Home / Knowledge / News / Textiles / Nonwovens segment sales drive PGI 2007 results
Nonwovens segment sales drive PGI 2007 results
12
Mar '08
Polymer Group (PGI) reported results of operations for the fourth quarter and fiscal year ended December 29, 2007.

Highlights Included:
• Net sales for fiscal year 2007 increased 3.7% to $1.06 billion, driven primarily by growth in the Nonwovens segment. Sales for the fourth quarter of $265.4 million were essentially flat compared to the prior year period.

• Gross profit for fiscal year 2007 increased 8.1% to $168.9 million compared to the prior year and the gross profit margin increased by 65 basis points to 15.9% despite significant increases in raw material costs in the fourth quarter. Fourth quarter 2007 gross profit of $38.9 million was $2.6 million lower than the fourth quarter of 2006, due primarily to the severe and rapid increases in raw material costs experienced during the last three months of 2007.

• Adjusted EBITDA increased 8.0% during the year to $119.9 million. The company expects continued improvement in Adjusted EBITDA in 2008. Adjusted EBITDA, a non-GAAP financial measure is defined and reconciled to net loss below.

"PGI made strong progress implementing our key initiatives in 2007 leading to top line growth and improved margins despite market headwinds in certain industrial sectors," said PGI's chief executive officer, Veronica (Ronee) M. Hagen.

"Our strong performance trajectory was diminished in the fourth quarter by significant and rapid raw material cost increases. Despite this impact, we have plans in place that we believe will enable us to continue the trend of top line growth, margin improvement and increases in cash generation in 2008," Hagen said.

Must ReadView All

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Textiles | On 8th Dec 2016

R&D is key to textile industry’s growth: Kavita Gupta

Research and development is the key to the growth of the textiles...

Textiles | On 8th Dec 2016

Indonesia may ease procedures for raw material import

In order to boost the competitiveness of the domestic textile...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search