UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
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FORM 8-K/A
(Amendment No. 1)
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| CURRENT REPORT | ||||
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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| Date of Report (Date of earliest event reported) | January 12, 2012 | |||
ALBANY INTERNATIONAL CORP. | ||||
| (Exact name of registrant as specified in its charter) | ||||
| Delaware | 1-10026 | 14-0462060 | ||
| (State
or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S.
Employer Identification No.) | ||
| 216 Airport Drive, Rochester, NH | 03867 | |||
| (Address of principal executive offices) | (Zip Code) | |||
| Registrant’s telephone number, including area code (518) 445-2200 | ||||
| None | ||||
| (Former name or former address, if changed since last report.) | ||||
| 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 240.13a-4(c)) | |||
TABLE OF CONTENTS
Item 9.01 Financial Statements and Exhibits
(b) Pro forma financial information.
On January 12, 2012 Albany International Corp. (“the Company”) filed a current report on Form 8-K reporting the completed sale of its Albany Door Systems business to ASSA ABLOY AB on January 11. The pro forma financial information required pursuant to Article 11 of Regulation S-X as the result of such sale is filed herewith as Exhibit 99.2.
(d) Exhibits.
| 99.2 | Unaudited Pro Forma Financial Information |
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.
ALBANY INTERNATIONAL CORP.
By: /s/ John B. Cozzolino__________________
Name: John B. Cozzolino
Title: Chief Financial Officer and Treasurer
(Principal Financial Officer)
Date: February 9, 2012
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.2 | Unaudited Pro Forma Financial Information |
| Exhibit 99.2 | |||||||||
| Unaudited Pro Forma Financial Information | |||||||||
| Albany International Corp. | |||||||||
| Unaudited Pro Forma Consolidated Statements of Income and Retained Earnings | |||||||||
| For the years ended December 31, | |||||||||
| (in thousands, except per share amounts) | |||||||||
| Historical | Pro Forma | Actual | Historical | Pro Forma | Actual | Historical | Pro Forma | Actual | |||||||||||||||||||
| 2011 | Adjustments | 2011 | 2010 | Adjustments | 2010 | 2009 | Adjustments | 2009 | |||||||||||||||||||
| Statements of Income | |||||||||||||||||||||||||||
| Net sales | $998,839 | ($184,143 | ) | $814,696 | $914,356 | ($148,587 | ) | $765,769 | $871,045 | ($133,424 | ) | $737,621 | |||||||||||||||
| Cost of goods sold | 605,335 | (119,600 | ) | 485,735 | 569,100 | (98,094 | ) | 471,006 | 576,745 | (92,410 | ) | 484,335 | |||||||||||||||
| Gross profit | 393,504 | (64,543 | ) | 328,961 | 345,256 | (50,493 | ) | 294,763 | 294,300 | (41,014 | ) | 253,286 | |||||||||||||||
| Selling and general expenses | 224,081 | (44,277 | ) | 179,804 | 203,159 | (37,631 | ) | 165,528 | 205,089 | (36,380 | ) | 168,709 | |||||||||||||||
| Technical, product engineering, and research expenses | 59,875 | (3,108 | ) | 56,767 | 57,163 | (2,960 | ) | 54,203 | 54,964 | (2,435 | ) | 52,529 | |||||||||||||||
| Restructuring and other | 9,907 | (590 | ) | 9,317 | 3,750 | (3 | ) | 3,747 | 72,445 | (4,271 | ) | 68,174 | |||||||||||||||
| Operating income/(loss) | 99,641 | (16,568 | ) | 83,073 | 81,184 | (9,899 | ) | 71,285 | (38,198 | ) | 2,072 | (36,126 | ) | ||||||||||||||
| Interest income | (2,027 | ) | — | (2,027 | ) | (1,165 | ) | — | (1,165 | ) | (741 | ) | — | (741 | ) | ||||||||||||
| Interest expense | 20,148 | 0 | 20,148 | 18,405 | (0 | ) | 18,405 | 21,368 | (0 | ) | 21,368 | ||||||||||||||||
| Other expense/(income), net | 3,172 | (452 | ) | 2,720 | (514 | ) | (370 | ) | (884 | ) | (49,871 | ) | 171 | (49,700 | ) | ||||||||||||
| Income/(loss) before income taxes | 78,348 | (16,115 | ) | 62,232 | 64,458 | (9,529 | ) | 54,929 | (8,954 | ) | 1,901 | (7,053 | ) | ||||||||||||||
| — | — | — | |||||||||||||||||||||||||
| Income tax expense | 43,011 | (7,232 | ) | 35,779 | 26,882 | (3,337 | ) | 23,545 | 14,376 | 64 | 14,440 | ||||||||||||||||
| Income/(loss) before equity in earnings of associated companies | 35,337 | (8,884 | ) | 26,453 | 37,576 | (6,192 | ) | 31,384 | (23,330 | ) | 1,837 | (21,493 | ) | ||||||||||||||
| Equity in (losses)/earnings of associated companies | (399 | ) | (480 | ) | (879 | ) | 60 | (31 | ) | 29 | (128 | ) | (160 | ) | (288 | ) | |||||||||||
| Income/(loss) from continuing operations | 34,938 | (9,364 | ) | 25,574 | 37,636 | (6,223 | ) | 31,413 | (23,458 | ) | 1,677 | (21,781 | ) | ||||||||||||||
| Income/(loss) from discontinued operations | — | 16,596 | 16,596 | — | 9,560 | 9,560 | — | (1,741 | ) | (1,741 | ) | ||||||||||||||||
| Loss on sale of discontinued business | — | — | — | — | — | — | (10,000 | ) | — | (10,000 | ) | ||||||||||||||||
| Income tax expense/(benefit) | — | 7,232 | 7,232 | — | 3,337 | 3,337 | — | (64 | ) | (64 | ) | ||||||||||||||||
| Income/(loss) from discontinued operations | — | 9,364 | 9,364 | — | 6,223 | 6,223 | (10,000 | ) | (1,677 | ) | (11,677 | ) | |||||||||||||||
| — | |||||||||||||||||||||||||||
| Net income/(loss) | $34,938 | $0 | $34,938 | $37,636 | $0 | $37,636 | ($33,458 | ) | $0 | ($33,458 | ) | ||||||||||||||||
| Earnings per share - Basic | |||||||||||||||||||||||||||
| Income/(loss) from continuing operations | $1.12 | ($0.30 | ) | $0.82 | $1.21 | ($0.20 | ) | $1.01 | ($0.76 | ) | $0.05 | ($0.71 | ) | ||||||||||||||
| Discontinued operations | — | 0.30 | 0.30 | — | 0.20 | 0.20 | (0.33 | ) | (0.05 | ) | (0.38 | ) | |||||||||||||||
| Net income | $1.12 | $0.00 | $1.12 | $1.21 | $0.00 | $1.21 | ($1.09 | ) | $0.00 | ($1.09 | ) | ||||||||||||||||
| Earnings per share - Diluted | |||||||||||||||||||||||||||
| Income/(loss) from continuing operations | $1.11 | ($0.30 | ) | $0.81 | $1.21 | ($0.20 | ) | $1.01 | ($0.76 | ) | $0.05 | ($0.71 | ) | ||||||||||||||
| Discontinued operations | — | 0.30 | 0.30 | — | 0.20 | 0.20 | (0.33 | ) | (0.05 | ) | (0.38 | ) | |||||||||||||||
| Net income | $1.11 | $0.00 | $1.11 | $1.21 | $0.00 | $1.21 | ($1.09 | ) | $0.00 | ($1.09 | ) | ||||||||||||||||
| Albany International Corp. | ||||||
| Unaudited Pro Forma Consolidated Balance Sheets | ||||||
| As of December 31, | ||||||
| (in thousands, except share data) | ||||||
| Historical | Pro Forma | Actual | Historical | Pro Forma | Actual | |||||||||||||
| 2011 | Adjustments | 2011 | 2010 | Adjustments | 2010 | |||||||||||||
| Assets | ||||||||||||||||||
| Current assets: | ||||||||||||||||||
| Cash and cash equivalents | $132,454 | ($13,545 | ) | $118,909 | $122,301 | ($4,376 | ) | $117,925 | ||||||||||
| Accounts receivable, less allowance for doubtful accounts | 183,969 | (35,120 | ) | 148,849 | 176,716 | (28,202 | ) | 148,514 | ||||||||||
| Inventories | 146,310 | (12,661 | ) | 133,649 | 156,171 | (12,614 | ) | 143,557 | ||||||||||
| Income taxes receivable and deferred | 30,094 | (84 | ) | 30,010 | 39,721 | (141 | ) | 39,580 | ||||||||||
| Prepaid expenses and other current assets | 14,106 | (697 | ) | 13,409 | 11,883 | (249 | ) | 11,634 | ||||||||||
| Current assets of discontinued operations | — | 62,107 | 62,107 | — | 45,582 | 45,582 | ||||||||||||
| Total current assets | 506,934 | — | 506,934 | 506,792 | — | 506,792 | ||||||||||||
| Property, plant and equipment, at cost, net | 445,860 | (6,344 | ) | 439,516 | 488,121 | (6,169 | ) | 481,952 | ||||||||||
| Investments in associated companies | 2,828 | (1,949 | ) | 879 | 2,926 | (2,068 | ) | 858 | ||||||||||
| Intangibles | 2,634 | (1,555 | ) | 1,079 | 4,182 | (2,604 | ) | 1,578 | ||||||||||
| Goodwill | 113,141 | (37,672 | ) | 75,469 | 115,616 | (38,420 | ) | 77,196 | ||||||||||
| Deferred taxes | 136,385 | (1,741 | ) | 134,644 | 141,701 | (1,746 | ) | 139,955 | ||||||||||
| Other assets | 23,147 | (642 | ) | 22,504 | 18,955 | (852 | ) | 18,103 | ||||||||||
| Noncurrent assets of discontinued operations | — | 49,904 | 49,904 | — | 51,859 | 51,859 | ||||||||||||
| Total assets | $1,230,929 | $0 | $1,230,929 | $1,278,293 | $0 | $1,278,293 | ||||||||||||
| Liabilities | ||||||||||||||||||
| Current liabilities: | ||||||||||||||||||
| Notes and loans payable | $424 | $0 | $424 | $1,587 | $0 | $1,587 | ||||||||||||
| Accounts payable | 41,963 | (8,300 | ) | 33,663 | 44,294 | (8,492 | ) | 35,802 | ||||||||||
| Accrued liabilities | 116,532 | (10,883 | ) | 105,649 | 110,292 | (10,628 | ) | 99,664 | ||||||||||
| Current maturities of long-term debt | 1,263 | — | 1,263 | 12 | — | 12 | ||||||||||||
| Income taxes payable and deferred | 10,529 | (1,763 | ) | 8,766 | 9,670 | (382 | ) | 9,288 | ||||||||||
| Current liabilities of discontinued operations | — | 20,946 | 20,946 | — | 19,503 | 19,503 | ||||||||||||
| Total current liabilities | 170,711 | — | 170,711 | 165,855 | — | 165,855 | ||||||||||||
| Long-term debt | 373,125 | — | 373,125 | 423,647 | (13 | ) | 423,634 | |||||||||||
| Other noncurrent liabilities | 195,712 | (10,064 | ) | 185,648 | 190,493 | (8,724 | ) | 181,769 | ||||||||||
| Deferred taxes and other credits | 75,530 | (4,001 | ) | 71,529 | 72,038 | (3,448 | ) | 68,590 | ||||||||||
| Noncurrent liabilities of discontinued operations | — | 14,065 | 14,065 | — | 12,185 | 12,185 | ||||||||||||
| Total liabilities | 815,078 | — | 815,078 | 852,033 | — | 852,033 | ||||||||||||
| Commitments and Contingencies | — | — | — | — | — | — | ||||||||||||
| 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; issued 36,540,842 in 2011 and | — | — | — | — | — | — | ||||||||||||
| 36,442,209 in 2010 | 37 | — | 37 | 36 | — | 36 | ||||||||||||
| Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,236,098 | — | — | — | — | — | — | ||||||||||||
| in 2011 and 2010 | 3 | — | 3 | 3 | — | 3 | ||||||||||||
| Additional paid-in capital | 391,495 | — | 391,495 | 387,876 | — | 387,876 | ||||||||||||
| Retained earnings | 422,044 | — | 422,044 | 403,048 | — | 403,048 | ||||||||||||
| Accumulated items of other comprehensive income: | — | — | — | — | — | — | ||||||||||||
| Translation adjustments | (19,111 | ) | — | (19,111 | ) | (6,041 | ) | — | (6,041 | ) | ||||||||
| Pension and postretirement liability adjustments | (118,104 | ) | — | (118,104 | ) | (100,355 | ) | — | (100,355 | ) | ||||||||
| Derivative valuation adjustment | (2,594 | ) | — | (2,594 | ) | (276 | ) | — | (276 | ) | ||||||||
| Treasury stock (Class A), at cost; 8,479,487 shares | — | — | — | — | — | — | ||||||||||||
| in 2011 and 8,484,528 in 2010 | (257,920 | ) | — | (257,920 | ) | (258,031 | ) | — | (258,031 | ) | ||||||||
| Total shareholders' equity | 415,851 | — | 415,851 | 426,260 | — | 426,260 | ||||||||||||
| Total liabilities and shareholders' equity | $1,230,929 | $0 | $1,230,929 | $1,278,293 | $0 | $1,278,293 | ||||||||||||