Boston, MA 03/12/2014 (wallstreetpr) – Lydall, Inc. (NYSE:LDL) announced financial results for the fourth quarter and full year ended Dec 31, 2013.
Q4 2013 Results
As compared to fourth quarter 2012, net sales in the fourth quarter 2013 increased 10.4% and increased from $90.5 million to $99.9 million. Favorable foreign currency translation is $1.6 million or 1.7%. With gross margin of 20.45, an improvement is seen from the same quarter of 2012 of 130 basis points. Operating income reported was $5.3 million which means 5.3% net sales. This is comparable to the operating income of $2 million and 2.2% net sales in the fourth quarter of 2012.
The results for the reported quarter included $1.1 million or $0.04 per share of transaction costs which are associated with the company’s complete acquisition of the industrial filtration business of Andrew Industries Ltd. on Feb 20, 2014. It also included an asset impairment expense of $1.8 million or $0.07 per share. Net income was reported to be $4.1 million or $0.25 per share. This is comparable to the $2.4 million or $0.14 per share of net income in the same quarter of the prior year. Tax benefits decreased to $0.9 million or %0.05 per share as compared to last year’s $1.3 million or $0.08 per share.
Full Year 2013 Results
Net sales in 2013 were $398 million, which marks an increase of 5% from the previous year’s $378.9 million. Favorable foreign currency translation impact was $3.8 million or 1%. Gross margin improved 90 basis points from 2012 and reached 21.4%. Operating income was $28.7 million or 7.2% of net slaes, up from previous year’s $21.4 million operating income or 5.6% net sales. Net income was $19.2 million or $1.14 per share increasing from $16.8 million or $0.99 per share from 2012. This year’s and previous year’s tax benfits were $1.6 million or $0.10 per share and $3.9 million or 40.23 per share, respectively.
