SEC Filing | Albany International Corp

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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) August 19, 2008 ALBANY INTERNATIONAL CORP. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-10026 14-0462060 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1373 Broadway, Albany, New York 12204 - -------------------------------------------------------------------------------- (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))

Item 8.01 Other Events On August 19, 2008, the Registrant issued a press release reporting that a significant customer of Albany Engineered Composites (AEC) had indicated that it was substantially reducing planned purchases of components from AEC and other suppliers, for the remainder of 2008 and the first half of 2009. A copy of the release is being filed herewith. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release dated August 19, 2008.

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/ Michael C. Nahl -------------------------------- Name: Michael C. Nahl Title: Executive Vice President and Chief Financial Officer (Principal Financial Officer) Dated: August 25, 2008

EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated August 19, 2008

Exhibit 99.1 ALBANY INTERNATIONAL PROVIDES UPDATE ON SHORT-TERM PROSPECTS IN THE COMPOSITES BUSINESS - -------------------------------------------------------------------------------- Albany, New York, August 19, 2008 - Albany International Corp. (NYSE:AIN) reported today that Eclipse Aviation, a significant customer of Albany Engineered Composites (AEC), has indicated that it was substantially reducing production of the Eclipse 500 jet, and planned purchases of components from AEC and other suppliers, for the remainder of 2008 and the first half of 2009. Based on information provided to date by Eclipse, purchases of AEC components are thereafter expected to return to and then exceed previous levels. Sales to Eclipse have accounted for a significant portion of AEC's 2008 revenues, as well as a significant portion of production at AEC's facility in Boerne, Texas. The Company has earlier indicated that the near-term annual sales growth potential of AEC was approximately 35 percent, and that AEC had reached break-even profitability at the end of the second quarter of 2008. While the Company expects that aggregate revenues for 2008 will still exceed 2007 revenues by 35 percent or more, lower sales to Eclipse will reduce Q3 and Q4 sales growth significantly. Profitability of AEC, which had become positive at the end of Q2 2008, is now expected to fall below break-even and remain below break-even until Q1 or Q2 2009 The delayed sales are also expected to reduce the rate of 2009 revenue growth substantially. The Company still expects substantial growth in non-Eclipse AEC revenues in 2009, but an overall 2009 compound annual growth rate of 35 percent over the base year 2007, while still achievable, is now less certain. (more) - -------------------------------------------------------------------------------- Albany International Corp. PO Box 1907 Albany, NY 12201 USA www.albint.com

- 2 - The Company will provide an update of management's view of AEC's near-term growth prospects in future earnings releases. In the meantime, these developments have not diminished management's continued belief in the previously expressed long-term growth potential of the AEC business. Albany International is a global advanced textiles and materials processing company. Its core business is the world's leading producer of custom-designed fabrics and belts essential to the production of paper and paperboard. Albany's family of emerging businesses extends its advanced textiles and materials capabilities into a variety of other industries, most notably aerospace composites, nonwovens, building products, and high-performance industrial doors. Additional information about the Company and its businesses and products is available at www.albint.com. # # # Contacts: Investors: Media: John Cozzolino, Vice President Susan Siegel, Director of Strategic Planning of Corporate Communications 518-445-2281 518-445-2284 john.cozzolino@albint.com susan.siegel@albint.com