Current Report Filing (8-k)
July 10 2015 - 8:42AM
Edgar (US Regulatory)
U.S
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: July 10, 2015
(Date of earliest event reported)
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ALBANY
INTERNATIONAL CORP.
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(Exact
name of registrant as specified in its charter)
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Delaware
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1-10026
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14-0462060
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S Employer
Identification No.)
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216 Airport Drive, Rochester, New Hampshire 03867
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(518) 445-2200
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(Address and telephone number of the registrant's principal
executive offices)
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(Former name or former address, if changed since last report.)
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Registrant’s
telephone number, including area code (518) 445-2200
None
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(Former name or former address, if changed since last report.)
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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))
2
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 10, 2015, Albany International Corp. (the "Company") issued a
press release announcing an anticipated second-quarter charge of $14
million associated with a revision in the profitability of a contract in
the Albany Engineered Composites segment (AEC).
Item 7.01 Regulation FD Disclosure
A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:
99.1 News release dated July 10, 2015.
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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.
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ALBANY INTERNATIONAL CORP.
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By:
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/s/ John B. Cozzolino
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Name: John B. Cozzolino
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Title: Chief Financial Officer and Treasurer
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(Principal Financial Officer)
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Date:
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July 10, 2015
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4
Index to Exhibits
Exhibit No.
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Description
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99.1
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News release dated July 10, 2015
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Exhibit 99.1
Albany
International Announces Anticipated Charge for Revision in Estimated
Contract Profitability
Sets
Q2 Earnings Release and Webcast Dates
ROCHESTER, N.H.--(BUSINESS WIRE)--July 10, 2015--Albany International
Corp. (NYSE:AIN) announced today that it expects to record a
second-quarter charge of approximately $14 million associated with a
revision in the estimated profitability of a legacy contract in the
Albany Engineered Composites segment (AEC).
As disclosed in its first-quarter financial reports, AEC has a long-term
contract for the manufacture of composite components for the Rolls-Royce
BR 725 engine, which powers Gulfstream’s G-650 business jet. These
components are manufactured in AEC’s Boerne, Texas, operation. The
contract for this program was signed in 2007 and contains a very
aggressive approach to pricing compared to AEC’s other contracts. AEC
was required to fund certain development costs for nonrecurring
engineering and tooling and expected to recover those costs over the
duration of the contract, which is anticipated to be more than 20 years.
The deferred costs were included in Other assets on the Company’s
consolidated balance sheet and, as of June 30, 2015, the Company had
accumulated deferred contract expenses of approximately $11 million. The
Company tests the recoverability of these deferred costs each quarter.
During the second quarter of 2015, the Company revised its estimate of
the profitability of this contract and determined that the entire
balance of these deferred costs should be written off. Additionally, the
Company has determined that an additional charge of approximately $3
million should be recorded as a provision for anticipated contract
losses. The anticipated total charge of $14 million is expected to be
included in Cost of goods sold for the AEC segment.
The Company will release 2015 second-quarter financial results after the
close of the market on Tuesday, August 4, 2015, and it will host a
webcast to discuss earnings at 9:00 a.m. Eastern Time on Wednesday,
August 5. Interested parties are invited to listen to the webcast via
the Company’s Investor Relations website at www.albint.com.
A replay of the webcast will be available on the website at
approximately noon Eastern Time on August 5.
This 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,” “would,” “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 Albany’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 Albany’s historical experience and our present
expectations or projections. Forward-looking statements in this release
include, without limitation, statements about estimated contract
profitability and the likelihood, amount, and timing of other cash and
noncash charges. Such statements are based on current expectations, and
Albany undertakes no obligation to publicly update or revise any
forward-looking statements.
About Albany International Corp.
Albany International Corp. 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 19
plants in 10 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.
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
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