Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
We have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $0.001 and equal liquidation rights. Our Class A Common Stock is principally traded on the New York Stock Exchange under the symbol AIN. According to Broadridge, as of December 31, 2021, there were over 20,000 beneficial owners of our Class A Common Stock, including employees owning shares through our 401(k) defined contribution plan. Our Class B Common Stock does not trade publicly. As of December 31, 2021, there was 1 holder of Class B Common Stock. Dividends are paid equally on shares of each class. Our cash dividends, and the high and low prices per share of our Class A Common Stock, were as follows for the periods presented:
Quarter Ended
March 31
June 30
September 30
December 31
2021
Cash dividends per share
$ 0.20 $ 0.20 $ 0.20 $ 0.21
Class A Common Stock prices:
High
$ 88.01 $ 92.26 $ 88.88 $ 89.92
Low
$ 69.52 $ 81.80 $ 75.13 $ 79.31
2020
Cash dividends per share
$ 0.19 $ 0.19 $ 0.19 $ 0.20
Class A Common Stock prices:
High
$ 79.27 $ 71.35 $ 56.94 $ 74.00
Low
$ 31.61 $ 42.13 $ 48.08 $ 49.50
The graph below matches the cumulative 5-Year total return of holders of Albany International Corp.’s common stock with the cumulative total returns of the Russell 2000 index and a customized peer group of twenty one companies that includes: Astronics Corp, Barnes Group Inc., Circor International Inc., Curtiss-wright Corp, Ducommun Inc., Enerpac Tool Group Corp, Enpro Industries Inc., Esco Technologies Inc., Heico Corp, Hexcel Corp, Idex Corp, Kadant Inc., National Presto Industries Inc., Neenah Inc., Nordson Corp, P H Glatfelter Co, Rogers Corp, Schweitzer-Mauduit International Inc., Tredegar Corp, Trimas Corp and Watts Water Technologies Inc. The graph assumes that the value of the investment in our common stock, in each index, and in the peer group (including reinvestment of dividends) was $100 on December 31, 2016 and tracks it through December 31, 2021.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
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*$100 invested on 12/31/16 in stock or index, including reinvestment of dividends.
Copyright© 2022 Russell Investment Group. All rights reserved.
Fiscal year ending December 31.
December 31,
2016 2017 2018 2019 2020 2021
Albany International Corp.
100.00 134.48 138.06 169.52 166.28 202.23
Russell 2000
100.00 114.65 102.02 128.06 153.62 176.39
Peer Group
100.00 130.01 117.75 160.68 171.49 203.04
The stock price performance included in this graph is not necessarily indicative of future stock price performance.
Restrictions on dividends and other distributions are described in Note 17 of the Consolidated Financial Statements, included under Item 8 of this Form 10-K.
Disclosures of securities authorized for issuance under equity compensation plans are included under Item 12 of this Form 10-K.
Issuer Purchases of Equity Securities during the three months ended December 31, 2021
Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced program Approx. dollar value of shares that may yet be purchased under the program
November 1 to November 30 126,677 $ 86.46 126,677 $ 189,110
December 1 to December 31 158,609 85.48 158,609 175,631
Total 285,286 285,286 $ 175,631
On October 25, 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase program does not have an expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities and capital structure. Through December 31, 2021, the Company has repurchased 285,286 shares for a total of cost of $24.4 million.
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Item 6. SELECTED FINANCIAL DATA
The following selected historical financial data have been derived from our Consolidated Financial Statements in Item 8, which is incorporated herein by reference. The data should be read in conjunction with those financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7.
(in thousands, except per share amounts) 2021 2020 2019 2018 2017
Summary of Operations
Net sales (3) (4) $ 929,240 $ 900,610 $ 1,054,132 $ 982,479 $ 863,717
Cost of goods sold (3) (4) (5) (6) 550,849 529,538 656,431 632,730 567,434
Restructuring and other (6) (7) 1,331 5,736 2,905 15,570 13,491
Operating income/(loss) (1) (3) (5) 178,011 166,080 193,576 137,408 78,676
Interest expense, net 14,891 13,584 16,921 18,124 17,091
Income from continuing operations 118,768 97,243 133,383 83,019 32,585
Net income attributable to the Company 118,478 98,589 132,398 82,891 33,111
Earnings per share attributable to Company Shareholders- Basic 3.66 3.05 4.10 2.57 1.03
Earnings per share attributable to Company Shareholders- Diluted 3.65 3.05 4.10 2.57 1.03
Dividends declared per share 0.81 0.77 0.73 0.69 0.68
Weighted average number of shares outstanding - basic 32,348 32,329 32,296 32,252 32,169
Capital expenditures, including software 53,699 42,390 67,955 82,886 87,637
Financial position
Cash $ 302,036 $ 241,316 $ 195,540 $ 197,755 $ 183,727
Property, plant and equipment, net (2) (3) 436,417 448,554 466,462 462,055 454,302
Total assets (1) (2) (3) (4) (6) 1,556,064 1,549,936 1,474,368 1,417,992 1,361,198
Current liabilities (2) (3) 208,166 190,863 202,719 189,306 161,517
Long-term debt (2) 350,000 398,000 424,009 523,707 514,120
Total noncurrent liabilities (2) (3) 470,293 539,208 568,960 620,406 626,666
Total liabilities (2) (3) (4) 678,459 730,071 771,679 809,712 788,183
Total equity (1) (2) (4) 877,605 819,865 702,689 608,280 573,015
(1) In 2020, we adopted the provisions of ASC 326, Current Expected Credit Losses (CECL), using the
modified retrospective (or cumulative effect) method for transition. Under this transition method, periods prior to 2020 were not restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2020.
(2) In 2019, we adopted the provisions of ASC 842, “Leases”, using the modified retrospective (or cumulative
effect) method for transition. Under this transition method, periods prior to 2019 have not been restated and
the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained
earnings at January 1, 2019.
(3) In 2019, we acquired the outstanding shares of CirComp GmbH for net cash of $36.3 million, which includes
approximately $5.5 million of deferred payments.
(4) In 2018, we adopted the provisions of ASC 606, “Revenue from contracts with customers”, using the modified
retrospective (or cumulative effect) method for transition. Under this transition method, periods prior to 2018
have not been restated and the cumulative effect of initially applying the new standard was recorded as an
adjustment to Retained earnings at January 1, 2018.
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(5) In 2018, we adopted the provisions of ASU 2017-07, “Compensation – Retirement Benefits: improving the
presentation of net periodic pension cost and net periodic postretirement benefit cost”. This update resulted in
some pension costs being presented on different line items in the Consolidated Statement of Income. As
required by that update, we have reclassified pension costs for periods prior to 2018.
(6) In 2017, we discontinued the Bear Claw® line of hydraulic fracturing components used in the oil and gas
industry, which led to a charge of $2.8 million to Cost of goods sold for the write-off of inventory, and a non-
cash restructuring charge of $4.5 million for the write-off of equipment and intangibles.
(7) During the period 2017 through 2021, we recorded restructuring charges related to organizational changes
and cost reduction initiatives.
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