Lydall Inc. had record sales for the fourth quarter, but a large tax liability pushed net earnings for the Manchester maker of specialty filters, containers and air controllers into the red.
Lydall lost $389,000, or 2 cents a share, for the three months ended Dec. 31, narrower than its loss of $3.6 million, or 21 cents a share, the same period in 2009.
The company said its loss included the recognition of additional tax expense of $1.9 million, or 11 cents a share, due to recording valuation allowances on certain deferred tax assets as their future realization was not reasonably assured.
Fourth-quarter revenues rose 32 percent to a record $95.8 million vs. $72.5 million a year earlier.
In 2010, Lydall earned $2.7 million, or 16 cents a share, reversing its 2009 loss of $14.6 million, or 88 cents a share.
Revenues last year climbed to $338 million from $249 million in 2009.
Lydall’s products include synthetic materials for automotive heat and sound insulation and air and oil filters. It also makes containers for storing blood and other biomedical fluids and tissues and indoor-atmosphere controllers.
