Albany International Corp reported fourth-quarter net income of $0.21 per share, compared to $0.44 per share for the same period last year.
Net income per share for the fourth quarter of 2006 was reduced by the previously announced change in contract terms with a major customer ($0.07 per share), income tax adjustments ($0.03 per share), costs related to performance-improvement initiatives ($0.06 per share), and a cumulative correction related to postretirement obligations ($0.05 per share), as a result of adopting Securities and Exchange Commission Staff Accounting Bulletin No. 108 (SAB 108).
Net income for the fourth quarter of 2005 included expenses of $0.05 per share related to residual effects of consolidating manufacturing operations, while income tax adjustments increased net income by $0.03 per share.
Net sales increased $7.9 million, or 3.2 percent, compared to the fourth quarter of 2005. Net sales for the fourth quarter of 2006 were reduced by $7.6 million related to the change in contract terms. Excluding the effect of that change and the additional effect of changes in currency translation rates, net sales increased 2.4 percent.
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Albany International Corp
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