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ALBANY INTERNATIONAL ANNOUNCES SECOND QUARTER EARNINGS

 ALBANY INTERNATIONAL ANNOUNCES SECOND QUARTER EARNINGS
 ALBANY, N.Y., July 22 /PRNewswire/ -- Albany International Corp. (NYSE/PSE: AIN) announced second quarter net income of $176,000 or $.01 per share compared with $4.4 million or $.18 per share in the second quarter of 1991. Net sales for the quarter were $139.5 million, 2.3 percent less than for the same period in 1991.
 During the second quarter, the company used the net proceeds of $128.4 million from the March 27 convertible subordinated debenture offering to repay bank debt.
 Comments on Operations
 J. Spencer Standish, chairman, commented, "Despite unsatisfactory earnings due to generally weak economic conditions in all market areas, net cash provided from operations in the first half was $42.4 million. Orders exceeded sales for the six months, which should result in improved sales for the remainder of the year."
 Albany International is the world's largest producer of paper machine clothing with 36 manufacturing plants in 12 countries.
 ALBANY INTERNATIONAL CORP.
 CONSOLIDATED STATEMENTS OF INCOME
 Quarter ended Six months ended
 (In thousands, except June 30, June 30,
 amounts per share) 1992 1991 1992 1991
 Net sales $139,468 $142,733 $277,449 $276,344
 Cost of goods sold 91,924 93,264 184,027 182,515
 Selling, technical &
 general 41,982 37,374 82,612 74,738
 Operating income 5,562 12,095 10,810 19,091
 Interest expense, net 4,915 4,306 10,103 9,490
 Other (income)/expense,
 net 910 (243) 570 2,741
 Income/(loss) before income
 taxes (263) 8,032 137 6,860
 Provision for taxes on
 income (118) 3,982 82 3,396
 Income/(loss) before
 minority interest (145) 4,050 55 3,464
 Loss applicable to minority
 interest 259 297 545 591
 Income from associated
 companies 61 94 197 390
 Net income $175 $4,441 $797 $4,445
 Net income per share $0.01 $0.18 $0.03 $0.18
 Dividends per share $0.0875 $0.0875 $0.175 $0.175
 Average shares
 outstanding 25,537 25,398 25,522 25,377
 CONSOLIDATED BALANCE SHEETS
 At June 30, At December 31,
 (In thousands) 1992 1991
 Assets
 Cash and cash equivalents $2,559 $5,068
 Accounts receivable, net 120,729 119,658
 Inventories 124,350 124,192
 Prepaid expenses 5,427 5,006
 Total current assets 253,065 253,924
 Property, plant and equipment, net 348,069 362,456
 Other assets 53,468 58,333
 Total $654,602 $674,713
 Liabilities and Shareholders' Equity
 Current liabilities $120,678 $103,031
 Long-term debt 222,536 250,423
 Other noncurrent liabilities 38,119 38,072
 Deferred taxes and other credits 33,424 38,433
 Minority interest 382 327
 Shareholders' equity 239,463 244,427
 Total $654,602 $674,713
 -0- 7/22/92
 /CONTACT: Charles B. Buchanan of Albany International, 518-445-2253/
 (AIN) CO: Albany International ST: New York IN: PAP SU: ERN


KK -- CL021 -- 2149 07/22/92 17:19 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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