Exhibit 99.1

Albany International Reports Fourth-Quarter Results

Fourth-quarter Highlights

  • Net sales were $251.6 million, an increase of 11.0% compared to 2017 (see Table 2). Excluding the impact of adoption of the ASC 606 revenue recognition standard and currency translation effects, Net sales increased 14.5% (see Table 3).
  • Net income attributable to the Company was $17.6 million ($0.55 per share), compared to $5.9 million ($0.18 per share) in Q4 2017. Q4 2018 Net income attributable to the Company was increased by $2.5 million ($0.08 per share) as a result of adopting ASC 606 (see Table 16).
  • Net income attributable to the Company, excluding adjustments (a non-GAAP measure), was $0.74 per share, compared to $0.44 per share in Q4 2017 (see Table 20).
  • Adjusted EBITDA (a non-GAAP measure) was $57.7 million, compared to $43.4 million in Q4 2017 (see Tables 10 and 11).

ROCHESTER, N.H.--(BUSINESS WIRE)--February 11, 2019--Albany International Corp. (NYSE:AIN) reported that Q4 2018 Net income attributable to the Company was $17.6 million, including a charge of $1.8 million from income tax adjustments. Net income attributable to the Company was increased by $2.5 million as a result of the adoption of ASC 606. Q4 2017 Net income attributable to the Company was $5.9 million, including a net charge of $5.1 million from income tax adjustments.

Q4 2018 Income before income taxes was $27.8 million, including $1.9 million of restructuring charges, $2.9 million of losses from foreign currency revaluation, and a net charge of $1.5 million for pension settlements and curtailments. Q4 2017 Income before income taxes was $15.1 million, including restructuring charges of $3.3 million and losses of $1.8 million from foreign currency revaluation.

Effective January 1, 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers, using the modified retrospective method for transition. Table 1 summarizes the Q4 and full-year 2018 effect on various financial statement line items that resulted from the adoption of the new standard.


The following information was filed by Albany International Corp (AIN) on Monday, February 11, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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