Outdoor USA Magazine

Albany International Corp., owner of the PrimaLoft brand, reported a first quarter net income of $4.3 million ($0.14 per share). U.S. GAAP restructuring charges of $3.1 million reduced net income by $0.07 per share. For the first quarter of 2009, net loss per share was $18.9 million ($0.63 per share) and included U.S. GAAP restructuring charges of $17.2 million ($0.51 per share) and a gain of $2.8 million ($0.06 per share) related to an extinguishment of debt. Net sales for Q1 2010 were $213.9 million, an increase of 2.2% compared to the first quarter of 2009. Excluding the effect of changes in currency translation rates, net sales in the first quarter of 2010 decreased 2.2% as compared to Q1 2009. Gross profit was 36.1% of net sales in the first quarter of 2010, compared to 33.5% in the same period of 2009. PrimaLoft’s sales were 9% ahead of last year.

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