The fourth-quarter financial results included:

  • Net sales of $189.6 million, a decrease of 2.4% compared to Q4 2012.
  • Adjusted EBITDA for Q4 2013 of $33.6 million, compared to $37.8 million in Q4 2012.
  • In the fourth quarter, Safran S.A. obtained a 10% non-controlling equity interest in Albany Safran Composites, LLC (ASC) for $28 million.
  • Q4 2013 income attributable to the company (which excludes income allocated to the non-controlling interest in ASC) was $0.27 per share. These results were increased by a credit to restructuring of $0.03 and net favourable income tax adjustments of $0.02, and were reduced by foreign currency revaluation losses of $0.03.
  • Q4 2012 income attributable to the company was $0.26 per share. These results included restructuring charges of $0.02, foreign currency revaluation losses of $0.08, and net unfavourable income tax adjustments of $0.01.
  • Net debt at the end of Q4 was $81.8 million, a decline of $13.1 million for the quarter and $47.2 million for the full year.