In the recent press release, Lydall announces positive results in their financial standing for the third quarter and nine months ended September 30, 2009.
Dale Barnhart, President and Chief Executive Officer, commented, “While net sales in the current quarter were lower than the third quarter of 2008, we began to see some positive signs in certain of the markets that our businesses serve. In the third quarter of 2009, net sales and gross margin percentage improved in all our segments compared to the second quarter of 2009. Net sales for the Company increased by $8.9 million, or approximately 16%, net of foreign currency translation, in the third quarter of 2009 compared to the second quarter of 2009. As a result of this improved revenue, the Company’s third quarter financial results improved significantly from the second quarter of 2009.
“We are encouraged by the improvement in financial results by our Performance Materials and Thermal/Acoustical segments. Operating income from the Performance Materials segment in the current quarter was $2.9 million, an improvement of $1.8 million from the second quarter of 2009. In our Thermal/Acoustical segment, we were able to record a nominal profit due to higher sales as well as from savings beginning to be realized from the consolidation of our North American automotive facilities and from our Lean Six Sigma program.
“Going into the fourth quarter of 2009, while we have started to show improvement in our financial results, the Company expects global economic uncertainties to continue to affect the markets in which the Company’s businesses operate. The Company will remain focused on opportunities in its markets, managing working capital, cash generation and improving our business operating processes through our Lean Six Sigma program.” Â
