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<SEC-DOCUMENT>0000819793-98-000001.txt : 19980401
<SEC-HEADER>0000819793-98-000001.hdr.sgml : 19980401
ACCESSION NUMBER:		0000819793-98-000001
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	19971231
FILED AS OF DATE:		19980331
SROS:			NYSE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALBANY INTERNATIONAL CORP /DE/
		CENTRAL INDEX KEY:			0000819793
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILS, MAN MADE FIBER & SILK [2221]
		IRS NUMBER:				140462060
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		
		SEC FILE NUMBER:	001-10026
		FILM NUMBER:		98583408

	BUSINESS ADDRESS:	
		STREET 1:		1373 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12204
		BUSINESS PHONE:		5184452200

	MAIL ADDRESS:	
		STREET 1:		1373 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALBINT INC
		DATE OF NAME CHANGE:	19870924
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<DESCRIPTION>10-K/A
<TEXT>


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-K/A

(x)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
                                OF 1934

                   For the fiscal year ended: December 31, 1997
                                        OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES 
                             EXCHANGE ACT OF 1934

          For the transition period from _____________ to _____________

                         Commission file number: 0-16214

                           ALBANY INTERNATIONAL CORP.
             (Exact name of registrant as specified in its charter)

          Delaware                                                14-0462060
          --------                                                ----------
 (State or other jurisdiction of                              (IRS Employer
  incorporation or organization)                             Identification No.)

  1373 Broadway, Albany, New York                                    12204
  -------------------------------                                    -----
 (Address of principal executive offices)                          (Zip Code)

Registrant's telephone number, including area code               518-445-2200
                                                                 --- --- ----

Securities registered pursuant to Section 12(b) of the Act:
    Title of each class               Name of each exchange on which registered

 Class A Common Stock 
 ($0.001 par value)                        New York Stock Exchange and
 ---------------------                     ----------------------------
                                           Pacific Stock Exchange
                                           ----------------------

Securities registered pursuant to Section 12(g) of the Act:
                                      None
                                   (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports,)  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No __

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.[ ]

The  aggregate  market value of Class A Common Stock held on February 9, 1998 by
non-affiliates of the registrant was $557,192,783.

The  registrant  had  24,280,216  shares of Class A Common  Stock and  5,615,563
shares of Class B Common Stock outstanding as of February 9, 1998.

DOCUMENTS INCORPORATED BY REFERENCE                                         PART
Registrant's Annual Report to Shareholders for the year ended 
December 31, 1997.                                                           II
Registrant's Proxy Statement for the Annual Meeting of Shareholders to
be held on May 12, 1998.                                                    III
<PAGE>
Exhibit No.                         Exhibit Index
- -----------                         -------------

27                   Financial Data Schedule (Restated as of December 31, 1995)

27                   Financial Data Schedule (Restated as of March 31, 1996)

27                   Financial Data Schedule (Restated as of June 30, 1996)

27                   Financial Data Schedule (Restated as of September 30, 1996)

27                   Financial Data Schedule (Restated as of December 31, 1996)

27                   Financial Data Schedule (Restated as of March 31, 1997)

27                   Financial Data Schedule (Restated as of June 30, 1997)

27                   Financial Data Schedule (Restated as of September 30, 1997)
<PAGE>
                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the  undersigned,  thereunto duly authorized on the 31st day of March,
1998.

                           ALBANY INTERNATIONAL CORP.




                              by /s/Michael C. Nahl
                              ---------------------
                                    Michael C. Nahl
                              Principal Financial Officer
                              Senior Vice President
                              and Chief Financial Officer

</TEXT>
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<TEXT>

<TABLE> <S> <C>

<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE YEAR ENDED DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                          1,000
       
<S>                      <C>
<PERIOD-TYPE>             12-MOS
<FISCAL-YEAR-END>         DEC-31-1995
<PERIOD-END>              DEC-31-1995
<CASH>                                7,609
<SECURITIES>                              0
<RECEIVABLES>                       175,425
<ALLOWANCES>                          5,010
<INVENTORY>                         167,088
<CURRENT-ASSETS>                    364,207
<PP&E>                              625,119
<DEPRECIATION>                      282,969
<TOTAL-ASSETS>                      802,232
<CURRENT-LIABILITIES>               126,945
<BONDS>                             245,265
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          304,911
<TOTAL-LIABILITY-AND-EQUITY>        802,232
<SALES>                             652,645
<TOTAL-REVENUES>                    652,645
<CGS>                               379,696
<TOTAL-COSTS>                       562,855
<OTHER-EXPENSES>                     (1,024)
<LOSS-PROVISION>                        963
<INTEREST-EXPENSE>                   20,009
<INCOME-PRETAX>                      69,842
<INCOME-TAX>                         27,208
<INCOME-CONTINUING>                  43,011
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                         43,011
<EPS-PRIMARY>                             1.42
<EPS-DILUTED>                             1.35
        


</TABLE>
</TEXT>
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<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>3
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>

<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                          1,000
       
<S>                      <C>
<PERIOD-TYPE>             3-MOS
<FISCAL-YEAR-END>         DEC-31-1996
<PERIOD-END>              MAR-31-1996
<CASH>                                8,076
<SECURITIES>                              0
<RECEIVABLES>                       174,855
<ALLOWANCES>                          4,851
<INVENTORY>                         175,483
<CURRENT-ASSETS>                    372,620
<PP&E>                              630,484
<DEPRECIATION>                      289,632
<TOTAL-ASSETS>                      810,807
<CURRENT-LIABILITIES>               150,723
<BONDS>                             224,308
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          307,752
<TOTAL-LIABILITY-AND-EQUITY>        810,807
<SALES>                             168,067
<TOTAL-REVENUES>                    168,067
<CGS>                                98,007
<TOTAL-COSTS>                       146,998
<OTHER-EXPENSES>                      1,107
<LOSS-PROVISION>                       (159)
<INTEREST-EXPENSE>                    4,515
<INCOME-PRETAX>                      15,606
<INCOME-TAX>                          6,087
<INCOME-CONTINUING>                   9,335
<DISCONTINUED>                            0
<EXTRAORDINARY>                      (1,296)
<CHANGES>                                 0
<NET-INCOME>                          8,039
<EPS-PRIMARY>                             0.27
<EPS-DILUTED>                             0.27
        


</TABLE>
</TEXT>
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<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>4
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>
    
<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                          1,000
       
<S>                      <C>
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>         DEC-31-1996
<PERIOD-END>              JUN-30-1996
<CASH>                                6,561
<SECURITIES>                              0
<RECEIVABLES>                       181,240
<ALLOWANCES>                          5,242
<INVENTORY>                         177,954
<CURRENT-ASSETS>                    379,104
<PP&E>                              637,080
<DEPRECIATION>                      295,288
<TOTAL-ASSETS>                      820,396
<CURRENT-LIABILITIES>               150,585
<BONDS>                             222,647
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          316,192
<TOTAL-LIABILITY-AND-EQUITY>        820,396
<SALES>                             340,148
<TOTAL-REVENUES>                    340,148
<CGS>                               197,382
<TOTAL-COSTS>                       295,722
<OTHER-EXPENSES>                        (28)
<LOSS-PROVISION>                        232
<INTEREST-EXPENSE>                    8,515
<INCOME-PRETAX>                      35,707
<INCOME-TAX>                         13,928
<INCOME-CONTINUING>                  21,666
<DISCONTINUED>                            0
<EXTRAORDINARY>                      (1,296)
<CHANGES>                                 0
<NET-INCOME>                         20,370
<EPS-PRIMARY>                             0.67
<EPS-DILUTED>                             0.67
        


</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>5
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>

<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                          1,000
       
<S>                      <C>
<PERIOD-TYPE>             9-MOS
<FISCAL-YEAR-END>         DEC-31-1996
<PERIOD-END>              SEP-30-1996
<CASH>                                9,166
<SECURITIES>                              0
<RECEIVABLES>                       176,177
<ALLOWANCES>                          5,351
<INVENTORY>                         179,132
<CURRENT-ASSETS>                    378,275
<PP&E>                              642,973
<DEPRECIATION>                      303,621
<TOTAL-ASSETS>                      818,950
<CURRENT-LIABILITIES>               183,147
<BONDS>                             185,852
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          325,221
<TOTAL-LIABILITY-AND-EQUITY>        818,950
<SALES>                             509,969
<TOTAL-REVENUES>                    509,969
<CGS>                               295,150
<TOTAL-COSTS>                       440,961
<OTHER-EXPENSES>                        574
<LOSS-PROVISION>                        341
<INTEREST-EXPENSE>                   12,221
<INCOME-PRETAX>                      55,872
<INCOME-TAX>                         21,792
<INCOME-CONTINUING>                  34,192
<DISCONTINUED>                            0
<EXTRAORDINARY>                      (1,296)
<CHANGES>                                 0
<NET-INCOME>                         32,896
<EPS-PRIMARY>                             1.08
<EPS-DILUTED>                             1.08
        


</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>6
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>

<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE YEAR ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                          1,000
       
<S>                      <C>
<PERIOD-TYPE>             12-MOS
<FISCAL-YEAR-END>         DEC-31-1996
<PERIOD-END>              DEC-31-1996
<CASH>                                8,034
<SECURITIES>                              0
<RECEIVABLES>                       184,478
<ALLOWANCES>                          4,962
<INVENTORY>                         180,198
<CURRENT-ASSETS>                    384,627
<PP&E>                              641,695
<DEPRECIATION>                      302,234
<TOTAL-ASSETS>                      831,917
<CURRENT-LIABILITIES>               176,746
<BONDS>                             187,100
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          332,299
<TOTAL-LIABILITY-AND-EQUITY>        831,917
<SALES>                             692,760
<TOTAL-REVENUES>                    692,760
<CGS>                               399,311
<TOTAL-COSTS>                       594,939
<OTHER-EXPENSES>                         12
<LOSS-PROVISION>                      1,036
<INTEREST-EXPENSE>                   15,833
<INCOME-PRETAX>                      80,940
<INCOME-TAX>                         31,570
<INCOME-CONTINUING>                  49,602
<DISCONTINUED>                            0
<EXTRAORDINARY>                      (1,296)
<CHANGES>                                 0
<NET-INCOME>                         48,306
<EPS-PRIMARY>                             1.59
<EPS-DILUTED>                             1.58
        


</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>7
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>

<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
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<S>                      <C>
<PERIOD-TYPE>             3-MOS
<FISCAL-YEAR-END>         DEC-31-1997
<PERIOD-END>              MAR-31-1997
<CASH>                                7,028
<SECURITIES>                              0
<RECEIVABLES>                       176,295
<ALLOWANCES>                          4,271
<INVENTORY>                         182,472
<CURRENT-ASSETS>                    378,679
<PP&E>                              625,995
<DEPRECIATION>                      298,674
<TOTAL-ASSETS>                      814,714
<CURRENT-LIABILITIES>               139,660
<BONDS>                             211,959
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          326,904
<TOTAL-LIABILITY-AND-EQUITY>        814,714
<SALES>                             171,820
<TOTAL-REVENUES>                    171,820
<CGS>                               100,005
<TOTAL-COSTS>                       150,189
<OTHER-EXPENSES>                        583
<LOSS-PROVISION>                       (691)
<INTEREST-EXPENSE>                    3,888
<INCOME-PRETAX>                      17,851
<INCOME-TAX>                          6,961
<INCOME-CONTINUING>                  10,883
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                         10,883
<EPS-PRIMARY>                             0.36
<EPS-DILUTED>                             0.35
        


</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>8
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>

<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                          1,000
       
<S>                      <C>
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>         DEC-31-1997
<PERIOD-END>              JUN-30-1997
<CASH>                               10,875
<SECURITIES>                              0
<RECEIVABLES>                       179,881
<ALLOWANCES>                          4,211
<INVENTORY>                         181,948
<CURRENT-ASSETS>                    384,661
<PP&E>                              624,501
<DEPRECIATION>                      300,179
<TOTAL-ASSETS>                      819,622
<CURRENT-LIABILITIES>               148,468
<BONDS>                             193,954
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          332,824
<TOTAL-LIABILITY-AND-EQUITY>        819,622
<SALES>                             353,724
<TOTAL-REVENUES>                    353,724
<CGS>                               203,223
<TOTAL-COSTS>                       305,960
<OTHER-EXPENSES>                      1,024
<LOSS-PROVISION>                       (751)
<INTEREST-EXPENSE>                    7,725
<INCOME-PRETAX>                      39,766
<INCOME-TAX>                         15,508
<INCOME-CONTINUING>                  24,354
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                         24,354
<EPS-PRIMARY>                             0.80
<EPS-DILUTED>                             0.78
        


</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>9
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>

<ARTICLE>                                 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALBANY INTERNATIONAL CORP'S CONSOLIDATED FINANCIAL STATEMENTS AS OF AND
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                          1,000
       
<S>                      <C>
<PERIOD-TYPE>             9-MOS
<FISCAL-YEAR-END>         DEC-31-1997
<PERIOD-END>              SEP-30-1997
<CASH>                               22,471
<SECURITIES>                              0
<RECEIVABLES>                       173,471
<ALLOWANCES>                          4,777
<INVENTORY>                         182,153
<CURRENT-ASSETS>                    391,119
<PP&E>                              629,243
<DEPRECIATION>                      305,772
<TOTAL-ASSETS>                      829,808
<CURRENT-LIABILITIES>               162,107
<BONDS>                             188,621
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                 31
<OTHER-SE>                          342,508
<TOTAL-LIABILITY-AND-EQUITY>        829,808
<SALES>                             525,454
<TOTAL-REVENUES>                    525,454
<CGS>                               301,038
<TOTAL-COSTS>                       453,062
<OTHER-EXPENSES>                      2,696
<LOSS-PROVISION>                       (185)
<INTEREST-EXPENSE>                   11,570
<INCOME-PRETAX>                      58,311
<INCOME-TAX>                         22,740
<INCOME-CONTINUING>                  35,778
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                         35,778
<EPS-PRIMARY>                             1.17
<EPS-DILUTED>                             1.14
        



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