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Albany International reports 4Q results.

Rochester-based Albany International Corp. reported fourth quarter income of $8.7 million, a 6 percent increase from 2012, when the company had income of $8.2 million. Per-share earnings were 27 cents.

The company said the results were aided by a net reduction in restructuring costs of $2.1 million and income tax adjustments of $600,000, and were hurt by foreign currency revaluation losses of $1.6 million.

Net sales were $189.6 million, a decrease of 2.4 percent compared to the same period in 2012.

Also in the fourth quarter, Albany reported that Safran S.A. had obtained a 10 percent noncontrolling equity interest in Albany Safran Composites LLC, a joint venture, for $28 million.

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Title Annotation:The Bottom Line
Publication:New Hampshire Business Review
Article Type:Financial report
Date:Mar 7, 2014
Words:118
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