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May 5, 2014

Lydall’s 1Q profits fall on acquisition costs

Specialty filtration and insulation products manufacturer Lydall Inc., based in Manchester, said its first-quarter profits fell 17 percent on expenses related to its $83 million acquisition of Andrew Filtration from a United Kingdom company.

Lydall booked $5 million in net income, or 22 cents per diluted share, down from $5 million, or 26 cents, in the first quarter of 2013.

The drop came despite an infusion of $17.7 million in new revenue from Andrew, as well as $8.6 million in organic sales growth. Net sales, including the acquisition, were $125.2 million, up from $99 million a year ago.

The company incurred $2.4 million in acquisition-transaction costs during the quarter.

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