Lydall posts 3Q loss; names new CFO

Manchester manufacturer Lydall Inc. said today it lost money in the third quarter on slumping sales.

The maker of woven filters and temperature and acoustical insulation lost $300,000, or 2 cents a share, in the three months ended Sept. 30, compared to a profit of $2.7 million, or 16 cents, the same quarter last year.

Sales dropped 7 percent to $66.1 million in the most recent quarter from $71.1 million last year.

Sitting atop $12.7 million in cash and with barely any debt, Lydall said it won't have to borrow anytime soon.

Meantime, the company announced a new chief financial officer is coming aboard -- Erika K. Turner has been appointed vice president, CFO and treasurer, effective Wednesday. She will replace Thomas P. Smith, who is resigned those posts today, Lydall said.

Turner most recently was CFO at Superior Industries International Inc., a Van Nuys, Calif., supplier of aluminum wheels to major carmakers. Before that, she was CFO at Monogram Systems, a California supplier of aerospace cabin systems and equipment.