Propex Fabrics Inc net revenues rise 14.9% in Q1 2005

17 May '05

7 min read

(a) - Pro forma EBITDA is defined as income before interest expense,income taxes and depreciation and amortization. Pro forma EBITDA is not a measure of performance under GAAP. We believe that pro forma EBITDA is commonly used by investors and analysts to measure a company's ability to service its debt. Management uses EBITDA and pro forma EBITDA to monitor our operating performance, and financial ratios in our new credit facility are based on EBITDA. However, pro forma EBITDA does not represent, and should not be used as a substitute for net income or cash flows from operations as determined in accordance with GAAP, and pro forma EBITDA is not necessarily an indicator of whether cash flow will be sufficient to fund our cash requirements. In addition, our definition of EBITDA may differ from those of other companies.

2005 results include certain stand-alone and other costs not included in the 2004 results, as elaborated in the below discussion. The 2005 interest expense relates to our new $150 million 10% Senior Notes due 2012, the $110 million Senior Secured Term Loan due 2011 and amounts drawn under the Revolving Credit Facility due 2009.

Revenue
Total revenue increased by 14.9% in the first quarter of 2005 to $161.5 million. The increase in North American furnishings revenue in the first quarter of 2005 was primarily due to higher U.S. selling prices in both the carpet backing and furniture and bedding product lines.

duct lines.

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