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PGI continues to achieve solid improvement in Q3
13 Nov '09
2 min read
Polymer Group, Inc. reported results of operations for the third quarter and nine-month period ended October 3, 2009.
Highlights included:<br>
• Gross profit for the quarter was up 16.4% over the prior year to $47.2million and up 10.1% for the nine-month period to $139.2 million. As a result of lower sales due to lower selling prices and lower volumes,gross profit margins were 21.2% and 21.8% for the three-month and nine-month period compared to 14.3% and 15.6%, respectively, for the prior year.
• Operating income from continuing operations for the third quarter of 2009 increased 148.9% over the same period the prior year to $18.7 million. Year-to-date, operating income from continuing operations increased 60.9% over the first nine months of 2008.
• For the year-to-date period, cashflow from operations increased 131.2% to $79.5 million.
• Following finalization of the sale of the FabPro division and the amendment to the company's senior credit facility, net debt (defined as total debt less cash balances) was $289.5 million at the end of the third quarter, approximately $100 million lower than the third quarter 2008 level of $388.9 million.
• The company continued to execute on its growth strategy with the purchase of the minority portion of its joint venture in Argentina and the signing of a definitive agreement to purchase a nonwovens business in Spain. Additionally, the company's new state-of-the-art capacity in Mexico was in full commercial production during the third quarter.
Click here for more details.
Highlights included:<br>
• Gross profit for the quarter was up 16.4% over the prior year to $47.2million and up 10.1% for the nine-month period to $139.2 million. As a result of lower sales due to lower selling prices and lower volumes,gross profit margins were 21.2% and 21.8% for the three-month and nine-month period compared to 14.3% and 15.6%, respectively, for the prior year.
• Operating income from continuing operations for the third quarter of 2009 increased 148.9% over the same period the prior year to $18.7 million. Year-to-date, operating income from continuing operations increased 60.9% over the first nine months of 2008.
• For the year-to-date period, cashflow from operations increased 131.2% to $79.5 million.
• Following finalization of the sale of the FabPro division and the amendment to the company's senior credit facility, net debt (defined as total debt less cash balances) was $289.5 million at the end of the third quarter, approximately $100 million lower than the third quarter 2008 level of $388.9 million.
• The company continued to execute on its growth strategy with the purchase of the minority portion of its joint venture in Argentina and the signing of a definitive agreement to purchase a nonwovens business in Spain. Additionally, the company's new state-of-the-art capacity in Mexico was in full commercial production during the third quarter.
Click here for more details.
Polymer Group Inc
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Jason Kent
British Textile Machinery Association (BTMA)
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