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Propex Fabrics Inc net revenues rise 14.9% in Q1 2005
17 May '05
7 min read
World's largest primary carpet producer & a leading marketer of polypropylene synthetic fabrics company Propex Fabrics Inc announced first quarter 2005 financial results.
Business Combination
Prior to December 1, 2004, we were owned by BP p.l.c. and operated under the name of Amoco Fabrics and Fibers Company in the U.S. and other names in our international locations. We were acquired by an investor group that includes investment entities affiliated with The Sterling Group, L.P., Genstar Capital, L.P., and Laminar Direct Capital, L.P., BNP Paribas Private Capital Group, through Paribas North America Inc., certain members of our senior management and certain other investors on December 1, 2004, and became a stand-alone company operating under the name Propex Fabrics Inc.
-- The conversion from LIFO to FIFO accounting;
-- Postretirement benefit cost reductions due to BP retaining liability for the current retiree eligible employees and our limiting the remaining plan;
-- Pension cost reductions due to BP retaining certain German pension liabilities;
-- Reduced depreciation resulting from purchase accounting adjustments to reduce the value of long- lived assets resulting from the allocation of negative goodwill;
-- Amortization of the new non-compete agreement between us and BP and other intangibles newly created as a result of the acquisition; and
-- Substitution of the new debt structure in place of the prior affiliate debt.
Business Combination
Prior to December 1, 2004, we were owned by BP p.l.c. and operated under the name of Amoco Fabrics and Fibers Company in the U.S. and other names in our international locations. We were acquired by an investor group that includes investment entities affiliated with The Sterling Group, L.P., Genstar Capital, L.P., and Laminar Direct Capital, L.P., BNP Paribas Private Capital Group, through Paribas North America Inc., certain members of our senior management and certain other investors on December 1, 2004, and became a stand-alone company operating under the name Propex Fabrics Inc.
-- The conversion from LIFO to FIFO accounting;
-- Postretirement benefit cost reductions due to BP retaining liability for the current retiree eligible employees and our limiting the remaining plan;
-- Pension cost reductions due to BP retaining certain German pension liabilities;
-- Reduced depreciation resulting from purchase accounting adjustments to reduce the value of long- lived assets resulting from the allocation of negative goodwill;
-- Amortization of the new non-compete agreement between us and BP and other intangibles newly created as a result of the acquisition; and
-- Substitution of the new debt structure in place of the prior affiliate debt.
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