QuickLinks -- Click here to rapidly navigate through this document
FOR IMMEDIATE RELEASE
ALBANY INTERNATIONAL ANNOUNCES
SECOND-QUARTER EARNINGS EXPECTATIONS
Albany, New York, July 9, 2003—Albany International Corp. (NYSE/PCX/FWB:AIN) announced today that second-quarter earnings are expected to be $0.49 per share as compared to last year's second quarter of $0.43 per share. As part of the $30 million cost reduction initiative announced in January of 2003, the Company reorganized its sales/service functions in Indonesia and announced the consolidation of its Barrie, Ontario, high-performance door facility into its U.S. operations. The $0.49 per share reflects severance, relocation, and other costs totaling $0.03 per share incurred in connection with this initiative.
Sales increased compared to the second quarter last year, principally due to the positive impact of the effect of changes in currency translation rates. During the quarter, cash increased approximately $21 million, while debt was approximately unchanged.
The Company will discuss further details regarding second-quarter results during a live audio webcast on Thursday, July 24, 2003, at 9:00 a.m. Eastern Time. Second-quarter financial results will be released on July 24, 2003, before the open of the market.
WHAT: | Albany International Second-Quarter Investors Webcast | |
WHEN: | Thursday, July 24, 2003, at 9:00 a.m. Eastern Time | |
WHERE: | www.albint.com | |
HOSTS: | Frank Schmeler, Chairman & Chief Executive Officer Michael Nahl, Senior Vice President & Chief Financial Officer | |
HOW: | Log on towww.albint.com and follow the link to the webcast. Minimum requirements to listen: RealPlayer or Media Player software (available free at the site). | |
REPLAY: | Yes, atwww.albint.com until 5:00 p.m. Eastern Time on Friday, July 25, 2003 |
Albany International is the world's largest producer of paper machine clothing and high-performance doors, with manufacturing plants in 15 countries and sales worldwide. Additional information about the Company's business and products is available atwww.albint.com.
# # #
ALBANY INTERNATIONAL ANNOUNCES SECOND-QUARTER EARNINGS EXPECTATIONS