Basis of Presentation

3 Months Ended

Mar. 31, 2012

Basis of Presentation [Abstract]

Basis of Presentation

1. Basis of Presentation

In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal, recurring adjustments, necessary for a fair presentation of results for such periods. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements for interim periods does not require all of the disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The December 31, 2011 financial position data included herein was derived from the audited consolidated financial statements included in the 2011 Form 10-K but does not include all disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K as filed with the SEC for the year ended December 31, 2011.

Effective with the first quarter of 2012, we merged our Paper Machine Clothing (PMC) and Engineered Fabrics (EF) business segments. The combined segment is called Machine Clothing (MC). The change was made to better align financial reporting with our organizational structure. Additionally, in the fourth quarter of 2011, we announced the sale of our Albany Doors business (ADS) and, beginning with the fourth quarter of 2011, we presented the results of that business as a discontinued operation. In the tables below, we have presented the consolidated income statement and segment data as reported in the first quarter of 2011, and the modifications made to conform to the current year presentation.

	As reported	Reclassify ADS		Q1 2011
	March 31,	to discontinued	Other	reported in
	2011	operations	reclassifications	2012 format
Net sales	$251,850	($45,128)		$206,722
Cost of goods sold	146,857	(28,980)		117,877
Gross profit	104,993	(16,148)	-	88,845
Selling, general, and administrative expenses	57,765	(10,289)		47,476
Technical, product engineering, and research expenses	15,135	(781)		14,354
Restructuring and other, net	186	(152)		34
Pension settlement expense	-	-		-
Operating income	31,907	(4,926)	-	26,981
Interest expense, net	4,776	-		4,776
Other expense, net	4,869	(49)	(7)	4,813
Income before income taxes	22,262	(4,877)	7	17,392
Income tax expense/(benefit)	5,309	(1,321)		3,988
Income from continuing operations before earnings of associated companies	16,953	(3,556)	7	13,404
Equity in losses from associated companies	220	(227)	7	-
Income from continuing operations	16,733	(3,329)	-	13,404
Income from operations of discontinued business		4,650		4,650
Gain on sale of discontinued business	-	-		-
Income tax expense on discontinued operations	-	1,321		1,321
Income from discontinued operations	-	3,329		3,329
Net income	$16,733	$            -	$             -	$16,733
Earnings per share - Basic
(Loss)/income from continuing operations	$0.54			$0.43
Discontinued operations	0.00			0.11
Net (loss)/income	$0.54			$0.54
Earnings per share - Diluted
(Loss)/income from continuing operations	$0.54			$0.43
Discontinued operations	0.00			0.10
Net (loss)/income	$0.54			$0.53
Shares used in computing earnings per share:
Basic	31,223			31,223
Diluted	31,384			31,384

Modifications to segment reporting
			Reclassify ADS				Q1 2011
Net sales	As reported		to discontinued		Merger of PMC		reported in
(000's)	Q1 2011		operations		PMC and EF		2012 format
PMC	167,896				(167,896	)	-
Machine Clothing					188,482		188,482
Doors	45,128		(45,128	)			-
EF	20,586				(20,586	)	-
Composites	11,472						11,472
PrimaLoft® Products	6,768						6,768
Total	251,850		(45,128	)	-		206,722
			Reclassify ADS				Q1 2011
Gross profit	As reported		to discontinued		Merger of PMC		reported in
(000's)	Q1 2011		operations		PMC and EF		2012 format
PMC	78,320				(78,320	)	-
Machine Clothing					86,537		86,537
Doors	16,148		(16,148	)			-
EF	8,217				(8,217	)	-
Composites	(19	)					(19	)
PrimaLoft® Products	3,657						3,657
Non Segment	(1,330	)					(1,330	)
Total	104,993		(16,148	)	-		88,845
			Reclassify ADS				Q1 2011
Operating income	As reported		to discontinued		Merger of PMC		reported in
(000's)	Q1 2011		operations		PMC and EF		2012 format
PMC	46,230				(46,230	)	-
Machine Clothing					50,271		50,271
Doors	5,371		(5,371	)			-
EF	4,041				(4,041	)	-
Composites	(1,043	)					(1,043	)
PrimaLoft® Products	1,911						1,911
Research	(7,165	)					(7,165	)
Non Segment	(17,438	)	445				(16,993	)
Total	31,907		(4,926	)	-		26,981