Lydall closed its first quarter ended March 31, 2010 with net sales of $75.6 million, compared with $54.3 million for the quarter ended March 31, 2009. Excluding the impact of foreign currency translation, net sales increased by $19.7 million, or 36.2%, in the first quarter of 2010 compared with the first quarter of 2009.
In the Performance Materials segment net sales were $27.2 million for the quarter compared with $22.4 million for the first quarter of 2009. Excluding the impact of foreign currency translation, segment net sales increased by $4.3 million, or 19.2% in the first quarter of 2010 compared to the same quarter in 2009. Net sales of filtration products increased by $3.4 million, primarily due to higher air filtration and fluid power products net sales. Net sales of industrial thermal insulation products increased by $900,000 which included higher energy and industrial products net sale of $500,000 due to improved demand in the electrical and cryogenic markets, and higher net sales of bridling and appliance insulation products of $400,000.
Dale Barnhart, president and CEO said, “In the Performance Materials segment, we are seeing improvements in the filtration and industrial thermal insulation markets resulting in our sale levels moving closer towards pre-recessionary levels. We remain focused on fully commercializing our Arioso membrane composite media, which is being developed from the technology we obtained with the Solutech acquisition.”