SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K/A
(x)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended: December 31, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission file number: 0-16214
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
Delaware 14-0462060
-------- ----------
(State or other jurisdiction of (IRS Employer
incorporation or organization) 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
--- --- ----
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
Class A Common Stock
($0.001 par value) New York Stock Exchange and
--------------------- ----------------------------
Pacific Stock Exchange
----------------------
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports,) and (2) has been subject to such filing
requirements for the past 90 days. Yes X No __
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.[ ]
The aggregate market value of Class A Common Stock held on February 9, 1998 by
non-affiliates of the registrant was $557,192,783.
The registrant had 24,280,216 shares of Class A Common Stock and 5,615,563
shares of Class B Common Stock outstanding as of February 9, 1998.
DOCUMENTS INCORPORATED BY REFERENCE PART
Registrant's Annual Report to Shareholders for the year ended
December 31, 1997. II
Registrant's Proxy Statement for the Annual Meeting of Shareholders to
be held on May 12, 1998. III
<PAGE>
Exhibit No. Exhibit Index
- ----------- -------------
27 Financial Data Schedule (Restated as of December 31, 1995)
27 Financial Data Schedule (Restated as of March 31, 1996)
27 Financial Data Schedule (Restated as of June 30, 1996)
27 Financial Data Schedule (Restated as of September 30, 1996)
27 Financial Data Schedule (Restated as of December 31, 1996)
27 Financial Data Schedule (Restated as of March 31, 1997)
27 Financial Data Schedule (Restated as of June 30, 1997)
27 Financial Data Schedule (Restated as of September 30, 1997)
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized on the 31st day of March,
1998.
ALBANY INTERNATIONAL CORP.
by /s/Michael C. Nahl
---------------------
Michael C. Nahl
Principal Financial Officer
Senior Vice President
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE YEAR ENDED DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<CASH> 7,609
<SECURITIES> 0
<RECEIVABLES> 175,425
<ALLOWANCES> 5,010
<INVENTORY> 167,088
<CURRENT-ASSETS> 364,207
<PP&E> 625,119
<DEPRECIATION> 282,969
<TOTAL-ASSETS> 802,232
<CURRENT-LIABILITIES> 126,945
<BONDS> 245,265
0
0
<COMMON> 31
<OTHER-SE> 304,911
<TOTAL-LIABILITY-AND-EQUITY> 802,232
<SALES> 652,645
<TOTAL-REVENUES> 652,645
<CGS> 379,696
<TOTAL-COSTS> 562,855
<OTHER-EXPENSES> (1,024)
<LOSS-PROVISION> 963
<INTEREST-EXPENSE> 20,009
<INCOME-PRETAX> 69,842
<INCOME-TAX> 27,208
<INCOME-CONTINUING> 43,011
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 43,011
<EPS-PRIMARY> 1.42
<EPS-DILUTED> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 8,076
<SECURITIES> 0
<RECEIVABLES> 174,855
<ALLOWANCES> 4,851
<INVENTORY> 175,483
<CURRENT-ASSETS> 372,620
<PP&E> 630,484
<DEPRECIATION> 289,632
<TOTAL-ASSETS> 810,807
<CURRENT-LIABILITIES> 150,723
<BONDS> 224,308
0
0
<COMMON> 31
<OTHER-SE> 307,752
<TOTAL-LIABILITY-AND-EQUITY> 810,807
<SALES> 168,067
<TOTAL-REVENUES> 168,067
<CGS> 98,007
<TOTAL-COSTS> 146,998
<OTHER-EXPENSES> 1,107
<LOSS-PROVISION> (159)
<INTEREST-EXPENSE> 4,515
<INCOME-PRETAX> 15,606
<INCOME-TAX> 6,087
<INCOME-CONTINUING> 9,335
<DISCONTINUED> 0
<EXTRAORDINARY> (1,296)
<CHANGES> 0
<NET-INCOME> 8,039
<EPS-PRIMARY> 0.27
<EPS-DILUTED> 0.27
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 6,561
<SECURITIES> 0
<RECEIVABLES> 181,240
<ALLOWANCES> 5,242
<INVENTORY> 177,954
<CURRENT-ASSETS> 379,104
<PP&E> 637,080
<DEPRECIATION> 295,288
<TOTAL-ASSETS> 820,396
<CURRENT-LIABILITIES> 150,585
<BONDS> 222,647
0
0
<COMMON> 31
<OTHER-SE> 316,192
<TOTAL-LIABILITY-AND-EQUITY> 820,396
<SALES> 340,148
<TOTAL-REVENUES> 340,148
<CGS> 197,382
<TOTAL-COSTS> 295,722
<OTHER-EXPENSES> (28)
<LOSS-PROVISION> 232
<INTEREST-EXPENSE> 8,515
<INCOME-PRETAX> 35,707
<INCOME-TAX> 13,928
<INCOME-CONTINUING> 21,666
<DISCONTINUED> 0
<EXTRAORDINARY> (1,296)
<CHANGES> 0
<NET-INCOME> 20,370
<EPS-PRIMARY> 0.67
<EPS-DILUTED> 0.67
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 9,166
<SECURITIES> 0
<RECEIVABLES> 176,177
<ALLOWANCES> 5,351
<INVENTORY> 179,132
<CURRENT-ASSETS> 378,275
<PP&E> 642,973
<DEPRECIATION> 303,621
<TOTAL-ASSETS> 818,950
<CURRENT-LIABILITIES> 183,147
<BONDS> 185,852
0
0
<COMMON> 31
<OTHER-SE> 325,221
<TOTAL-LIABILITY-AND-EQUITY> 818,950
<SALES> 509,969
<TOTAL-REVENUES> 509,969
<CGS> 295,150
<TOTAL-COSTS> 440,961
<OTHER-EXPENSES> 574
<LOSS-PROVISION> 341
<INTEREST-EXPENSE> 12,221
<INCOME-PRETAX> 55,872
<INCOME-TAX> 21,792
<INCOME-CONTINUING> 34,192
<DISCONTINUED> 0
<EXTRAORDINARY> (1,296)
<CHANGES> 0
<NET-INCOME> 32,896
<EPS-PRIMARY> 1.08
<EPS-DILUTED> 1.08
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE YEAR ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<CASH> 8,034
<SECURITIES> 0
<RECEIVABLES> 184,478
<ALLOWANCES> 4,962
<INVENTORY> 180,198
<CURRENT-ASSETS> 384,627
<PP&E> 641,695
<DEPRECIATION> 302,234
<TOTAL-ASSETS> 831,917
<CURRENT-LIABILITIES> 176,746
<BONDS> 187,100
0
0
<COMMON> 31
<OTHER-SE> 332,299
<TOTAL-LIABILITY-AND-EQUITY> 831,917
<SALES> 692,760
<TOTAL-REVENUES> 692,760
<CGS> 399,311
<TOTAL-COSTS> 594,939
<OTHER-EXPENSES> 12
<LOSS-PROVISION> 1,036
<INTEREST-EXPENSE> 15,833
<INCOME-PRETAX> 80,940
<INCOME-TAX> 31,570
<INCOME-CONTINUING> 49,602
<DISCONTINUED> 0
<EXTRAORDINARY> (1,296)
<CHANGES> 0
<NET-INCOME> 48,306
<EPS-PRIMARY> 1.59
<EPS-DILUTED> 1.58
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 7,028
<SECURITIES> 0
<RECEIVABLES> 176,295
<ALLOWANCES> 4,271
<INVENTORY> 182,472
<CURRENT-ASSETS> 378,679
<PP&E> 625,995
<DEPRECIATION> 298,674
<TOTAL-ASSETS> 814,714
<CURRENT-LIABILITIES> 139,660
<BONDS> 211,959
0
0
<COMMON> 31
<OTHER-SE> 326,904
<TOTAL-LIABILITY-AND-EQUITY> 814,714
<SALES> 171,820
<TOTAL-REVENUES> 171,820
<CGS> 100,005
<TOTAL-COSTS> 150,189
<OTHER-EXPENSES> 583
<LOSS-PROVISION> (691)
<INTEREST-EXPENSE> 3,888
<INCOME-PRETAX> 17,851
<INCOME-TAX> 6,961
<INCOME-CONTINUING> 10,883
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,883
<EPS-PRIMARY> 0.36
<EPS-DILUTED> 0.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 10,875
<SECURITIES> 0
<RECEIVABLES> 179,881
<ALLOWANCES> 4,211
<INVENTORY> 181,948
<CURRENT-ASSETS> 384,661
<PP&E> 624,501
<DEPRECIATION> 300,179
<TOTAL-ASSETS> 819,622
<CURRENT-LIABILITIES> 148,468
<BONDS> 193,954
0
0
<COMMON> 31
<OTHER-SE> 332,824
<TOTAL-LIABILITY-AND-EQUITY> 819,622
<SALES> 353,724
<TOTAL-REVENUES> 353,724
<CGS> 203,223
<TOTAL-COSTS> 305,960
<OTHER-EXPENSES> 1,024
<LOSS-PROVISION> (751)
<INTEREST-EXPENSE> 7,725
<INCOME-PRETAX> 39,766
<INCOME-TAX> 15,508
<INCOME-CONTINUING> 24,354
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24,354
<EPS-PRIMARY> 0.80
<EPS-DILUTED> 0.78
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 22,471
<SECURITIES> 0
<RECEIVABLES> 173,471
<ALLOWANCES> 4,777
<INVENTORY> 182,153
<CURRENT-ASSETS> 391,119
<PP&E> 629,243
<DEPRECIATION> 305,772
<TOTAL-ASSETS> 829,808
<CURRENT-LIABILITIES> 162,107
<BONDS> 188,621
0
0
<COMMON> 31
<OTHER-SE> 342,508
<TOTAL-LIABILITY-AND-EQUITY> 829,808
<SALES> 525,454
<TOTAL-REVENUES> 525,454
<CGS> 301,038
<TOTAL-COSTS> 453,062
<OTHER-EXPENSES> 2,696
<LOSS-PROVISION> (185)
<INTEREST-EXPENSE> 11,570
<INCOME-PRETAX> 58,311
<INCOME-TAX> 22,740
<INCOME-CONTINUING> 35,778
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 35,778
<EPS-PRIMARY> 1.17
<EPS-DILUTED> 1.14
</TABLE>
