UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):     February 9, 2015

Registrant’s telephone number, including area code       (518) 445-2200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On February 9, 2015, Albany International issued a news release reporting fourth-quarter 2014 financial results.   The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on Tuesday, February 10. Copies of the news release and management’s related earnings call slide presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this report.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits.  The following exhibit is being furnished herewith:

99.1     News release dated February 9, 2015 reporting fourth-quarter 2014 financial results.

99.2     Albany International Corp. fourth-quarter 2014 Earnings Call Slide Presentation.

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.

EXHIBIT INDEX

Exhibit 99.1

Albany International Reports Fourth-Quarter Results

Fourth-Quarter Financial Highlights

• Net sales were $191.7 million, an increase of 1.1 percent compared to Q4 2013.
• Adjusted EBITDA for Q4 2014 was $36.3 million, compared to $33.6 million in Q4 2013 (see Tables 6 and 7).
• Q4 2014 income attributable to the Company was $0.25 per share. Earnings were reduced by restructuring charges of $0.04 and a pension settlement charge of $0.16, and were increased by foreign currency revaluation gains of $0.10 (see Tables 10 and 14).
• Q4 2013 income attributable to the Company was $0.27 per share. Earnings were reduced by foreign currency revaluation losses of $0.03, and were increased by a credit to restructuring of $0.03, income tax adjustments of $0.02 and income from discontinued operations of $0.01 (see Tables 11 and 14).

ROCHESTER, N.H.--(BUSINESS WIRE)--February 9, 2015--Albany International Corp. (NYSE:AIN) reported Q4 2014 income attributable to the Company of $7.9 million, including charges of $0.2 million for income tax adjustments. Income attributable to the Company in Q4 2013 was $8.7 million, including favorable income tax adjustments of $0.6 million and income from discontinued operations of $0.3 million.

Income before taxes in Q4 2014 was $12.4 million, including restructuring charges of $1.7 million, a pension settlement charge of $8.2 million, and gains of $4.9 million from foreign currency revaluation. Income before taxes in Q4 2013 was $15.5 million, including a credit to restructuring of $2.1 million and foreign currency revaluation losses of $1.6 million.

Table 1 summarizes net sales and the effect of changes in currency translation rates:

Changes in currency translation rates, driven mainly by the strengthening U.S. dollar, resulted in a $5.0 million decline in sales for the fourth quarter of 2014. Excluding that effect, MC sales were down 1.0 percent compared to Q4 2013. As expected, AEC sales increased sharply principally due to revenue recognition associated with the LEAP plant in Commercy, France, coming online.

Q4 2014 gross profit was $72.9 million, or 38.0 percent of net sales, compared to $72.4 million, or 38.2 percent of net sales, in the same period of 2013. The decrease in gross profit percentage is due to a higher portion of sales coming from AEC. MC gross profit margin increased from 41.7 percent in Q4 2013 to 43.0 percent in Q4 2014 due to the impact of cost-reduction activities. Fourth-quarter AEC gross profit margin was 13.5 percent in 2014, compared to 14.3 percent in 2013.

Selling, technical, general, and research (STG&R) expenses were $50.3 million, or 26.3 percent of net sales, in the fourth quarter of 2014, including income of $2.4 million related to the revaluation of nonfunctional-currency assets and liabilities. In Q4 2013, STG&R expenses were $54.6 million, or 28.8 percent of net sales, including losses of $0.2 million related to the revaluation of nonfunctional-currency assets and liabilities.

The following table presents expenses associated with internally funded research and development by segment:

The following table summarizes fourth-quarter operating income by segment:

As part of the Company’s pension de-risking strategy, certain U.S. participants received a lump-sum distribution from the pension plan, which led to a pension settlement charge of $8.2 million (see CFO Comments).

Segment operating income was affected by restructuring and currency revaluation as shown in Table 4 below. Restructuring expense was principally related to organizational changes in Machine Clothing, and the ongoing costs associated with the restructuring in France.

Q4 2014 Other income/expense, net, was income of $2.4 million, including gains related to the revaluation of nonfunctional-currency balances of $2.6 million. Q4 2013 Other income/expense, net, was expense of $1.6 million, including losses related to the revaluation of nonfunctional-currency balances of $1.3 million.

The following table summarizes currency revaluation effects on certain financial metrics:

The Company ’s income tax rate, excluding tax adjustments, was 33.3 percent for Q4 2014, compared to 48.8 percent for the same period of 2013. Discrete tax charges and changes in the estimated income tax rate increased income tax expense by $0.2 million in 2014, and decreased tax expense by $0.6 million in 2013.

The following tables summarize Adjusted EBITDA:

Capital spending for equipment and software was $12.3 million for Q4 2014, bringing the full-year total to $58.9 million. This includes $32.1 million for Engineered Composites, and $23.2 million for Machine Clothing of which $6.8 million was directed to the new technology platform. Depreciation and amortization was $16.6 million for Q4 2014 and $64.3 million for the full year.

The Consolidated Balance Sheet as of December 31, 2013, includes a revision to correct an error in the presentation of deferred tax assets and liabilities. The previously filed balance sheet presented deferred tax assets and liabilities within the same tax jurisdiction on a gross basis, instead of a net basis as required under U.S. GAAP. The error had no impact on shareholders’ equity, or the Consolidated Statements of Income or Cash Flows. The Company has concluded that the error is immaterial to previously filed financial statements and, accordingly, the correction is being handled as a revision of prior-year financial statements.

CFO Comments

CFO and Treasurer John Cozzolino commented, “Total debt at the end of the year was $273 million, a decrease of about $32 million compared to the end of 2013 and $11 million compared to Q3. The Company’s leverage ratio, as defined in our primary debt agreements, decreased from 1.78 at the end of 2013 to 1.30 at the end of this year. Net debt (total debt less cash) increased $5 million to $93 million (see Table 15), with total cash of $180 million negatively affected by about $5 million due to unfavorable changes in foreign currency rates as compared to the end of Q3. Capital expenditures for the year were $59 million, and we currently estimate full-year spending in 2015 to be $65 to $75 million. Cash paid for income taxes was about $18 million in 2014, and we estimate cash taxes in 2015 to range from $20 million to $23 million.

“In Q3, the Company disclosed that it was offering a limited-time opportunity for U.S. pension plan participants to receive their pension benefit in a lump-sum payment. During Q4, this initiative was completed, utilizing assets from the pension plan, with the disbursement of about $16 million of lump-sum payments. The settlement of these liabilities resulted in a non-cash charge of approximately $8 million.

“Separately from the lump-sum initiative, the Company contributed $10 million to the U.S. pension plan to offset the impact of lower discount rates and changes in mortality assumptions. As a result, the U.S. pension plan was essentially fully funded at the end of 2014.

“During Q4, the Company recorded about $5 million of foreign currency revaluation gains, bringing the full-year total to about $10 million in gains. As discussed in the past, the primary exposures are mostly non-cash and are in Europe. They relate to the monthly revaluation of cash and trade and intercompany receivables and payables, which is affected by the relationship between the euro (as the functional currency of our primary entities) and a basket of currencies (notably, the U.S. dollar, Swedish krona, Canadian dollar, and Australian dollar).

“In addition to revaluation gains and losses, the Company’s income can be affected by the translation, using average rates, of the Company’s foreign currency sales and costs to the U.S. dollar. The Company does business in many currencies (e.g., euros, Swedish krona, Mexican pesos, and Brazilian reals), and we have either a net-income or net-cost position in each, depending on the nature of the transactions. As the Company’s current foreign currency net-income and net-cost positions are fairly well balanced, the broad strengthening of the U.S. dollar that has occurred against most major currencies did not have a significant impact on 2014 earnings. Translation impact in the future could be more significant if any major currency changes are isolated to just a few of our key currencies.”

CEO Comments

President and CEO Joe Morone said, “Q4 2014 was a good quarter for Albany International. Both businesses performed well and stayed firmly on track toward their long-term goals; sales, excluding the effects of currency, grew by close to 4 percent; Adjusted EBITDA grew by 8 percent; total debt declined by $11 million; and the U.S. pension obligation was reduced by another $16 million and as of the end of Q4 was essentially fully funded.

“Despite volatility in currency and oil prices, Q4 was relatively uneventful in MC. Excluding currency effects, on a year-over-year basis, sales were down slightly in Europe, up in Asia, and down in the Americas, but the results were all close to expectation, consistent with recent trends in each market, and point to a continuation of these trends in 2015. Gross margins improved as a result of our continuing emphasis on productivity. Despite the improvement, Adjusted EBITDA was flat because of increased R&D spending. This increase, coupled with a significant multiyear investment in associated capital equipment, reflects an intensifying effort to advance our new technology platform toward initial market applications.

“AEC also performed well. As expected, sales surged to over $30 million in Q4 and $90 million for the full year, as the first wave of parts manufactured in our LEAP plant in Commercy, France, were released to Safran. As with MC, there were no surprises in Q4. Preparations for the LEAP ramp accelerated at both plants; development of the GE9x fan case advanced on schedule; our Texas operation continued to perform well, most notably in its work with Rolls-Royce on the LiftFan^® of the JSF; and our R&T division continued to expand and advance its activities on new engine, airframe, and automotive applications. Last week, AEC signed a joint development agreement with Ricardo plc, a UK-based engineering company with a strong presence in the automotive industry. Initially the joint effort will target the high-performance end of the automotive market.

“As for our outlook, on the surface, we expect 2015 to be similar to 2014. In MC, we will continue to pursue continuous productivity improvement and incremental, GNP-driven growth in strategic markets to offset erosion in the market for publication grades and intense price pressures in Europe and Asia. Assuming global macroeconomic conditions hold steady, we look for 2015 MC Adjusted EBITDA to be comparable to 2014. And in AEC, we currently expect 2015 sales to be 5 to 10 percent ahead of 2014, with a steadier run rate than we experienced in 2014.

“But beneath the surface, 2015 will be an important year for both businesses. In MC, it will be marked by several machine start-ups in strategic markets, a number of field-based trials of our new technology platform, and as always several contract negotiations with important customers. In AEC, the overwhelming priority in 2015 will be to continue to advance our LEAP plants toward production readiness. At the same time, given the development of AEC's research and technology capability and the growing array of projects now under way, we expect to learn a great deal more over the course of 2015 about AEC’s growth potential beyond the initial LEAP program.

“In sum, performance in Q4 2014 was strong and in line with our expectations; and while our outlook for 2015 is for comparable performance to 2014, the year ahead will be a pivotal one for the long-term prospects of both our businesses.”

The Company plans a webcast to discuss fourth-quarter 2014 financial results on Tuesday, February 10, 2015, at 9:00 a.m. Eastern Time. For access, go to www.albint.com.

About Albany International Corp.

Albany International is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International is headquartered in Rochester, New Hampshire, operates 20 plants in 11 countries, employs 4,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

This release contains certain items, such as earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, sales excluding currency effects, income tax rate excluding adjustments, net debt, net income attributable to the Company, excluding adjustments (on an absolute and per-share basis), and certain income and expense items on a per-share basis that could be considered non-GAAP financial measures. Such items are provided because management believes that, when presented together with the GAAP items to which they relate, they provide additional useful information to investors regarding the Company’s operational performance. Presenting increases or decreases in sales, after currency effects are excluded, can give management and investors insight into underlying sales trends. An understanding of the impact in a particular quarter of specific restructuring costs, or other gains and losses, on operating income or EBITDA can give management and investors additional insight into quarterly performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect. All non-GAAP financial measures in this release relate to the Company’s continuing operations.

The effect of changes in currency translation rates is calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. That amount is then compared to the U.S. dollar amount reported in the current period. The Company calculates Income tax adjustments by adding discrete tax items to the effect of a change in tax rate for the reporting period. The Company calculates its income tax rate, exclusive of income tax adjustments, by removing income tax adjustments from total Income tax expense, then dividing that result by Income before income taxes. The Company calculates EBITDA by removing the following from Net income: Interest expense net, Income tax expense, Depreciation and amortization, and Income or loss from Discontinued Operations. Adjusted EBITDA is calculated by adding to EBITDA, costs associated with restructuring and pension settlement charges, adding or subtracting revaluation losses or gains, subtracting building sale and insurance-recovery gains, and subtracting Income attributable to the noncontrolling interest in Albany Safran Composites (ASC). The Company believes that EBITDA and Adjusted EBITDA provide useful information to investors because they provide an indication of the strength and performance of the Company's ongoing business operations, including its ability to fund discretionary spending such as capital expenditures and strategic investments, as well as its ability to incur and service debt. While depreciation and amortization are operating costs under GAAP, they are non-cash expenses equal to current period allocation of costs associated with capital and other long-lived investments made in prior periods. While restructuring expenses, foreign currency revaluation losses or gains, pension settlement charges, and building sale and insurance-recovery gains have an impact on the Company's net income, removing them from EBITDA can provide, in the opinion of the Company, a better measure of operating performance. EBITDA is also a calculation commonly used by investors and analysts to evaluate and compare the periodic and future operating performance and value of companies. EBITDA, as defined by the Company, may not be similar to EBITDA measures of other companies. Such EBITDA measures may not be considered measurements under GAAP, and should be considered in addition to, but not as substitutes for, the information contained in the Company’s statements of income.

The Company discloses certain income and expense items on a per-share basis. The Company believes that such disclosures provide important insight into underlying quarterly earnings and are financial performance metrics commonly used by investors. The Company calculates the per-share amount for items included in continuing operations by using the effective tax rate utilized in that reporting period and the weighted average number of shares outstanding for each period.

The following table contains the calculation of net income per share attributable to the Company, excluding adjustments:

The following table contains the calculation of net debt:

This press release may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q) that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections.

Forward-looking statements in this release or in the webcast include, without limitation, statements about economic and paper industry trends and conditions during 2015 and in future years; expectations in 2015 and in future periods of sales, EBITDA, Adjusted EBITDA, income, and other financial items in each of the Company’s businesses and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and AEC sales growth potential; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect, in some cases.

CONTACT:
Albany International Corp.
Investors
John Cozzolino, 518-445-2281
john.cozzolino@albint.com
or
Media
Susan Siegel, 603-330-5866
susan.siegel@albint.com

Exhibit 99.2

February 9, 2015 Albany International Corp. Q4 Financial Performance

‘Non‐GAAP’ Items and Forward‐Looking Statements This presentation contains certain items, such as net income attributable to the Company, excluding adjustments (absolute as well as per‐share), earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and net debt, that could be considered ‘non‐GAAP’ financial measures under SEC rules. We think such items provide useful information to investors regarding the Company’s operational performance. This presentation also may contain statements, estimates, or projections that constitute “forward‐looking statements” as defined under U.S. federal securities laws. Forward‐looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. We disclaim any obligation to update any information in this presentation to reflect any changes or developments after the date on the cover page. Certain additional disclosures regarding our use of these ‘non‐GAAP’ items and forward‐looking statements are set forth in our fourth‐quarter earnings press release dated February 9, 2015, and in our SEC filings, including our most recent quarterly reports and our annual reports for the years ended December 31, 2011, 2012, and 2013. Our use of such items in this presentation is subject to those additional disclosures, which we urge you to read. 2

Net Sales by Segment (in thousands) Net Sales Three Months ended December 31, 2014 2013 Percent Change Impact of Changes in Currency Translation Rates Percent Change excluding Currency Rate Effect Machine Clothing (MC) $160,238 $166,938 -4.0% ($4,999) -1.0% Albany Engineered Composites (AEC) 31,421 22,701 38.4% - 38.4% Total $191,659 $189,639 1.1% ($4,999) 3.7% 3

Gross Profit Margin by Quarter Percentage of Net Sales 44.2% 43.8% 41.6% 41.7% 45.0% 42.4% 41.9% 43.0% 39.0% 39.1% 37.1% 38.2% 41.5% 38.9% 38.2% 38.0% 30% 35% 40% 45% 50% 55% Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Machine Clothing Total Company 4

Earnings Per Share Per share amounts (Basic) Three Months ended December 31, 2014 2013 Years Ended December 31, 2014 2013 Net income attributable to the Company, as reported $0.25 $0.27 $1.31 $0.55 Adjustments: Income from discontinued operations - (0.01) - - Restructuring charges 0.04 (0.03) 0.12 0.49 Income tax adjustments - (0.02) 0.10 (0.06) Foreign currency revaluation (gains)/losses (0.10) 0.03 (0.21) 0.10 Pension settlement charge 0.16 - 0.16 - Gain on insurance recovery or sale of former manufacturing facility - - (0.04) (0.08) Net income attributable to the Company, excluding adjustments $0.35 $0.24 $1.44 $1.00 5

Adjusted EBITDA (in thousands) Three Months ended December 31, 2014 Machine Clothing Albany Engineered Composites Corporate expenses and other Total Company Net income $33,120 ($697) ($24,318) $8,105 Income from discontinued operations - - - - Interest expense, net - - 2,592 2,592 Income tax expense - - 4,316 4,316 Depreciation and amortization 10,996 3,499 2,056 16,551 EBITDA 44,116 2,802 (15,354) 31,564 Restructuring and other, net 1,701 - - 1,701 Foreign currency revaluation (gains)/losses (2,115) (249) (2,559) (4,923) Pension settlement charge - - 8,190 8,190 Pretax (income)/loss attributable to non-controlling interest in ASC - (275) - (275) Adjusted EBITDA $43,702 $2,278 ($9,723) $36,257 Three Months ended December 31, 2013 Machine Clothing Albany Engineered Composites Corporate expenses and other Total Company $34,083 ($1,372) ($23,883) $8,828 - - (305) (305) - - 2,703 2,703 - - 6,986 6,986 11,438 2,366 2,233 16,037 45,521 994 (12,266) 34,249 (2,105) - - (2,105) 163 41 1,348 1,552 - - - - - (141) - (141) $43,579 $894 ($10,918) $33,555 6

Debt $ thousands $129,021 $81,834 $94,040 $78,225 $88,205 $92,970 $319,739 $304,500 $302,419 $285,061 $283,666 $272,772 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 December 31, 2012 December 31, 2013 March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Net Debt Total Debt 7