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, 2022, 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, 2022, there were no outstanding Class B shares. 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
2022
Cash dividends per share
$ 0.21 $ 0.21 $ 0.21 $ 0.25
Class A Common Stock prices:
High
$ 91.25 $ 87.91 $ 97.20 $ 104.34
Low
$ 80.84 $ 75.94 $ 77.50 $ 81.62
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
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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 eighteen companies included in the customized peer group which are: Barnes Group Inc, Bwx Technologies Inc, Curtiss-Wright Corp, Enpro Industries Inc, Esco Technologies Inc, Franklin Electric Co Inc, Graco Inc, Heico Corp, Hexcel Corp, Kadant Inc, Kaman Corp, Mercury Systems Inc, Nordson Corp, Spx Technologies Inc, Teledyne Technologies Inc, Trimas Corp, Triumph Group Inc and Woodward 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, 2017 and tracks it through December 31, 2022.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
*$100 invested on 12/31/17 in stock or index, including reinvestment of dividends.
Copyright© 2023 Russell Investment Group. All rights reserved.
Fiscal year ending December 31.
December 31,
2017 2018 2019 2020 2021 2022
Albany International Corp.
100.00 102.66 126.05 123.64 150.38 169.27
Russell 2000
100.00 88.99 111.70 134.00 153.85 122.41
Peer Group
100.00 91.25 124.78 133.75 158.91 150.66
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.
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Issuer Purchases of Equity Securities during the year ended December 31, 2022
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 (in thousands)
January 1 to January 31, 2022 140,879 $ 85.24 140,879 $ 163,722
February 1 to February 28, 2022 145,164 86.29 145,164 151,244
March 1 to March 31, 2022 228,643 85.51 228,643 131,688
April 1 to April 30, 2022 236,091 82.21 236,091 112,418
May 1 to May 31, 2022 271,940 80.98 271,940 90,561
June 1 to June 30, 2022 — — — 90,561
July 1 to July 31, 2022 — — — 90,561
August 1 to August 31, 2022 — — — 90,561
September 1 to September 30, 2022 — — — 90,561
October 1 to October 31, 2022 — — — 90,561
November 1 to November 30, 2022 — — — 90,561
December 1 to December 31, 2022 — — — 90,561
Total 1,022,717 1,022,717 90,561
In 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. In total the Company has repurchased 1,308,003 shares for a total cost of $109.4M, of which 1,022,717 shares were repurchased in 2022 for $85.1 million and 285,286 shares were repurchased in 2021 for $24.3 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. 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) 2022 2021 2020 2019 2018
Summary of Operations
Net sales (3) (4) $ 1,034,887 $ 929,240 $ 900,610 $ 1,054,132 $ 982,479
Cost of goods sold (3) (4) (5) 645,105 550,849 529,538 656,431 632,730
Restructuring and other (6) 106 1,331 5,736 2,905 15,570
Operating income/(loss) (1) (3) (5) 181,022 178,011 166,080 193,576 137,408
Interest expense, net 14,000 14,891 13,584 16,921 18,124
Income from continuing operations 96,508 118,768 97,243 133,383 83,019
Net income attributable to the Company 95,762 118,478 98,589 132,398 82,891
Earnings per share attributable to Company Shareholders- Basic 3.06 3.66 3.05 4.10 2.57
Earnings per share attributable to Company Shareholders- Diluted 3.04 3.65 3.05 4.10 2.57
Dividends declared per share 0.88 0.81 0.77 0.73 0.69
Weighted average number of shares outstanding - basic 31,339 32,348 32,329 32,296 32,252
Capital expenditures, including software 96,348 53,699 42,390 67,955 82,886
Financial position
Cash $ 291,776 $ 302,036 $ 241,316 $ 195,540 $ 197,755
Property, plant and equipment, net (2) (3) 445,658 436,417 448,554 466,462 462,055
Total assets (1) (2) (3) (4) 1,642,255 1,556,064 1,549,936 1,474,368 1,417,992
Current liabilities (2) (3) 211,316 208,166 190,863 202,719 189,306
Long-term debt (2) 439,000 350,000 398,000 424,009 523,707
Total noncurrent liabilities (2) (3) 563,396 470,293 539,208 568,960 620,406
Total liabilities (2) (3) (4) 774,712 678,459 730,071 771,679 809,712
Total equity (1) (2) (4) 867,543 877,605 819,865 702,689 608,280
(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) During the period 2018 through 2022, we recorded restructuring charges related to organizational changes
and cost reduction initiatives.
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