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PGI reports Q4 & fiscal year 2006 results

Mar '07
Highlights included:
• Net sales for the fiscal year of 2006 increased 7.7% to a record high $1.02 billion.
• Fourth quarter net sales increased 9.8% to $263.9 million, while gross profit increased 12.8% to $41.4 million for the quarter. Fourth quarter profitability rebounded substantially over the prior year period and sequential quarter as a result of higher volumes and lower unit costs, including lower raw material costs during the quarter.
• The company expects continued strength and improvement in 2007, as recent capacity expansions contribute to higher margins, coupled with productivity and cost improvements in North America.

Polymer Group Inc (PGI) reported unaudited results of operations for the fourth quarter and fiscal year ended December 30, 2006.

"I am pleased to report that PGI ended 2006 on a strong note," said PGI's chairman and interim chief executive officer, William B. Hewitt. "Our fourth quarter returned to a more acceptable level of performance and we have the right initiatives in place to continue on a steady trend of improvement going forward. I am encouraged by the progress we are making with both our capacity expansions and new product introductions that will drive performance in 2007."

Fourth Quarter Overview:
Net sales for the fourth quarter of 2006 were $263.9 million, up $23.5 million from $240.4 million in the fourth quarter of 2005, driven primarily by higher volumes from new capacity additions and priceincreases implemented to offset the effects of higher raw material costs experienced in the prior quarters. The recovery in certain base business volumes experienced in late third quarter of 2006 also contributed to higher sales in the fourth quarter.

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