Lydall Inc. (LDL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Lydall Inc. has a market cap of $158.5 million; its shares were traded at around $9.27 with and P/S ratio of 0.6. LDL is in the portfolios of Michael Price of MFP Investors LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
For the third consecutive quarter, the Company reported positive EBITDA amounts. EBITDA for the first quarter of 2010 was $3.1 million compared to EBITDA of $2.6 million for the fourth quarter of 2009 and $3.5 million for the third quarter of 2009. EBITDA is a pro forma financial measurement not in accordance with generally accepted accounting principles (GAAP). The Company defines EBITDA as net income/loss plus interest, income taxes and depreciation and amortization expenses. EBITDA is not an alternative to net income, net cash provided by operating activities or any other items calculated in accordance with GAAP. Management believes that this additional financial information is useful to management, investors, lenders and others in assessing the Companys performance and liquidity.
Performance Materials net sales represented approximately 36% of the Companys net sales in the first quarter of 2010, compared to approximately 41% in the first quarter of 2009. Net sales were $27.2 million in the first quarter of 2010, an improvement of $4.3 million, or 19.2%, net of foreign currency translation compared to the same period of 2009. Operating income for the segment was $2.0 million in the current quarter, compared to operating income of $1.3 million in the quarter ended March 31, 2009. Demand for the Companys filtration and industrial thermal insulation products improved compared to the first quarter of 2009 when these markets were significantly impacted by the global economic recession.
Operating income for the segment in the first quarter of 2010 was $1.4 million compared with an operating loss of $4.3 million in the first quarter of 2009. Higher net sales and savings realized from the NA Auto consolidation resulted in the improvement in operating results. While the Company realized savings in the first quarter of 2010 from the NA Auto consolidation, these savings were partially offset by higher manufacturing costs. As a result of a significant increase in automobile production in North America in the first quarter of 2010, there was a rapid increase in the volume of orders. As the Company increased production levels to meet demand on existing platforms and, at the same time, began to launch new platforms, the segment was impacted by manufacturing inefficiencies resulting in incremental manufacturing costs. Operating loss in the first quarter of 2009 was impacted by $2.1 million of restructuring related charges associated with the NA Auto consolidation.
The Vital Fluids business, which serves the life science industry, reported net sales of $4.2 million and operating income of $0.2 million in the first quarter of 2010, compared to net sales of $3.1 million and an operating loss $0.4 million in the comparable quarter of 2009. The Company has invested in a new production line and increased clean room capacity to allow the Vital Fluids business to further penetrate the rapidly growing bio/medical life sciences market.
Market conditions in the semiconductor industry have begun to improve allowing for increased capital equipment spending. As a result, the Affinity business, which primarily serves the semiconductor industry, reported net sales of $4.1 million and broke even in the first quarter of 2010 compared to net sales of $2.3 million and an operating loss of $0.4 million in the first quarter of 2009.
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Lydall Inc. has a market cap of $158.5 million; its shares were traded at around $9.27 with and P/S ratio of 0.6. LDL is in the portfolios of Michael Price of MFP Investors LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Company reported a net loss of $0.5 million, or ($.03) per diluted share, in the first quarter of 2010, compared to a net loss of $4.5 million, or ($.27) per diluted share in the first quarter of 2009. The first quarter of 2009 included restructuring related expenses of $1.3 million (net of tax), or $.08 per diluted share, associated with consolidation of the North American automotive operation (NA Auto consolidation).For the third consecutive quarter, the Company reported positive EBITDA amounts. EBITDA for the first quarter of 2010 was $3.1 million compared to EBITDA of $2.6 million for the fourth quarter of 2009 and $3.5 million for the third quarter of 2009. EBITDA is a pro forma financial measurement not in accordance with generally accepted accounting principles (GAAP). The Company defines EBITDA as net income/loss plus interest, income taxes and depreciation and amortization expenses. EBITDA is not an alternative to net income, net cash provided by operating activities or any other items calculated in accordance with GAAP. Management believes that this additional financial information is useful to management, investors, lenders and others in assessing the Companys performance and liquidity.
Performance Materials net sales represented approximately 36% of the Companys net sales in the first quarter of 2010, compared to approximately 41% in the first quarter of 2009. Net sales were $27.2 million in the first quarter of 2010, an improvement of $4.3 million, or 19.2%, net of foreign currency translation compared to the same period of 2009. Operating income for the segment was $2.0 million in the current quarter, compared to operating income of $1.3 million in the quarter ended March 31, 2009. Demand for the Companys filtration and industrial thermal insulation products improved compared to the first quarter of 2009 when these markets were significantly impacted by the global economic recession.
Operating income for the segment in the first quarter of 2010 was $1.4 million compared with an operating loss of $4.3 million in the first quarter of 2009. Higher net sales and savings realized from the NA Auto consolidation resulted in the improvement in operating results. While the Company realized savings in the first quarter of 2010 from the NA Auto consolidation, these savings were partially offset by higher manufacturing costs. As a result of a significant increase in automobile production in North America in the first quarter of 2010, there was a rapid increase in the volume of orders. As the Company increased production levels to meet demand on existing platforms and, at the same time, began to launch new platforms, the segment was impacted by manufacturing inefficiencies resulting in incremental manufacturing costs. Operating loss in the first quarter of 2009 was impacted by $2.1 million of restructuring related charges associated with the NA Auto consolidation.
The Vital Fluids business, which serves the life science industry, reported net sales of $4.2 million and operating income of $0.2 million in the first quarter of 2010, compared to net sales of $3.1 million and an operating loss $0.4 million in the comparable quarter of 2009. The Company has invested in a new production line and increased clean room capacity to allow the Vital Fluids business to further penetrate the rapidly growing bio/medical life sciences market.
Market conditions in the semiconductor industry have begun to improve allowing for increased capital equipment spending. As a result, the Affinity business, which primarily serves the semiconductor industry, reported net sales of $4.1 million and broke even in the first quarter of 2010 compared to net sales of $2.3 million and an operating loss of $0.4 million in the first quarter of 2009.
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