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Albint Sees Gains In Engineered Fabrics Biz

August 11, 2008

Net sales from continuing operations were $297.2 million.

Albany International Corp. (Albint) has revealed second quarter financial results. Net sales from continuing operations were $297.2 million, an increase of 15.8% compared to the same period last year. Net sales in the Paper Machine Clothing (PMC) segment increased 8.2% compared to the same period last year. Net sales in the Engineered Composites segment increased 95.7% compared to the same period last year. The segment had a second quarter operating loss of $0.2 million in 2008 compared to a $1.7 million loss in the same quarter a year ago.

Compared to the same period last year, net sales in the Door Systems and Engineered Fabrics segments increased 46.6% and 5.5%, respectively.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) were $28.8 million in the second quarter of 2008, compared to $21.5 million in the same quarter of 2007. Included in second-quarter EBITDA are expenses related to restructuring and performance—improvement initiatives totaling $17.5 million in 2008, and $12.1 million in 2007.

In July 2008, the company closed on the sale of its Filtration Technologies business, the principal operations of which are in Gosford, Australia and Zhangjiagang, China. At closing, Albint received $45.5 million, which is subject to certain post-closing adjustments.

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