ALBANY INTERNATIONAL CORP /DE/ - FORM 8-K - EX-99.1 - SCHEDULES - April 10, 2014

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99.1   Schedules showing the effect on operating income, research and development expenses, depreciation and amortization, and Adjusted EBITDA resulting from changes in reportable segments for quarterly periods of 2013, full year 2013, and full year 2012.

 

Three months ended March 31, 2013
(in thousands)  As previously reported  Reclassify long-term incentive compensation  Reclassify Research and development expenses  Totals after segment change
Operating income/(loss)                
Machine Clothing (MC)  $42,908   ($966)  ($4,386)  $37,556 
Albany Engineered Composites (AEC)  (2,063)  (400)  (1,940)  (4,403)
Research expenses  (6,991)  -   6,991   - 
Corporate expenses  (11,336)  1,366   (665)  (10,635)
Operating income/(loss)  $22,518   $-   $-   $22,518 
                 
                 
Three months ended June 30, 2013
(in thousands)  As previously reported   Reclassify long-term incentive compensation   Reclassify Research and development expenses   Totals after segment change 
Operating income/(loss)                
Machine Clothing (MC)  $20,699   ($1,063)  ($4,815)  $14,821 
Albany Engineered Composites (AEC)  (1,825)  (346)  (2,507)  (4,678)
Research expenses  (7,673)  -   7,673   - 
Corporate expenses  (14,714)  1,409   (351)  (13,656)
Operating income/(loss)  ($3,513)  $-   $-   ($3,513)
                 
                 
Three months ended September 30, 2013
(in thousands)  As previously reported   Reclassify long-term incentive compensation   Reclassify Research and development expenses   Totals after segment change 
Operating income/(loss)                
Machine Clothing (MC)  $33,196   ($1,144)  ($4,142)  $27,910 
Albany Engineered Composites (AEC)  (572)  (505)  (2,874)  (3,951)
Research expenses  (7,418)  -   7,418   - 
Corporate expenses  (11,951)  1,649   (402)  (10,704)
Operating income/(loss)  $13,255   $-   $-   $13,255 
                 
                 
Three months ended December 31, 2013
(in thousands)  As previously reported   Reclassify long-term incentive compensation   Reclassify Research and development expenses   Totals after segment change 
Operating income/(loss)                
Machine Clothing (MC)  $39,895   ($820)  ($4,992)  $34,083 
Albany Engineered Composites (AEC)  1,486   (114)  (2,744)  (1,372)
Research expenses  (8,138)  -   8,138   - 
Corporate expenses  (13,412)  934   (402)  (12,880)
Operating income/(loss)  $19,831   $-   $-   $19,831 
                 
                 
                 
 
 

 

Six months ended June 30, 2013
(in thousands)  As previously reported  Reclassify long-term incentive compensation  Reclassify Research and development expenses  Totals after segment change
Operating income/(loss)                
Machine Clothing (MC)  $63,607   ($2,029)  ($9,201)  $52,377 
Albany Engineered Composites (AEC)  (3,888)  (746)  (4,447)  (9,081)
Research expenses  (14,664)  -   14,664   - 
Corporate expenses  (26,050)  2,775   (1,016)  (24,291)
Operating income/(loss)  $19,005   $-   $-   $19,005 
                 
                 
Nine months ended September 30, 2013                
(in thousands)  As previously reported   Reclassify long-term incentive compensation   Reclassify Research and development expenses   Totals after segment change 
Operating income/(loss)                
Machine Clothing (MC)  $96,803   ($3,173)  ($13,343)  $80,287 
Albany Engineered Composites (AEC)  (4,460)  (1,251)  (7,321)  (13,032)
Research expenses  (22,082)  -   22,082   - 
Corporate expenses  (38,001)  4,424   (1,418)  (34,995)
Operating income/(loss)  $32,260   $-   $-   $32,260 
                 
                 
Year ended December 31, 2013                
(in thousands)  As previously reported   Reclassify long-term incentive compensation   Reclassify Research and development expenses   Totals after segment change 
Operating income/(loss)                
Machine Clothing (MC)  $136,698   ($3,993)  ($18,335)  $114,370 
Albany Engineered Composites (AEC)  (2,974)  (1,365)  (10,065)  (14,404)
Research expenses  (30,220)  -   30,220   - 
Corporate expenses  (51,413)  5,358   (1,820)  (47,875)
Operating income/(loss)  $52,091   $-   $-   $52,091 
                 
                 
Year ended December 31, 2012                
(in thousands)  As previously reported   Reclassify long-term incentive compensation   Reclassify Research and development expenses   Totals after segment change 
Operating income/(loss)                
Machine Clothing (MC)  $163,873   ($2,830)  ($17,685)  $143,358 
Albany Engineered Composites (AEC)  (840)  (1,389)  (8,689)  (10,918)
Research expenses  (27,616)  -   27,616   - 
Corporate expenses - pension settlement  (119,735)  -   -   (119,735)
Corporate expenses - other  (59,818)  4,219   (1,242)  (56,841)
Operating income/(loss)  ($44,136)  $2,830   $-   ($44,136)

 

 
 

 

Research and development expenses by segment:     
      
        
Three months ended
 
(in thousands)  March 31, 2013   June 30, 2013   September 30, 2013   December 31, 2013 
Research and development expenses                
Machine Clothing  $4,386   $4,815   $4,142   $4,992 
Albany Engineered Composites  1,940   2,507   2,874   2,744 
Corporate expenses  665   351   402   402 
Total  $6,991   $7,673   $7,418   $8,138 
                 
                 
Year to date periods ended
 
(in thousands)  June 30, 2013   September 30, 2013   December 31, 2013   December 31, 2012 
Research and development expenses                
Machine Clothing  $9,201   $13,343   $18,335   $17,685 
Albany Engineered Composites  4,447   7,321   10,065   8,689 
Corporate expenses  1,016   1,418   1,820   1,242 
Total  $14,664   $22,082   $30,220   $27,616 

 
 

 

      
Depreciation and amortization expense tables     
      
Three months ended March 31, 2013     
(in thousands)  As previously reported  Reclassify Research and development expenses  Totals after segment change
Depreciation and amortization expense            
Machine Clothing  $11,561   $309   $11,870 
Albany Engineered Composites  1,701   30   1,731 
Research expenses  339   (339)  - 
Corporate expenses and other  2,273   -   2,273 
Total  $15,874   $-   $15,874 
             
             
Three months ended June 30, 2013            
(in thousands)  As previously reported   Reclassify Research and development expenses   Totals after segment change 
Depreciation and amortization expense            
Machine Clothing  $11,479   $330   $11,809 
Albany Engineered Composites  1,874   190   2,064 
Research expenses  520   (520)  - 
Corporate expenses and other  2,208   -   2,208 
Total  $16,081   $-   $16,081 
             
             
Three months ended September 30, 2013            
(in thousands)  As previously reported   Reclassify Research and development expenses   Totals after segment change 
Depreciation and amortization expense            
Machine Clothing  $11,084   $320   $11,404 
Albany Engineered Composites  2,009   290   2,299 
Research expenses  610   (610)  - 
Corporate expenses and other  2,094   -   2,094 
Total  $15,797   $-   $15,797 

 

 
 

      
Three months ended December 31, 2013     
(in thousands)  As previously reported  Reclassify Research and development expenses  Totals after segment change
Depreciation and amortization expense            
Machine Clothing  $11,113   $325   $11,438 
Albany Engineered Composites  2,056   310   2,366 
Research expenses  635   (635)  - 
Corporate expenses and other  2,233       2,233 
Total  $16,037   $-   $16,037 
             
             
Six months ended June 30, 2013            
(in thousands)  As previously reported   Reclassify Research and development expenses   Totals after segment change 
Depreciation and amortization expense            
Machine Clothing  $23,040   $639   $23,679 
Albany Engineered Composites  3,575   220   3,795 
Research expenses  859   (859)  - 
Corporate expenses and other  4,481   -   4,481 
Total  $31,955   $-   $31,955 
             
             
Nine months ended September 30, 2013            
(in thousands)  As previously reported   Reclassify Research and development expenses   Totals after segment change 
Depreciation and amortization expense            
Machine Clothing  $34,124   $959   $35,083 
Albany Engineered Composites  5,584   510   6,094 
Research expenses  1,469   (1,469)  - 
Corporate expenses and other  6,575   -   6,575 
Total  $47,752   $-   $47,752 
             
             
Year ended December 31, 2013            
(in thousands)  As previously reported   Reclassify Research and development expenses   Totals after segment change 
Depreciation and amortization expense            
Machine Clothing  $45,237   $1,284   $46,521 
Engineered Composites  7,640   820   8,460 
Research expenses  2,104   (2,104)  - 
Corporate and other  8,808   -   8,808 
Total  $63,789   $-   $63,789 
             

 

 
 

      
Year ended December 31, 2012     
(in thousands)  As previously reported  Reclassify Research and development expenses  Totals after segment change
Depreciation and amortization expense            
Machine Clothing  $46,843   $1,209   $48,052 
Engineered Composites  5,920   43   5,963 
Research expenses  1,252   (1,252)  - 
Corporate and other  9,052   -   9,052 
Total  $63,067   $-   $63,067 

 

 

 
 

Adjusted EBITDA tables               
                
Three months ended March 31, 2013, as previously reported   Three months ended March 31, 2013, after segment change
(in thousands)  MC  AEC  Research and Unallocated  Total Company  Machine Clothing  AEC  Corporate expenses and other  Total Company
Net income  $42,908   ($2,063)  ($29,334)  $11,511   $37,556   ($4,403)  ($21,642)  $11,511 
Loss/(income) from discontinued operations  -   -   -   -   -   -   -   - 
Interest expense, net  -   -   4,025   4,025   -   -   4,025   4,025 
Income tax (benefit)/expense  -   -   6,248   6,248   -   -   6,248   6,248 
Depreciation and amortization  11,561   1,701   2,612   15,874   11,870   1,731   2,273   15,874 
EBITDA  54,469   (362)  (16,449)  37,658   49,426   (2,672)  (9,096)  37,658 
Restructuring and other, net  193   443   -   636   193   443   -   636 
Foreign currency revaluation losses/(gains)  (743)  -   11   (732)  (743)  -   11   (732)
Gain on sale of former manufacturing facility  -   -   (3,763)  (3,763)  -   -   (3,763)  (3,763)
Income attributable to noncontrolling interest in ASC  -   -   -   -   -   -   -   - 
Adjusted EBITDA  $53,919   $81   ($20,201)  $33,799   $48,876   ($2,229)  ($12,848)  $33,799 
                                 
                                 
Three months ended June 30, 2013, as previously reported  Three months ended June 30, 2013, after segment change
(in thousands)  Machine Clothing   AEC   Research and Unallocated   Total Company   Machine Clothing   AEC   Corporate expenses and other   Total Company 
Net income  $20,699   ($1,825)  ($26,253)  ($7,379)  $14,821   ($4,678)  ($17,522)  ($7,379)
Loss/(income) from discontinued operations  -   -   351   351   -   -   351   351 
Interest expense, net  -   -   3,547   3,547   -   -   3,547   3,547 
Income tax (benefit)/expense  -   -   (2,243)  (2,243)  -   -   (2,243)  (2,243)
Depreciation and amortization  11,479   1,874   2,728   16,081   11,809   2,064   2,208   16,081 
EBITDA  32,178   49   (21,870)  10,357   26,630   (2,614)  (13,659)  10,357 
Restructuring and other, net  24,230   91   -   24,321   24,230   91   -   24,321 
Foreign currency revaluation losses/(gains)  (452)  -   1,896   1,444   (452)  -   1,896   1,444 
Gain on sale of former manufacturing facility  -   -   -   -   -   -   -   - 
Income attributable to noncontrolling interest in ASC  -   -   -   -   -   -   -   - 
Adjusted EBITDA  $55,956   $140   ($19,974)  $36,122   $50,408   ($2,523)  ($11,763)  $36,122 
                                 
                                 
Three months ended September 30, 2013, as previously reported  Three months ended September 30, 2013, after segment change
(in thousands)  Machine Clothing   AEC   Research and Unallocated   Total Company   Machine Clothing   AEC   Corporate expenses and other   Total Company 
Net income  $33,196   ($572)  ($27,926)  $4,698   $27,910   ($3,951)  ($19,261)  $4,698 
Loss/(income) from discontinued operations  -   -   -   -   -   -   -   - 
Interest expense, net  -   -   3,484   3,484   -   -   3,484   3,484 
Income tax (benefit)/expense  -   -   2,381   2,381   -   -   2,381   2,381 
Depreciation and amortization  11,084   2,009   2,704   15,797   11,404   2,299   2,094   15,797 
EBITDA  44,280   1,437   (19,357)  26,360   39,314   (1,652)  (11,302)  26,360 
Restructuring and other, net  2,250   6   -   2,256   2,250   6   -   2,256 
Foreign currency revaluation losses/(gains)  1,328   -   1,975   3,303   1,328   -   1,975   3,303 
Gain on sale of former manufacturing facility  -   -   -   -   -   -   -   - 
Income attributable to noncontrolling interest in ASC  -   -   -   -   -   -   -   - 
Adjusted EBITDA  $47,858   $1,443   ($17,382)  $31,919   $42,892   ($1,646)  ($9,327)  $31,919 

 

 
 

Three months ended December 31, 2013, as previously reported   Three months ended December 31, 2013, after segment change
(in thousands)  Machine Clothing  AEC  Research and Unallocated  Total Company  Machine Clothing  AEC  Corporate expenses and other  Total Company
Net income  $39,895   $1,486   ($32,553)  $8,828   $34,083   ($1,372)  ($23,883)  $8,828 
Loss/(income) from discontinued operations  -   -   (305)  (305)  -   -   (305)  (305)
Interest expense, net  -   -   2,703   2,703   -   -   2,703   2,703 
Income tax (benefit)/expense  -   -   6,986   6,986   -   -   6,986   6,986 
Depreciation and amortization  11,113   2,056   2,868   16,037   11,438   2,366   2,233   16,037 
EBITDA  51,008   3,542   (20,301)  34,249   45,521   994   (12,266)  34,249 
Restructuring and other, net  (2,105)  -   -   (2,105)  (2,105)  -   -   (2,105)
Foreign currency revaluation losses/(gains)  163   41   1,348   1,552   163   41   1,348   1,552 
Gain on sale of former manufacturing facility  -   -   -   -   -   -   -   - 
Income attributable to noncontrolling interest in ASC  -   (141)  -   (141)  -   (141)  -   (141)
Adjusted EBITDA  $49,066   $3,442   ($18,953)  $33,555   $43,579   $894   ($10,918)  $33,555 
                                 
                                 
                                 
Six months ended June 30, 2013, as previously reported  Six months ended June 30, 2013 after segment change
(in thousands)  Machine Clothing   AEC   Research and Unallocated   Total Company   Machine Clothing   AEC   Corporate expenses and other   Total Company 
Net income  $63,607   ($3,888)  ($55,587)  $4,132   $52,377   ($9,081)  ($39,164)  $4,132 
Loss/(income) from discontinued operations  -   -   351   351   -   -   351   351 
Interest expense, net  -   -   7,572   7,572   -   -   7,572   7,572 
Income tax (benefit)/expense  -   -   4,005   4,005   -   -   4,005   4,005 
Depreciation and amortization  23,040   3,575   5,340   31,955   23,679   3,795   4,481   31,955 
EBITDA  86,647   (313)  (38,319)  48,015   76,056   (5,286)  (22,755)  48,015 
Restructuring and other, net  24,423   534   -   24,957   24,423   534   -   24,957 
Foreign currency revaluation losses/(gains)  (1,195)  -   1,907   712   (1,195)  -   1,907   712 
Pension settlement charges  -   -   (3,763)  (3,763)  -   -   (3,763)  (3,763)
Income attributable to noncontrolling interest in ASC  -   -   -   -   -   -   -   - 
Adjusted EBITDA  $109,875   $221   ($40,175)  $69,921   $99,284   ($4,752)  ($24,611)  $69,921 
                                 
                                 
                                 
Nine months ended September 30, 2013, as previously reported  Nine months ended September 30, 2013 after segment change
(in thousands)  Machine Clothing   AEC   Research and Unallocated   Total Company   Machine Clothing   AEC   Corporate expenses and other   Total Company 
Net income  $96,803   ($4,460)  ($83,513)  $8,830   $80,287   ($13,032)  ($58,425)  $8,830 
Loss/(income) from discontinued operations  -   -   351   351   -   -   351   351 
Interest expense, net  -   -   11,056   11,056   -   -   11,056   11,056 
Income tax (benefit)/expense  -   -   6,386   6,386   -   -   6,386   6,386 
Depreciation and amortization  34,124   5,584   8,044   47,752   35,083   6,094   6,575   47,752 
EBITDA  130,927   1,124   (57,676)  74,375   115,370   (6,938)  (34,057)  74,375 
Restructuring and other, net  26,673   540   -   27,213   26,673   540   -   27,213 
Foreign currency revaluation losses/(gains)  133   -   3,882   4,015   133   -   3,882   4,015 
Pension settlement charges  -   -   (3,763)  (3,763)  -   -   (3,763)  (3,763)
Income attributable to noncontrolling interest in ASC  -   -   -   -   -   -   -   - 
Adjusted EBITDA  $157,733   $1,664   ($57,557)  $101,840   $142,176   ($6,398)  ($33,938)  $101,840 
                                 
                                 
Year ended December 31, 2013, as previously reported  Year ended December 31, 2013 after segment change
(in thousands)  Machine Clothing   AEC   Research and Unallocated   Total Company   Machine Clothing   AEC   Corporate expenses and other   Total Company 
Net income  $136,698   ($2,974)  ($116,066)  $17,658   $114,370   ($14,404)  ($82,308)  $17,658 
Loss/(income) from discontinued operations  -   -   46   46   -   -   46   46 
Interest expense, net  -   -   13,759   13,759   -   -   13,759   13,759 
Income tax (benefit)/expense  -   -   13,372   13,372   -   -   13,372   13,372 
Depreciation and amortization  45,237   7,640   10,912   63,789   46,521   8,460   8,808   63,789 
EBITDA  181,935   4,666   (77,977)  108,624   160,891   (5,944)  (46,323)  108,624 
Restructuring and other, net  24,568   540   -   25,108   24,568   540   -   25,108 
Foreign currency revaluation losses/(gains)  296   41   5,230   5,567   296   41   5,230   5,567 
Pension settlement charges  -   -   (3,763)  (3,763)  -   -   (3,763)  (3,763)
Income attributable to noncontrolling interest in ASC  -   (141)  -   (141)  -   (141)  -   (141)
Adjusted EBITDA  $206,799   $5,106   ($76,510)  $135,395   $185,755   ($5,504)  ($44,856)  $135,395 

 

 
 

                
Year ended December 31, 2012, as previously reported   Year ended December 31, 2012, after segment change
(in thousands)  Machine Clothing  AEC  Research and Unallocated  Total Company  Machine Clothing  AEC  Corporate expenses and other  Total Company
Net income  $163,873   ($840)  ($132,056)  $30,977   $143,358   ($10,918)  ($101,463)  $30,977 
Loss/(income) from discontinued operations  -   -   (71,820)  (71,820)  -   -   (71,820)  (71,820)
Interest expense, net  -   -   16,601   16,601   -   -   16,601   16,601 
Income tax (benefit)/expense  -   -   (27,523)  (27,523)  -   -   (27,523)  (27,523)
Depreciation and amortization  46,843   5,920   10,304   63,067   48,052   5,963   9,052   63,067 
EBITDA  210,716   5,080   (204,494)  11,302   191,410   (4,955)  (175,153)  11,302 
Restructuring and other, net  7,386   -   (325)  7,061   7,386   (325)  -   7,061 
Foreign currency revaluation losses/(gains)  1,633   2   5,715   7,350   1,633   2   5,715   7,350 
Pension settlement charges  -   -   119,735   119,735   -   -   119,735   119,735 
Income attributable to noncontrolling interest in ASC  -   -   -   -   -   -   -   - 
Adjusted EBITDA  $219,735   $5,082   ($79,369)  $145,448   $200,429   ($5,278)  ($49,703)  $145,448 

 

 

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