U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 9, 2004
(Date of earliest event reported)
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
Delaware 0-16214 14-0462060
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
1373 Broadway, Albany, New York 12204
(518) 445-2200
(Address and telephone number of the registrant's principal executive offices)
Item 12. Results of Operations and Financial Condition
On March 9, 2004, Albany International issued a news release announcing interim
financial results for the first two months of 2004. A copy of the news release
is furnished as Exhibit 99.1 to this report.
The information in this report shall not deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liability of that section, and shall not be
incorporated by reference into any registration statement or other document
filed under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.
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/ Michael C. Nahl
-------------------------------
Name: Michael C. Nahl
Title: Senior Vice President and
Chief Financial Officer
Date: March 9, 2004
Index to Exhibits
Exhibit Number Description of Document
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99.1 News release, dated March 9, 2004, issued by Albany
International Corp.
Exhibit 99.1
Albany International Announces Results For
First Two Months of 2004
ALBANY, N.Y., March 9 /PRNewswire-FirstCall/ -- Albany International Corp.
(NYSE/PCX/FWB: AIN) announced today that interim results for the first two
months of 2004 were significantly behind the comparable period for 2003.
First-quarter earnings through February were $0.10 per share, including
restructuring charges of $0.03 per share, compared to $0.30 per share for the
comparable period in 2003. Net sales through February were $142.4 million,
compared to $136.8 million during the same two-month period in 2003.
Excluding the effect of changes in currency translation rates, net sales
decreased 5.7 percent.
Earnings for the full first quarter of 2003 were $0.65 per share, which
included a favorable adjustment of $0.16 per share related to the resolution
of certain income tax matters.
The decline in net sales, excluding currency translation effects, is
attributable to continued economic weakness in several geographic regions.
Earnings were negatively affected by lower net sales and a shift in
product mix to lower-margin segments. Earnings were also reduced by
higher-than-anticipated operating costs at certain locations in North America,
which are absorbing production from operations that are in the process of
being closed. The Company expects that these additional costs will be
eliminated as previously announced restructuring activities are completed.
Subject to compliance with local law, we still expect these activities to be
completed during the third quarter of 2004.
Chairman of the Board and Chief Executive Officer Frank Schmeler stated,
"We continue to focus on taking steps to improve shareholder value, regardless
of the economic environment."
The Company plans to discuss results for the first quarter during a live
audio webcast on Monday, April 26, 2004, at 9:00 a.m. Eastern Time. Full
first-quarter financial results are expected to be released on April 26, 2004,
before the opening of the market.
Albany International is the world's largest producer of paper machine
clothing and high-performance doors with manufacturing plants in 15 countries
and sales worldwide. Additional information about the Company and its
businesses and products is available at www.albint.com.
SOURCE Albany International Corp.
-0- 03/09/2004
/CONTACT: Kenneth C. Pulver, Vice President-Corporate Communications of
Albany International Corp., +1-518-445-2214/
/Web site: http://www.albint.com /
(AIN)
CO: Albany International Corp.
ST: New York
IN: FIN PAP MAC
SU: CCA