Lydall, Inc. has announced financial results for the third quarter and nine months ended 30th September 2009.
Net sales for the third quarter of 2009 were $66.1m, compared to $71.1m for the third quarter of 2008.
Excluding the impact of foreign currency translation, net sales decreased by $3.9m, or 5.5% compared to 2008.
Loss from continuing operations was ($0.3)m, or ($.02) per diluted share, compared to income from continuing operations of $1.7m, or $.10 per diluted share in the third quarter of 2008.
Net loss for the current quarter was ($0.3)m, or ($.02) per diluted share, compared to net income of $2.7m, or $.16 per diluted share for the third quarter of 2008.
Net sales for the nine months ended 30th September 2009 were $176.4m compared with $245m for the comparable period of 2008.
Excluding the impact of foreign currency translation, net sales decreased by $60.9m, or 24.9%, in the first nine months of 2009 compared with the nine months ended 30th September 2008.
Loss from continuing operations and net loss for the first nine months of 2009 were ($10.7)m, or ($.65) per diluted share.
The first nine months of 2009 included pre-tax restructuring expenses of $5.1m, or $.20 per diluted share, related to the consolidation of the North American automotive operation.
Gross margin percentage for the third quarter of 2009 was 17.2% compared with 20.9% for the same quarter of 2008.
Dale Barnhart, President and Chief Executive Officer commented, $quot;While net sales in the current quarter were lower than the third quarter of 2008, we began to see some positive signs in certain of the markets that our businesses serve.”
“In the third quarter of 2009, net sales and gross margin percentage improved in all our segments compared to the second quarter of 2009.”
$quot;We are encouraged by the improvement in financial results by our Performance Materials and Thermal/Acoustical segments. Operating income from the Performance Materials segment in the current quarter was $2.9 million, an improvement of $1.8 million from the second quarter of 2009.”
$quot;In the third quarter of 2009, we remained focused on managing working capital and improving cash generation. We continued to reduce our inventory levels in the current quarter as inventories were lower by $5.7 million, or 15%, compared to 30th June 2009.”
“For the second consecutive quarter we generated cash from operating activities, and have now generated over $2 million in cash from operating activities in the nine months ended 30th September 2009.”
$quot;Going into the fourth quarter of 2009, while we have started to show improvement in our financial results, the company expects global economic uncertainties to continue to affect the markets in which the company's businesses operate.”
“The company will remain focused on opportunities in its markets, managing working capital, cash generation and improving our business operating processes through our Lean Six Sigma program.$quot;