UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 1, 2009
ALBANY INTERNATIONAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-10026 14-0462060
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1373 Broadway, Albany, New York 12204
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 445-2200
None
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13a-4(c))
2.02. Results of Operations and Financial Condition
Albany International Corp. (the "Company) operates its business in the following
five segments: Paper Machine Clothing, Albany Door Systems, Engineered Fabrics,
Engineered Composites, and PrimaLoft(R) Products. Effective January 1, 2009, the
Company changed its business segment reporting by reclassifying global
information systems (GIS) expenses. As a result of the reclassification, GIS
expenses are presented as being unallocated to any specific business segment.
Additionally, the Company has modified previously reported segment operating
income as detailed in Exhibit 99.1 to be consistent with the reclassification.
In May 2008, the Financial Accounting Standards Board issued Staff Position No.
APB 14-1, Accounting for Convertible Debt Instruments that May be Settled in
Cash Upon Conversion ("FSP APB 14-1"). FSP APB 14-1 requires that the liability
and equity components of convertible debt instruments that may be settled in
cash upon conversion (including partial cash settlement) be separately accounted
for in a manner that reflects an issuer's nonconvertible debt borrowing rate.
The Company has adopted FSP APB 14-1 effective January 1, 2009 and will reflect
the new accounting in its 2009 financial statements, starting with its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2009. Retrospective
application to all periods presented is required. Accordingly, the Company will
adjust its previously issued financial statements to give effect to FSP APB
14-1, as applicable. The effect on the financial statements is summarized in
Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Schedules showing the effect on operating income of changes in reportable
segments for quarterly periods of 2008, full year 2008, and full year 2007.
99.2 Schedules showing the effect on financial statements of adopting FSP APB
14-1 for quarterly periods of 2008 and 2007, and full year 2006, 2007 and 2008.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ALBANY INTERNATIONAL CORP.
By: /s/ David Pawlick
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Name: David Pawlick
Title: Vice President -- Controller
Date: April 30, 2009
EXHIBIT INDEX
Exhibit No. Description
99.1 Schedules showing the effect on operating income of changes in
reportable segments for quarterly periods of 2008, full year
2008, and full year 2007.
99.2 Schedules showing the effect on financial statements of
adopting FSP APB 14-1 for quarterly periods of 2008 and 2007,
and full year 2006, 2007 and 2008.