Lydall Inc. (LDL, Financial) filed Annual Report for the period ended 2010-12-31.
Lydall Inc. has a market cap of $152.7 million; its shares were traded at around $8.94 with and P/S ratio of 0.6. Hedge Fund Gurus that owns LDL: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns LDL: Arnold Van Den Berg of Century Management, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Foreign and export sales were 49.9% of net sales in 2010, 50.3% in 2009 and 53.2% in 2008. Export sales primarily to Europe, Asia, Mexico and Canada were $46.2 million, $28.8 million and $44.0 million in 2010, 2009 and 2008, respectively. Foreign sales were $122.4 million, $96.3 million and $118.5 million for the years ended December 31, 2010, 2009 and 2008, respectively. The increase in export sales during 2010 was primarily related to higher export sales to Canada, China and Mexico in the Performance Materials and Thermal/Acoustical segments as a result of markets beginning to recover from the global economic recession. The increase in foreign net sales during 2010 was primarily from the Germany automotive facility, included in the Thermal/Acoustical segment.
Foreign operations generated operating income of $11.0 million, $1.6 million and $8.3 million for the years ended December 31, 2010, 2009 and 2008, respectively. Total foreign assets were $94.1 million at December 31, 2010 compared with $97.6 million at December 31, 2009.
The Company invested $8.7 million in 2010, $7.9 million in 2009 and $8.5 million in 2008, or approximately 3% of net sales for all years, in research and development to develop new products and to improve existing products. All amounts were expensed as incurred. Most of the investment in research and development is application specific. There were no significant customer-sponsored research and development activities during the past three years.
Backlog at January 31, 2011 was $55.7 million. Lydalls backlog was $49.0 million at December 31, 2010, $26.3 million at December 31, 2009 and $18.0 million at December 31, 2008. Thermal/Acoustical segment backlog, comprising the global automotive business, included in Lydalls backlog was $31.8 million, $12.2 million and $8.2 million at December 31, 2010, 2009 and 2008, respectively. Thermal/Acoustical backlog may be impacted by various assumptions, including future automotive production volume estimates, changes in program launch timing and changes in customer development plans. The Company believes that global automotive orders for a two month period represent a reasonable timeframe to be deemed as firm orders and included as Thermal/Acoustical segment backlog. The increase in Lydalls backlog at December 31, 2010 compared with December 31, 2009 was due to a significant improvement in demand from customers beginning to recover from the global economic recession and market share gains in certain markets served by the Company. There are minimal seasonal aspects to Lydalls backlog as of the end of the Companys fiscal years.
International Operations The Company believes that in order to be competitive and grow its businesses, it needs to maintain significant international operations. Foreign sales were $122.4 million, $96.3 million, and $118.5 million in 2010, 2009 and 2008, respectively. Operations outside the United States may be subject to inherent risks including political and economic conditions in various countries, unexpected changes in regulatory requirements, longer accounts receivable collection cycles and potentially adverse tax consequences.
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Lydall Inc. has a market cap of $152.7 million; its shares were traded at around $8.94 with and P/S ratio of 0.6. Hedge Fund Gurus that owns LDL: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns LDL: Arnold Van Den Berg of Century Management, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Thermal/Acoustical segment sales to the automotive market represented 53.0% of Lydalls net sales in 2010, 51.3% in 2009 and 53.5% in 2008. Sales to Ford Motor Company were $35.0 million and $24.1 million, or approximately 10% of Lydalls 2010 and 2009 net sales, respectively. Sales to Volkswagen were approximately 10% of net sales in 2008. Sales to Chrysler were approximately 10% of net sales in 2008. No other single customer accounted for more than 10% of the Companys net sales in 2010, 2009 or 2008.Foreign and export sales were 49.9% of net sales in 2010, 50.3% in 2009 and 53.2% in 2008. Export sales primarily to Europe, Asia, Mexico and Canada were $46.2 million, $28.8 million and $44.0 million in 2010, 2009 and 2008, respectively. Foreign sales were $122.4 million, $96.3 million and $118.5 million for the years ended December 31, 2010, 2009 and 2008, respectively. The increase in export sales during 2010 was primarily related to higher export sales to Canada, China and Mexico in the Performance Materials and Thermal/Acoustical segments as a result of markets beginning to recover from the global economic recession. The increase in foreign net sales during 2010 was primarily from the Germany automotive facility, included in the Thermal/Acoustical segment.
Foreign operations generated operating income of $11.0 million, $1.6 million and $8.3 million for the years ended December 31, 2010, 2009 and 2008, respectively. Total foreign assets were $94.1 million at December 31, 2010 compared with $97.6 million at December 31, 2009.
The Company invested $8.7 million in 2010, $7.9 million in 2009 and $8.5 million in 2008, or approximately 3% of net sales for all years, in research and development to develop new products and to improve existing products. All amounts were expensed as incurred. Most of the investment in research and development is application specific. There were no significant customer-sponsored research and development activities during the past three years.
Backlog at January 31, 2011 was $55.7 million. Lydalls backlog was $49.0 million at December 31, 2010, $26.3 million at December 31, 2009 and $18.0 million at December 31, 2008. Thermal/Acoustical segment backlog, comprising the global automotive business, included in Lydalls backlog was $31.8 million, $12.2 million and $8.2 million at December 31, 2010, 2009 and 2008, respectively. Thermal/Acoustical backlog may be impacted by various assumptions, including future automotive production volume estimates, changes in program launch timing and changes in customer development plans. The Company believes that global automotive orders for a two month period represent a reasonable timeframe to be deemed as firm orders and included as Thermal/Acoustical segment backlog. The increase in Lydalls backlog at December 31, 2010 compared with December 31, 2009 was due to a significant improvement in demand from customers beginning to recover from the global economic recession and market share gains in certain markets served by the Company. There are minimal seasonal aspects to Lydalls backlog as of the end of the Companys fiscal years.
International Operations The Company believes that in order to be competitive and grow its businesses, it needs to maintain significant international operations. Foreign sales were $122.4 million, $96.3 million, and $118.5 million in 2010, 2009 and 2008, respectively. Operations outside the United States may be subject to inherent risks including political and economic conditions in various countries, unexpected changes in regulatory requirements, longer accounts receivable collection cycles and potentially adverse tax consequences.
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