |
||||
Foreign currency remeasurement loss/(gain) on intercompany loans |
15,387 |
|
(1,707) |
||||
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities that (used)/provided cash: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
(3,394) |
|
(12,209) |
||
Contract assets |
|
|
(8,840) |
|
(481) |
||
Inventories |
|
|
|
(19,750) |
|
(16,662) |
|
Prepaid expenses and other current assets |
|
(2,156) |
|
(2,804) |
|||
Income taxes prepaid and receivable |
|
|
(237) |
|
674 |
||
Accounts payable |
|
|
(1,046) |
|
21,750 |
||
Accrued liabilities |
|
|
(15,072) |
|
(11,095) |
||
Income taxes payable |
|
|
(3,571) |
|
1,506 |
||
Noncurrent receivables |
|
|
(231) |
|
(294) |
||
Other noncurrent liabilities |
|
|
(60) |
|
(1,679) |
||
Other, net |
|
|
|
(534) |
|
693 |
|
Net cash (used in)/provided by operating activities |
|
(6,638) |
|
24,566 |
|||
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
||
Purchases of property, plant and equipment |
|
(12,759) |
|
(20,798) |
|||
Purchased software |
|
|
(46) |
|
(22) |
||
Net cash used in investing activities |
|
|
(12,805) |
|
(20,820) |
||
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
||
Proceeds from borrowings |
|
|
70,000 |
|
20,000 |
||
Principal payments on debt |
|
|
(3,006) |
|
(28,004) |
||
Principal payments on finance lease liabilities |
|
(6,134) |
|
(400) |
|||
Taxes paid in lieu of share issuance |
|
|
(490) |
|
(971) |
||
Proceeds from options exercised |
|
|
- |
|
44 |
||
Dividends paid |
|
|
(6,139) |
|
(5,808) |
||
Net cash provided by/(used in) financing activities |
|
54,231 |
|
(15,139) |
|||
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
(7,648) |
|
1,023 |
||||
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
|
27,140 |
|
(10,370) |
|||
Cash and cash equivalents at beginning of period |
|
|
|
|
195,540 |
|
197,755 |
Cash and cash equivalents at end of period |
|
$222,680 |
|
$187,385 |
Reconciliation of non-GAAP measures to comparable GAAP measures
The following table presents Net sales and the effect of changes in currency translation rates:
(in $ thousands,
except percentages) |
|
Net Sales, as
reported, Q1 2020 |
|
Decrease due to
changes in currency translation rates |
|
Q1 2020 sales on
same basis as Q1 2019 currency translation rates |
|
Net sales as
reported, Q1 2019 |
|
% Change compared
to Q1 2019, excluding currency rate effects |
Machine Clothing |
|
$136,602 |
|
$1,565 |
|
$138,167 |
|
$144,334 |
|
-4.3% |
Albany Engineered Composites |
|
99,162 |
|
547 |
|
99,709 |
|
107,039 |
|
-6.8% |
Total |
|
$235,764 |
|
$2,112 |
|
$237,876 |
|
$251,373 |
|
-5.4% |
Adjusted EBITDA for the current-year and comparable prior-year periods has been calculated as follows:
Three months ended March 31, 2020 |
|
|
|
|
|
|
|
|
(in $ thousands, except percentages) |
|
Machine
Clothing |
|
Albany
Engineered Composites |
|
Corporate
Expenses and Other |
|
Total
Company |
Operating income/(loss) (GAAP) |
|
$47,175 |
|
$7,623 |
|
($15,204) |
|
$39,594 |
Interest, taxes, and other income/(expense) |
|
- |
|
- |
|
(32,000) |
|
(32,000) |
Net income/(loss) (GAAP) |
|
47,175 |
|
7,623 |
|
(47,204) |
|
7,594 |
Interest expense, net |
|
- |
|
- |
|
3,977 |
|
3,977 |
Income tax expense |
|
- |
|
- |
|
12,454 |
|
12,454 |
Depreciation and amortization expense |
|
5,087 |
|
11,985 |
|
998 |
|
18,070 |
EBITDA (non-GAAP) |
|
52,262 |
|
19,608 |
|
(29,775) |
|
42,095 |
Restructuring expenses, net |
|
642 |
|
- |
|
- |
|
642 |
Foreign currency revaluation (gains)/losses, net |
|
(3,661) |
|
697 |
|
14,830 |
|
11,866 |
Former CEO termination costs |
|
- |
|
- |
|
2,742 |
|
2,742 |
CirComp integration costs |
|
- |
|
298 |
|
- |
|
298 |
Pre-tax loss attributable to non-controlling interest |
|
- |
|
1,492 |
|
- |
|
1,492 |
Adjusted EBITDA (non-GAAP) |
|
$49,243 |
|
$22,095 |
|
($12,203) |
|
$59,135 |
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales – non-GAAP) |
|
|
|
|
|
|
|
|
|
36.0% |
|
22.3% |
|
- |
|
25.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2019 |
|
|
|
|
|
|
|
|
(in $ thousands, except percentages) |
|
Machine
Clothing |
|
Albany
Engineered Composites |
|
Corporate
Expenses and Other |
|
Total
Company |
Operating income/(loss) (GAAP) |
|
$44,243 |
|
$9,522 |
|
($13,672) |
|
$40,093 |
Interest, taxes, and other income/(expense) |
|
- |
|
- |
|
(10,685) |
|
(10,685) |
Net income/(loss) (GAAP) |
|
44,243 |
|
9,522 |
|
(24,357) |
|
29,408 |
Interest expense, net |
|
- |
|
- |
|
4,417 |
|
4,417 |
Income tax expense |
|
- |
|
- |
|
7,476 |
|
7,476 |
Depreciation and amortization expense |
|
5,919 |
|
10,902 |
|
1,135 |
|
17,956 |
EBITDA (non-GAAP) |
|
50,162 |
|
20,424 |
|
(11,329) |
|
59,257 |
Restructuring expenses, net |
|
401 |
|
83 |
|
- |
|
484 |
Foreign currency revaluation (gains)/losses, net |
|
(32) |
|
235 |
|
(2,036) |
|
(1,833) |
Pre-tax income attributable to non-controlling interest |
|
- |
|
(290) |
|
- |
|
(290) |
Adjusted EBITDA (non-GAAP) |
|
$50,531 |
|
$20,452 |
|
($13,365) |
|
$57,618 |
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales – non-GAAP) |
|
|
|
|
|
|
|
|
|
35.0% |
|
19.1% |
|
- |
|
22.9% |
Per share impact of the adjustments to earnings per share are as follows:
Three months ended March 31, 2020 |
|
|
|
|
(in $ thousands, except per share amounts) | Pre-Tax Amount | Tax Effect |
After-Tax
Amount |
Per Share
Amount |
Restructuring expenses, net |
$642 |
$192 |
$450 |
$0.01 |
Foreign currency revaluation (gains)/losses, net (a) |
11,866 |
(1,545) |
13,411 |
0.42 |
Former CEO termination costs |
2,742 |
713 |
2,029 |
0.06 |
CirComp integration costs |
298 |
89 |
209 |
0.01 |
(a) In Q1 2020, the Company recorded losses of approximately $17 million in jurisdictions where it cannot record a tax benefit from the losses, which results in an unusual relationship between pre-tax and after-tax amounts. |
Three months ended March 31, 2019 |
|
|
|
|
|
|
|
|
(in $ thousands, except per share amounts) |
|
Pre-Tax Amount |
|
Tax Effect |
|
After-Tax
Amount |
|
Per Share
Amount |
Restructuring expenses, net |
|
$484 |
|
$142 |
|
$342 |
|
$0.01 |
Foreign currency revaluation (gains)/losses, net |
|
(1,833) |
|
(539) |
|
(1,294) |
|
(0.04) |
The resulting first quarter 2020 Adjusted EPS are as follows:
|
|
Three months ended | ||
|
March 31, | |||
Per Share Amounts (Basic) |
2020 |
|
2019 |
|
Earnings per share (GAAP) |
$0.28 |
|
$0.90 |
|
Adjustments, after tax: |
|
|
|
|
Restructuring expenses, net |
0.01 |
|
0.01 |
|
Foreign currency revaluation (gains)/losses, net |
0.42 |
|
(0.04) |
|
Former CEO termination costs |
|
0.06 |
|
- |
CirComp integration costs |
0.01 |
|
- |
|
Adjusted Earnings per share |
$0.78 |
|
$0.87 |
The calculations of net debt are as follows:
(in thousands) | March 31, 2020 | December 31, 2019 | March 31 2019 | ||
Current maturities of long-term debt |
$20 |
$20 |
$19 |
||
Long-term debt |
491,002 |
424,009 |
491,022 |
||
Total debt |
491,022 |
424,029 |
491,041 |
||
Cash and cash equivalents |
222,680 |
195,540 |
187,385 |
||
Net debt |
$268,342 |
$228,489 |
$303,656 |
||
Quarterly increase/(decrease) |
39,853 |
(21,804) |
(23,520) |
||
Effect of ASC 842 adoption |
- |
- |
(25,886) |
||
Increase/(decrease) excluding effect of ASC 842 adoption |
39,853 |
(21,804) |
$2,366 |
About Albany International Corp.
Albany International is a global advanced textiles and materials processing company, with two core businesses. The Machine Clothing segment 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 23 plants in 11 countries, employs approximately 4,600 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.
Non-GAAP Measures
This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, including: net sales, and percent change in net sales, excluding the impact of currency translation effects (for each segment and on a consolidated basis); EBITDA and Adjusted EBITDA (for each segment and on a consolidated basis, represented in dollars or as a percentage of net sales); Net debt; and Adjusted earnings per share (or Adjusted EPS). Such items are provided because management believes that they provide additional useful information to investors regarding the Company’s operational performance.
Presenting Net sales and increases or decreases in Net sales, after currency effects are excluded, can give management and investors insight into underlying sales trends. Net sales, or 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. These amounts are then compared to the U.S. dollar amount as reported in the current period.
EBITDA, Adjusted EBITDA and Adjusted EPS are performance measures that relate to the Company’s continuing operations. 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. The Company calculates EBITDA by removing the following from Net income: Interest expense net, Income tax expense, Depreciation and amortization expense. Adjusted EBITDA is calculated by: adding to EBITDA costs associated with restructuring, former CEO severance costs, and inventory write-offs associated with discontinued businesses; adding charges and credits related to pension plan settlements and curtailments; adding (or subtracting) revaluation losses (or gains); subtracting (or adding) gains (or losses) from the sale of buildings or investments; subtracting insurance recovery gains in excess of previously recorded losses; adding acquisition and related retention agreement expenses and subtracting (or adding) Income (or loss) attributable to the non-controlling interest in Albany Safran Composites (ASC). Adjusted EBITDA may also be presented as a percentage of net sales by dividing it by net sales. An understanding of the impact in a particular quarter of specific restructuring costs, former CEO severance costs, acquisition and related retention agreement expenses, currency revaluation, inventory write-offs associated with discontinued businesses, 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. Adjusted earnings per share (Adjusted EPS) is calculated by adding to (or subtracting from) net income attributable to the Company per share, on an after-tax basis: restructuring charges; former CEO severance costs; charges and credits related to pension plan settlements and curtailments; inventory write-offs associated with discontinued businesses; foreign currency revaluation losses (or gains); acquisition-related expenses; and losses (or gains) from the sale of investments.
EBITDA, Adjusted EBITDA, and Adjusted EPS, as defined by the Company, may not be similar to similarly named 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 an income tax rate based on either the tax rates in specific countries or the estimated tax rate applied to total company results. The after-tax amount is then divided by 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.
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. The Company calculates Net debt by subtracting Cash and cash equivalents from Total debt. Total debt is calculated by adding Long-term debt, Current maturities of long-term debt, and Notes and loans payable, if any.
Forward-Looking Statements
This press release may contain statements, estimates, guidance 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,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because 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), actual results may differ materially from those expressed or implied by such forward-looking statements.
Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic and paper-industry trends and conditions during 2019 and in future years; expectations in 2019 and in future periods of sales, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net sales), Adjusted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, 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.
John Hobbs
603-330-5897
john.hobbs@albint.com