| 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 | ||||||||||||