UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)			June 29, 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

 

On July 3, 2012, Albany International Corp. (the “Company”) filed a current report on Form 8-K reporting the completed sale of the Company’s global Primaloft® Products business to PrimaLoft, Inc. on June 29. The Company will account for the sale of this business as a Discontinued Operation in its future quarterly and annual reports.

 

Basis of presentation:

 

The unaudited pro forma financial information required pursuant to Item 9.01(b) and Article 11 of Regulation S-X as the result of such sale is reflected in the financial information set forth in columns described as “Reclassify Primaloft to Discontinued Operations” in the Exhibits filed with this Form 8-K. The financial information in these Exhibits reflects not only the effect of the completed transaction, but also the effects of a change in segment reporting and the sale of the Company’s Albany Door Systems business, both as previously reported.

 

During the periods presented, the Primaloft® Products business was as an operating segment within the Company. As such, the Company did not maintain separate, stand-alone financial statements for that business. Accordingly, the financial information of the Primaloft® Products business has been prepared from the historical accounting records of the Company and does not purport to reflect a balance sheet and income statement that would have resulted in the Primaloft® Products had been operated as a separate stand-alone company. The unaudited pro forma financial statements should be read together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and its quarterly report for the three months ended March 31, 2012.

 

Effective with the first quarter of 2012, we merged our Paper Machine Clothing (PMC) and Engineered Fabrics (EF) business segments. The combined segment is called Machine Clothing (MC). The change was made to better align financial reporting with our organizational structure. In the fourth quarter of 2011, we announced the sale of our Albany Door Systems business (ADS) and, beginning with the fourth quarter of 2011, we presented the results of that business as a discontinued operation. The attached schedules also reflect the reclassification of amounts previously reported in the Income Statement as Earnings from Associated Companies into Other income/expense.

Exhibits
99.1	Effect of changes on amounts previously reported for Q1 2011.
99.2	Effect of changes on amounts previously reported for Q1 2012.
99.3	Effect of changes on amounts previously reported for full year 2011.
99.4	Effect of changes on amounts previously reported for full year 2010.
99.5	Effect of changes on amounts previously reported for full year 2009.
99.6	Effect of changes on Income Statement for Q1 2011.
99.7	Effect of changes on Income Statement for Q1 2012.
99.8	Effect of changes on Income Statement for full year 2011.
99.9	Effect of changes on Income Statement for full year 2010.
99.10	Effect of changes on Income Statement for full year 2009.
99.11	Effect of changes on Balance Sheets for March 31, 2012 and December 31, 2011.

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: July 19, 2012 

EXHIBIT INDEX

 

Exhibit No.	Description
99.1	Effect of changes on amounts previously reported for Q1 2011.
99.2	Effect of changes on amounts previously reported for Q1 2012.
99.3	Effect of changes on amounts previously reported for full year 2011.
99.4	Effect of changes on amounts previously reported for full year 2010.
99.5	Effect of changes on amounts previously reported for full year 2009.
99.6	Effect of changes on Income Statement for Q1 2011.
99.7	Effect of changes on Income Statement for Q1 2012.
99.8	Effect of changes on Income Statement for full year 2011.
99.9	Effect of changes on Income Statement for full year 2010.
99.10	Effect of changes on Income Statement for full year 2009.
99.11	Effect of changes on Balance Sheets for March 31, 2012 and December 31, 2011.

 

99.1   Effect of changes on amounts previously reported for Q1 2011.
	USD 000's	Q1 2011	Reclassify Primaloft	Q1 2011
		As reported	to Discontinued	as restated
Net sales	Machine Clothing	$   188,482	$                        -	$      188,482
	Composites	11,472		11,472
	Primaloft	6,768	(6,768)	-
	Total	$   206,722	$               (6,768)	$      199,954
Gross margin	Machine Clothing	$     86,537	$                        -	$        86,537
	Composites	(19)		(19)
	Primaloft	3,657	(3,657)	-
	Non Segment	(1,330)		(1,330)
	Total	$     88,845	$               (3,657)	$        85,188
Selling, technical	Machine Clothing	$     36,233	$                        -	$        36,233
general and research	Composites	1,011		1,011
expenses	Primaloft	1,746	(1,746)	-
	Research	7,165		7,165
	Non Segment	15,675	(4)	15,671
	Total	$     61,830	$               (1,750)	$        60,080
Restructuring	Machine Clothing	$           33	$                        -	$              33
included in segment	Composites	13		13
operating income	Primaloft	-	-	-
	Research	-		-
	Non Segment	(12)		(12)
	Total	$           34	$                        -	$              34
Operating income	Machine Clothing	$     50,271	$                        -	$        50,271
	Composites	(1,043)		(1,043)
	Primaloft	1,911	(1,911)	-
	Research	(7,165)		(7,165)
	Non Segment	(16,993)	4	(16,989)
	Total	$     26,981	$               (1,907)	$        25,074

 

99.2   Effect of changes on amounts previously reported for Q1 2012.
	USD 000's	Q1 2012	Reclassify Primaloft	Q1 2012
		As reported	to Discontinued	as restated
Net sales	Machine Clothing	$   164,288	$                       -	$      164,288
	Composites	15,789		15,789
	Primaloft	8,476	(8,476)	-
	Total	$   188,553	$               (8,476)	$      180,077
Gross margin	Machine Clothing	$     67,998	$                       -	$        67,998
	Composites	1,393		1,393
	Primaloft	3,548	(3,548)	-
	Non Segment	(1,105)		(1,105)
	Total	$     71,834	$               (3,548)	$        68,286
Selling, technical	Machine Clothing	$     36,480	$                       -	$        36,480
general and research	Composites	1,364		1,364
expenses	Primaloft	1,992	(1,992)	-
	Research	6,065		6,065
	Non Segment	15,853		15,853
	Total	$     61,754	$                (1,992)	$        59,762
Pension settlement	Non Segment	$      9,175	$                       -	$          9,175
charge
Restructuring	Machine Clothing	$         673	$                        -	$            673
included in segment	Composites			-
operating income	Primaloft	-	-	-
	Research	-		-
	Non Segment	(415)		(415)
	Total	$         258	$                       -	$            258
Operating income	Machine Clothing	$     30,845	$                       -	$        30,845
	Composites	29		29
	Primaloft	1,556	(1,556)	-
	Research	(6,065)		(6,065)
	Non Segment	(25,718)		(25,718)
	Total	$         647	$                (1,556)	$           (909)

99.3   Effect of changes on amounts previously reported for full year 2011.
	USD 000's	Fiscal year 2011	Merge PMC	Reclassify Primaloft	Fiscal year 2011
		As reported	and EF	to Discontinued	in 2012 format
Net sales	PMC	$           657,569	$         (657,569)		$                      -
	Machine Clothing	-	739,211		739,211
	EF	81,642	(81,642)		-
	Composites	48,076			48,076
	Primaloft	27,409		(27,409)	-
	Total	$           814,696	$                    -	$               (27,409)	$           787,287
Gross margin	PMC	$           288,456	$         (288,456)		$                     -
	Machine Clothing	-	317,984		317,984
	EF	29,528	(29,528)		-
	Composites	507			507
	Primaloft	14,795		(14,795)	-
	Non Segment	(4,325)			(4,325)
	Total	$           328,961	$                    -	$               (14,795)	$           314,166
Selling, technical	PMC	$           119,668	$         (119,668)	$                        -	$                     -
general and research	Machine Clothing	-	135,546		135,546
expenses	EF	15,878	(15,878)		-
	Composites	4,654			4,654
	Primaloft	6,255		(6,255)	-
	Research	29,007			29,007
	Non Segment	61,109		(74)	61,035
	Total	$           236,571	$                    -	$                (6,329)	$           230,242
Restructuring	PMC	$               3,260	$            (3,260)		$                     -
included in segment	Machine Clothing	-	5,680		5,680
	EF	2,420	(2,420)		-
	Composites	57			57
	Primaloft	-		-	-
	Research	-			-
	Non Segment	3,580			3,580
	Total	$               9,317	$                    -	$                        -	$              9,317
Operating income	PMC	$            165,528	$         (165,528)	$                        -	$                     -
	Machine Clothing	-	176,758	-	176,758
	EF	11,230	(11,230)	-	-
	Composites	(4,204)	-	-	(4,204)
	Primaloft	8,540	-	(8,540)	-
	Research	(29,007)	-	-	(29,007)
	Non Segment	(69,014)	-	74	(68,940)
	Total	$            83,073	$                   -	$                (8,466)	$            74,607

99.4   Effect of changes on amounts previously reported for full year 2010.
	USD 000's	2010	Merge PMC	Reclassify Primaloft	Full year 2010
		As reported	and EF	to Discontinued	in 2012 format
Net sales	PMC	$   623,555	$      (623,555)		$                 -
	Machine Clothing	-	701,020		701,020
	EF	77,465	(77,465)		-
	Composites	41,867			41,867
	Primaloft	22,882		(22,882)	-
	Total	$   765,769	$                     -	$                 (22,882)	$    742,887
Gross margin	PMC	$   265,111	$      (265,111)		$                -
	Machine Clothing	-	290,426		290,426
	EF	25,315	(25,315)		-
	Composites	(2,608)			(2,608)
	Primaloft	12,790		(12,790)	-
	Non Segment	(5,845)			(5,845)
	Total	$   294,763	$                     -	$                (12,790)	$      281,973
Selling, technical	PMC	$   104,845	$      (104,845)	$                            -	$                 -
general and research	Machine Clothing	-	120,002		120,002
expenses	EF	15,157	(15,157)		-
	Composites	5,638			5,638
	Primaloft	6,180		(6,180)	-
	Research	26,064			26,064
	Non Segment	61,847		(34)	61,813
	Total	$   219,731	$                    -	$                   (6,214)	$      213,517
Restructuring	PMC	$      3,705	$          (3,705)		$                     -
included in segment	Machine Clothing	-	4,762		4,762
	EF	1,057	(1,057)		-
	Composites	930			930
	Primaloft	-		-	-
	Research	-			-
	Non Segment	(1,945)			(1,945)
	Total	$      3,747	$                  -	$                           -	$           3,747
Operating income	PMC	$   156,561	$      (156,561)	$                           -	$                    -
	Machine Clothing	-	165,662	-	165,662
	EF	9,101	(9,101)	-	-
	Composites	(9,176)	-	-	(9,176)
	Primaloft	6,610	-	(6,610)	-
	Research	(26,064)	-	-	(26,064)
	Non Segment	(65,747)	-	34	(65,713)
	Total	$     71,285	$                  -	$               (6,576)	$        64,709

99.5   Effect of changes on amounts previously reported for full year 2009.
	USD 000's	2009	Merge PMC	Reclassify Primaloft	Full year 2009
		As reported	and EF	to Discontinued	in 2012 format
Net sales	PMC	$   609,897	$      (609,897)		$                  -
	Machine Clothing	-	684,805		684,805
	EF	74,908	(74,908)		-
	Composites	33,824			33,824
	Primaloft	18,992		(18,992)
	Total	$   737,621	$                  -	$                 (18,992)	$      718,629
Gross margin	PMC	$   228,301	$      (228,301)		$                  -
	Machine Clothing	-	251,634		251,634
	EF	23,333	(23,333)		-
	Composites	(2,487)			(2,487)
	Primaloft	8,853		(8,853)	-
	Non Segment	(4,714)			(4,714)
	Total	$   253,286	$                  -	$                   (8,853)	$     244,433
Selling, technical	PMC	$   118,736	$      (118,736)	$                           -	$                  -
general and research	Machine Clothing	-	134,711		134,711
expenses	EF	15,975	(15,975)		-
	Composites	3,875			3,875
	Primaloft	5,103		(5,103)	-
	Research	23,849			23,849
	Non Segment	53,700		(95)	53,605
	Total	$   221,238	$                  -	$                   (5,198)	$     216,040
Restructuring	PMC	$     66,941	$       (66,941)		$                  -
included in segment	Machine Clothing	-	71,252		71,252
	EF	4,311	(4,311)		-
	Composites	291			291
	Primaloft	61		(61)	-
	Research	-			-
	Non Segment	(3,430)			(3,430)
	Total	$     68,174	$                  -	$                       (61)	$       68,113
Operating income	PMC	$     42,624	$        (42,624)	$                           -	$                   -
	Machine Clothing	-	45,671	-	45,671
	EF	3,047	(3,047)	-	-
	Composites	(6,653)	-	-	(6,653)
	Primaloft	3,689	-	(3,689)	-
	Research	(23,849)	-	-	(23,849)
	Non Segment	(54,984)	-	95	(54,889)
	Total	$    (36,126)	$                  -	$                   (3,594)	$       (39,720)

99.6   Effect of changes on Income Statement for Q1 2011 (000's, except for per share amounts).
		As reported
		Three months ended	Reclassify Primaloft	Q1 2011
		March 31,	to discontinued	reported in
		2011	operations	2012 format
Net sales		$206,722	($6,768)	$199,954
Cost of goods sold		117,877	(3,111)	114,766
Gross profit		88,845	(3,657)	85,188
Selling, general, and administrative expenses		47,476	(1,509)	45,967
Technical, product engineering, and research expenses		14,354	(241)	14,113
Restructuring and other, net		34	-	34
Pension settlement expense		-	-	-
Operating income		26,981	(1,907)	25,074
Interest expense, net		4,776	-	4,776
Other expense, net		4,813	-	4,813
Income before income taxes		17,392	(1,907)	15,485
Income tax expense/(benefit)		3,988	(721)	3,267
Income from continuing operations before earnings of associated companies		13,404	(1,186)	12,218
Equity in losses from associated companies		-	-	-
Income from continuing operations		13,404	(1,186)	12,218
Income from operations of discontinued business		4,650	1,907	6,557
Gain on sale of discontinued business		-	-	0
Income tax expense on discontinued operations		1,321	721	2,042
Income from discontinued operations		3,329	1,186	4,515
Net income		$16,733	$0	$16,733
Earnings per share - Basic
(Loss)/income from continuing operations		$0.43	($0.04)	$0.39
Discontinued operations		0.11	0.04	0.15
Net (loss)/income		$0.54	$0.00	$0.54
Earnings per share - Diluted
(Loss)/income from continuing operations		$0.43	($0.04)	$0.39
Discontinued operations		0.10	0.04	0.14
Net (loss)/income		$0.53	$0.00	$0.53
Shares used in computing earnings per share:
Basic		31,223	31,223	31,223
Diluted		31,384	31,384	31,384

99.7   Effect of changes on Income Statement for Q1 2012 (000's, except for per share amounts).
		As reported
		Three months ended	Reclassify Primaloft	Q1 2012
		March 31,	to discontinued	reported in
		2012	operations	current format
Net sales		$188,553	($8,476)	$180,077
Cost of goods sold		116,719	(4,928)	111,791
Gross profit		71,834	(3,548)	68,286
Selling, general, and administrative expenses		48,815	(1,792)	47,023
Technical, product engineering, and research expenses		12,939	(200)	12,739
Restructuring and other, net		258	-	258
Pension settlement expense		9,175	-	9,175
Operating income		647	(1,556)	(909)
Interest expense, net		4,644	-	4,644
Other expense, net		4,548	-	4,548
Income before income taxes		(8,545)	(1,556)	(10,101)
Income tax expense/(benefit)		(9,379)	(593)	(9,972)
Income from continuing operations		834	(963)	(129)
Income from operations of discontinued business		460	1,556	2,016
Gain on sale of discontinued business		57,968	-	57,968
Income tax expense on discontinued operations		12,221	593	12,814
Income from discontinued operations		46,207	963	47,170
Net income		$47,041	$                           -	$47,041
Earnings per share - Basic
(Loss)/income from continuing operations		$0.03		$0.00
Discontinued operations		$1.47		$1.50
Net (loss)/income		$1.50		$1.50
Earnings per share - Diluted
(Loss)/income from continuing operations		$0.03		$0.00
Discontinued operations		$1.46		$1.49
Net (loss)/income		$1.49		$1.49
Shares used in computing earnings per share:
Basic		31,309		31,309
Diluted		31,533		31,533

99.8   Effect of changes on Income Statement for full year 2011 (000's, except for per share amounts).
		As reported				Year ended
		Year ended		Reclassify Primaloft		December 31, 2011
		December 31,		to discontinued	Other	reported in
		2011		operations	reclassifications	2012 format
Net sales		$814,696		($27,409)		$787,287
Cost of goods sold		485,735		(12,614)		473,121
Gross profit		328,961		(14,795)	-	314,166
Selling, general, and administrative expenses		179,804		(5,409)		174,395
Technical, product engineering, and research expenses		56,767		(921)		55,846
Restructuring and other, net		9,317		-		9,317
Operating income		83,073		(8,465)	0	74,608
Interest expense, net		18,121		-		18,121
Other (income)/expense, net		2,720		-	(81)	2,639
Income before income taxes		62,232		(8,465)	81	53,848
Income tax expense/(benefit)		35,779		(3,197)		32,582
Income from continuing operations before earnings of associated companies		26,453		(5,268)	81	21,266
Equity in (earnings)/losses from associated companies		(81)		-	81	-
Income from continuing operations		26,534		(5,268)	-	21,266
Income from operations of discontinued business		15,636		8,465		24,101
Gain on sale of discontinued business		-		-		-
Income tax expense on discontinued operations		7,232		3,197		10,429
Income from discontinued operations		8,404		5,268		13,672
Net income		$34,938		$                           -	$                     -	$34,938
Earnings per share - Basic
(Loss)/income from continuing operations		$0.85				$0.68
Discontinued operations		0.27				0.44
Net (loss)/income		$1.12				$1.12
Earnings per share - Diluted
(Loss)/income from continuing operations		$0.84				$0.67
Discontinued operations		0.27				$0.44
Net (loss)/income		$1.11				$1.11
Shares used in computing earnings per share:
Basic		31,262				31,262
Diluted		31,510				31,510

99.9   Effect of changes on Income Statement for full year 2010 (000's, except for per share amounts).
		As reported				Year ended
		Year ended		Reclassify Primaloft		December 31, 2010
		December 31,		to discontinued	Other	reported in
		2010		operations	reclassifications	2012 format
Net sales		$765,769		($22,882)		$742,887
Cost of goods sold		471,006		(10,092)		460,914
Gross profit		294,763		(12,790)	-	281,973
Selling, general, and administrative expenses		165,528		(5,402)		160,126
Technical, product engineering, and research expenses		54,203		(812)		53,391
Restructuring and other, net		3,747		-		3,747
Operating income		71,285		(6,576)	0	64,709
Interest expense, net		17,240		-		17,240
Other (income)/expense, net		(884)		-	(92)	(976)
Income before income taxes		54,929		(6,576)	92	48,445
Income tax expense/(benefit)		23,545		(2,523)		21,022
Income from continuing operations before earnings of associated companies		31,384		(4,053)	92	27,423
Equity in (earnings)/losses from associated companies		(92)		-	92	-
Income from continuing operations		31,476		(4,053)	-	27,423
Income from operations of discontinued business		9,497		6,576		16,073
Gain on sale of discontinued business		-		-		-
Income tax expense on discontinued operations		3,337		2,523		5,860
Income from discontinued operations		6,160		4,053		10,213
Net income		$37,636		$                           -	$                     -	$37,636
Earnings per share - Basic
(Loss)/income from continuing operations		$1.01				$0.88
Discontinued operations		0.20				0.33
Net (loss)/income		$1.21				$1.21
Earnings per share - Diluted
(Loss)/income from continuing operations		$1.01				$0.88
Discontinued operations		0.20				$0.33
Net (loss)/income		$1.21				$1.21
Shares used in computing earnings per share:
Basic		31,072				31,072
Diluted		31,209				31,209

99.10   Effect of changes on Income Statement for full year 2009 (000's, except for per share amounts).
		As reported				Year ended
		Year ended		Reclassify Primaloft		December 31, 2009
		December 31,		to discontinued	Other	reported in
		2009		operations	reclassifications	2012 format
Net sales		$737,621		($18,992)		$718,629
Cost of goods sold		484,335		(10,139)		474,196
Gross profit		253,286		(8,853)	-	244,433
Selling, general, and administrative expenses		168,709		(4,717)		163,992
Technical, product engineering, and research expenses		52,529		(481)		52,048
Restructuring and other, net		68,174		(61)		68,113
Operating income/(loss)		(36,126)		(3,594)	0	(39,720)
Interest expense, net		20,627		-		20,627
Other (income)/expense, net		(49,700)		-	(32)	(49,732)
Income before income taxes		(7,053)		(3,594)	32	(10,615)
Income tax expense/(benefit)		14,440		(1,523)		12,917
Income from continuing operations before earnings of associated companies		(21,493)		(2,071)	32	(23,532)
Equity in (earnings)/losses from associated companies		(32)		-	32	-
Income from continuing operations		(21,461)		(2,071)	-	(23,532)
Income from operations of discontinued business		(12,061)		3,594		(8,467)
Gain on sale of discontinued business		-		-		-
Income tax expense on discontinued operations		(64)		1,523		1,459
Income from discontinued operations		(11,997)		2,071		(9,926)
Net income		($33,458)		$               -	$                -	($33,458)
Earnings per share - Basic
(Loss)/income from continuing operations		($0.70)				($0.77)
Discontinued operations		(0.39)				(0.32)
Net (loss)/income		($1.09)				($1.09)
Earnings per share - Diluted
(Loss)/income from continuing operations		($0.70)				($0.77)
Discontinued operations		(0.39)				($0.32)
Net (loss)/income		($1.09)				($1.09)
Shares used in computing earnings per share:
Basic		30,612				30,612
Diluted		30,612				30,612

99.11   Effect of changes on Balance Sheets for March 31, 2012 and December 31, 2011  (000's, except for share amounts).
	March 31,	March 31,	March 31,		December 31,	December 31,	December 31,
	2012	2012	2012		2011	2011	2011
	As previously reported	Reclassify Primaloft to Discontinued	Updated Q2 2012		As previously reported	Reclassify Primaloft to Discontinued	Updated Q2 2012
ASSETS
Cash and cash equivalents	$140,925	$                -	$140,925		$118,909	$                -	$118,909
Accounts receivable, net	152,126	(2,098)	150,028		148,849	(1,338)	147,511
Inventories	138,299	(3,685)	134,614		133,649	(3,846)	129,803
Income taxes receivable and deferred	23,724	-	23,724		30,010	-	30,010
Prepaid expenses and other current assets	13,464	(102)	13,362		13,409	(60)	13,349
Current assets of discontinued operations	2,596	5,885	8,481		62,107	5,244	67,351
Total current assets	471,134	-	471,134		506,933	-	506,933
Property, plant and equipment, net	434,266	(444)	433,822		439,516	(563)	438,953
Intangibles	1,021	-	1,021		1,079	-	1,079
Goodwill	77,148	-	77,148		75,469	-	75,469
Deferred taxes	127,362	-	127,362		134,644	-	134,644
Other assets	36,448	-	36,448		22,504	-	22,504
Noncurrent assets of discontinued    operations	279	444	723		50,783	563	51,346
Total assets	$1,147,658	-	$1,147,658		$1,230,928	-	$1,230,928
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable	$193	$                -	$193		$424	$                -	$424
Accounts payable	37,732	(2,571)	35,161		33,663	(955)	32,708
Accrued liabilities	104,989	(1,133)	103,856		105,649	(545)	105,104
Current maturities of long-term debt	30,145	-	30,145		1,263	-	1,263
Income taxes payable and deferred	7,010	-	7,010		8,766	-	8,766
Current liabilities of discontinued operations	2,675	3,704	6,379		20,946	1,500	22,446
Total current liabilities	182,744	-	182,744		170,711	-	170,711
Long-term debt	296,636	-	296,636		373,125	-	373,125
Other noncurrent liabilities	127,993	(54)	127,939		185,648	(52)	185,596
Deferred taxes and other credits	61,066	-	61,066		71,529	-	71,529
Noncurrent liabilities of discontinued    operations	-	54	54		14,065	52	14,117
Total liabilities	668,439	-	668,439		815,078	-	815,078
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 36,585,004 in 2012 and 36,540,842     in 2011	37	-	37		37	-	37
Class B Common Stock, par value $.001 per
share; authorized 25,000,000 shares;
issued and outstanding 3,236,098     in 2012 and 2011	3	-	3		3	-	3
Additional paid in capital	391,611	-	391,611		391,495	-	391,495
Retained earnings	465,016	-	465,016		422,044	-	422,044
Accumulated items of other comprehensive    income:
Translation adjustments	(6,244)	-	(6,244)		(19,111)	-	(19,111)
Pension and  post retirement liability      adjustments	(110,480)	-	(110,480)		(118,104)	-	(118,104)
Derivative valuation adjustment	(2,804)	-	(2,804)		(2,594)	-	(2,594)
Treasury stock (Class A), at cost 8,479,487    shares in 2012 and 2011	(257,920)	-	(257,920)		(257,920)	-	(257,920)
Total shareholders' equity	479,219	-	479,219		415,850	-	415,850
Total liabilities and shareholders' equity	$1,147,658	$                  -	$1,147,658		$1,230,928	$                  -	$1,230,928