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LYDALL ADJUSTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2007
MANCHESTER, CT - November 6, 2007 -- LYDALL, INC. (NYSE: LDL) today announced that its net income for the quarter ended September 30, 2007 was $1.9 million, or $.12 per basic share and $.11 per diluted share, and net income year-to-date was $6.7 million, or $.41 per basic and diluted share. The Company previously announced, in a press release on October 26, 2007, that net income for the quarter ended September 30, 2007 was $1.7 million, or $.11 per basic and diluted share, and net income year-to-date was $6.5 million, or $.40 per basic and diluted share. The previously announced financial results were impacted by an adjustment to a current liability and cost of sales, which occurred subsequent to the Company's previous earnings announcement. Due to rounding, diluted earnings per share was unchanged for the quarter ended September 30, 2007 as compared to the previously announced financial results.
Gross margin as a percent of net sales for the third quarter of 2007 was 21.5 percent compared to 21.2 percent previously announced.
Operating income for the Thermal/Acoustical segment increased by $0.5 million for the current quarter compared with the third quarter of 2006. The Company previously announced an increase of $0.2 million in operating income for the Thermal/Acoustical segment.
Updated summary information is attached.
Lydall, Inc. is a New York Stock Exchange listed company, headquartered in Manchester, Connecticut. The Company, with operations in the U.S., France, and Germany and sales offices in the U.S., Europe, and Asia, focuses on specialty engineered products for the thermal/acoustical and filtration/separation markets.
Cautionary Note Concerning Factors That May Affect Future Results
Stockholders are referred to Lydall's 2006 Annual Report on Form 10-K, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Cautionary Note Concerning Factors That May Affect Future Results," and "Risk Factors" which outline certain risks regarding the Company's forward-looking statements. Such risks include, among others: a major downturn of the automotive market, which accounted for approximately 52 percent of Lydall's 2007 year-to-date net sales, dependence on large customers, pricing pressures from OEM automotive customers, changes in raw material pricing and supply, specifically, aluminum and other metals used in most of the Company's heat-shield products, various fibers used in thermal/acoustical and filtration/separation products and copper used in active thermal products. In addition, increases in energy pricing, inherent risks at international operations, expansion into new geographic regions, the timing and performance of new-product introductions, compliance with environmental laws and regulations, outcomes of legal contingencies and strategic transactions can impact Lydall's projected results. For further details on these risks and other pertinent information on Lydall, copies of the Company's Forms 10-K, 10-Q and 8-K are available on Lydall's web site, www.lydall.com. Information may also be obtained from the Company Contact: Thomas P. Smith, Vice President, Chief Financial Officer and Treasurer, at One Colonial Road, Manchester, CT 06042; Telephone 860-646-1233, email: investor@lydall.com