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PGI Reports First Quarter 2012 Results
Date:5/15/2012

CHARLOTTE, N.C., May 15, 2012 /PRNewswire/ -- Polymer Group, Inc. (PGI) (the "Company") reported results of operations for the first quarter ended March 31, 2012.

As previously announced, Polymer Group, Inc. finalized the merger with the Blackstone Group, along with co-investors, and certain members of the Company's management (the "Merger") on January 28, 2011 and became a privately held company.

In this press release, the January 2 to January 28, 2011, and January 29 to April 2, 2011, periods have been combined. The combined presentation does not comply with United States generally accepted accounting principles, or GAAP, but is presented because we believe it provides the most meaningful comparison of our financial results. Included in the release is a reconciliation of the GAAP presentation to the combined presentation.

First Quarter 2012 Highlights:

  • Top Line Results Up on Volume Growth in the Americas and Asia
  • Net sales for the first quarter of 2012 were $295.2 million compared with $291.9 million in the fourth quarter of 2011 and $283.6 million for the first quarter of 2011. The increase reflected higher volumes in the U.S. principally due to higher demand in the hygiene market, higher volumes in Latin America due to the company's Colombia facility returning to full operations, and higher volumes in Asia due to higher demand in both the healthcare and hygiene markets, offset by the negative effect of foreign currency translation and lower selling prices from the pass-through of lower raw material costs.
  • Profitability Improves on Solid Volumes,  Manufacturing Efficiencies and Cost Controls
  • Gross profit, including the impact of purchase accounting in the first quarter of 2011, was $53.2 million for the first quarter of 2012 compared with $48.1 million in the fourth quarter of 2011 and $40.8 million in the first quarter of 2011.
  • The company achieved solid volumes d
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  • SOURCE Polymer Group, Inc.
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