The Company is a producer of custom-designed paper machine fabrics and process belts that are essential to the manufacture of paper and paperboard.
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PMC industry is dying. The world is going paper-less. This is reflected by Albany's steadily declining revenues, and an industry peer declaring bankruptcy in 2009.This firm has debt issues. The interest coverage is low, and will likely keep falling. $.36B of LT debt maturing within 3 years. Albany has some liquidity, but the majority of current assets is inventory, recorded at cost. (inflated), and they have just shy of $.1B in cash. This much debt maturing soon with limited liquidity and no profitability should raise concerns.Albany has only underperformed the market by 5% over the last year, and has had a massive price run up in the last 3 months. Perfect timing to short a troubled company in an unattractive industry.