Company Quick10K Filing
Albany International
Price89.85 EPS4
Shares32 P/E24
MCap2,904 P/FCF23
Net Debt250 EBIT172
TEV3,154 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-02
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-11
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-18
8-K 2020-05-14
8-K 2020-04-29
8-K 2020-04-06
8-K 2020-02-10
8-K 2020-01-20
8-K 2020-01-20
8-K 2019-12-10
8-K 2019-11-20
8-K 2019-11-04
8-K 2019-10-29
8-K 2019-07-30
8-K 2019-05-30
8-K 2019-05-28
8-K 2019-05-10
8-K 2019-04-30
8-K 2019-03-29
8-K 2019-02-25
8-K 2019-02-11
8-K 2018-10-30
8-K 2018-09-04
8-K 2018-08-06
8-K 2018-05-11
8-K 2018-05-07
8-K 2018-03-06
8-K 2018-02-23
8-K 2018-02-05
8-K 2018-02-05

AIN 10Q Quarterly Report

Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ain-20200630xex311.htm
EX-31.2 ain-20200630xex312.htm
EX-32.1 ain-20200630xex321.htm
EX-99.1 ain-2020630xex991.htm

Albany International Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

ain-20200630
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended:June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission file number: 1-10026
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

216 Airport DriveRochesterNew Hampshire
(Address of principal executive offices)

14-0462060
(IRS Employer Identification No.)

03867
(Zip Code)

603-330-5850
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareAINThe New York Stock Exchange (NYSE)
Class B Common Stock, $0.001 par value per shareAINThe New York Stock Exchange (NYSE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
The registrant had 30.7 million shares of Class A Common Stock and 1.6 million shares of Class B Common Stock outstanding as of July 21, 2020.



ALBANY INTERNATIONAL CORP.
TABLE OF CONTENTS
Page No.


Index

ITEM 1. FINANCIAL STATEMENTS

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net sales$225,990  $273,949  $461,754  $525,321  
Cost of goods sold123,010  168,767  269,302  328,368  
Gross profit102,980  105,182  192,452  196,953  
Selling, general, and administrative expenses38,543  40,816  78,649  81,761  
Technical and research expenses8,873  9,242  18,003  19,491  
Restructuring expenses, net2,837  899  3,479  1,383  
Operating income52,727  54,225  92,321  94,318  
Interest expense, net3,823  4,631  7,800  9,048  
Other expense/(income), net1,091  930  16,660  (278) 
Income before income taxes47,813  48,664  67,861  85,548  
Income tax expense15,364  14,405  27,818  21,881  
Net income32,449  34,259  40,043  63,667  
Net (loss)/income attributable to the noncontrolling interest95  205  (1,420) 423  
Net income attributable to the Company$32,354  $34,054  $41,463  $63,244  
Earnings per share attributable to Company shareholders - Basic$1.00  $1.05  $1.28  $1.96  
Earnings per share attributable to Company shareholders - Diluted$1.00  $1.05  $1.28  $1.96  
Shares of the Company used in computing earnings per share:
Basic32,328  32,299  32,320  32,286  
Diluted32,336  32,311  32,328  32,298  
Dividends declared per share, Class A and Class B$0.19  $0.18  $0.38  $0.36  
The accompanying notes are an integral part of the consolidated financial statements
3

Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income$32,449  $34,259  $40,043  $63,667  
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments8,753  (50) (16,202) (2,202) 
Pension/postretirement settlements and curtailments378    378    
Amortization of pension liability adjustments:
Prior service credit(1,114) (1,105) (2,228) (2,210) 
Net actuarial loss1,232  1,118  2,476  2,239  
Payments and amortization related to interest rate swaps included in earnings1,116  (420) 1,523  (872) 
Derivative valuation adjustment(1,366) (5,887) (12,130) (9,264) 
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement settlements and curtailments(113)   (113)   
Amortization of pension liability adjustment(30) (4) (62) (9) 
Payments and amortization related to interest rate swaps included in earnings(286) 108  (390) 223  
Derivative valuation adjustment349  1,504  3,102  2,367  
Comprehensive income41,368  29,523  16,397  53,939  
Comprehensive income/(loss) attributable to the noncontrolling interest247  207  (1,159) 417  
Comprehensive income/(loss) attributable to the Company$41,121  $29,316  $17,556  $53,522  
The accompanying notes are an integral part of the consolidated financial statements
4

Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, 2020December 31, 2019
ASSETS
Cash and cash equivalents
$204,037  $195,540  
Accounts receivable, net
202,612  218,271  
Contract assets, net
96,092  79,070  
Inventories
115,532  95,149  
Income taxes prepaid and receivable
5,998  6,162  
Prepaid expenses and other current assets
26,209  24,142  
Total current assets
$650,480  $618,334  
Property, plant and equipment, net
443,046  466,462  
Intangibles, net
49,706  52,892  
Goodwill
181,302  180,934  
Deferred income taxes
40,999  51,621  
Noncurrent receivables, net
36,901  41,234  
Other assets
59,526  62,891  
Total assets
$1,461,960  $1,474,368  
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable
$50,181  $65,203  
Accrued liabilities
115,458  125,885  
Current maturities of long-term debt
17  20  
Income taxes payable
11,546  11,611  
Total current liabilities
177,202  202,719  
Long-term debt
435,000  424,009  
Other noncurrent liabilities
134,898  132,725  
Deferred taxes and other liabilities
8,702  12,226  
Total liabilities
755,802  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; 39,112,722 issued in 2020 and 39,098,792 in 201939  39  
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 1,617,998 in 2020 and 20192  2  
Additional paid in capital
432,738  432,518  
Retained earnings
726,233  698,496  
Accumulated items of other comprehensive income:
Translation adjustments
(139,635) (122,852) 
Pension and postretirement liability adjustments
(48,962) (49,994) 
Derivative valuation adjustment
(11,030) (3,135) 
Treasury stock (Class A), at cost; 8,394,022 shares in 2020 and 8,408,770 shares in 2019(256,074) (256,391) 
Total Company shareholders' equity
703,311  698,683  
Noncontrolling interest
2,847  4,006  
Total equity
706,158  702,689  
Total liabilities and shareholders' equity
$1,461,960  $1,474,368  
The accompanying notes are an integral part of the consolidated financial statements
5

Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
OPERATING ACTIVITIES
Net income$32,449  $34,259  $40,043  $63,667  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation15,498  15,345  31,004  30,987  
Amortization2,456  2,409  5,020  4,723  
Change in deferred taxes and other liabilities3,543  319  9,360  (746) 
Provision for write-off of property, plant and equipment36  720  233  1,106  
Non-cash interest expense20  152  171  303  
Compensation and benefits paid or payable in Class A Common Stock1,198  1,170  516  623  
Fair value adjustment on foreign currency option    64    
Provision for credit losses from uncollected receivables and contract assets114  219  1,769  804  
Foreign currency remeasurement loss/(gain) on intercompany loans194  100  15,581  (1,607) 
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable11,511  14,215  8,117  2,006  
Contract assets(11,169) 3,528  (20,009) 3,047  
Inventories(4,878) (1,505) (24,628) (18,167) 
Prepaid expenses and other current assets(301) (1,384) (2,457) (4,188) 
Income taxes prepaid and receivable29  (316) (208) 358  
Accounts payable(9,337) (14,276) (10,383) 7,474  
Accrued liabilities4,171  (1,074) (10,901) (12,169) 
Income taxes payable5,526  5,724  1,955  7,230  
Noncurrent receivables628  (46) 397  (340) 
Other noncurrent liabilities(464) (481) (524) (2,160) 
Other, net(552) (548) (1,086) 145  
Net cash provided by operating activities50,672  58,530  44,034  83,096  
INVESTING ACTIVITIES
Purchases of property, plant and equipment(9,212) (14,606) (21,971) (35,404) 
Purchased software  (27) (46) (49) 
Net cash used in investing activities(9,212) (14,633) (22,017) (35,453) 
FINANCING ACTIVITIES
Proceeds from borrowings    70,000  20,000  
Principal payments on debt(56,005) (9,004) (59,011) (37,008) 
Principal payments on finance lease liabilities(329) (178) (6,463) (578) 
Taxes paid in lieu of share issuance    (490) (971) 
Proceeds from options exercised20  28  20  72  
Dividends paid(6,141) (5,813) (12,280) (11,621) 
Net cash used in financing activities(62,455) (14,967) (8,224) (30,106) 
Effect of exchange rate changes on cash and cash equivalents2,352  (1,082) (5,296) (59)