Home / Knowledge / News / Textiles / PGI experiences strong performance in spunbond markets

PGI experiences strong performance in spunbond markets

23
Mar '10
Polymer Group Inc reported results of operations for the fourth quarter and fiscal year ended January 2, 2010.

Highlights included:

• Sales from continuing operations were $882.7 million in fiscal 2009 compared to $1.07 billion in fiscal 2008 reflecting lower selling prices from significantly lower raw material costs in fiscal 2009 and lower volumes in the industrial segments, offset by improvement in Asia and Latin America.
• Gross profit increased 4.5% to $183.7 million in fiscal 2009 compared to the prior year. Gross profit margin increased over 400 basis points in fiscal 2009 to 20.8% compared with 16.4% for fiscal 2008.
• Operating income increased to $49.6 million in fiscal 2009 compared to operating income of $32.5 million in fiscal 2008.
• For fiscal 2009, cash flow from operations increased 70% to $100.8 million.
• Net income attributable to PGI for fiscal 2009 more than tripled to $18.2 million compared to net income attributable to PGI of $5.4 million in fiscal 2008.
• Adjusted EBITDA increased 12.0% to $124.4 million in fiscal 2009 compared to $111.1 million in fiscal 2008. Adjusted EBITDA, a non-GAAP financial measure, is defined and reconciled to net income below.
• Strong operating cash flows, the sale of FabPro Oriented Polymers and reduction in operating working capital allowed the company to reduce net debt (defined as total debt less cash balances) by $85 million at the end of the fiscal year to $283.1 million and improved the ratio of net debt to Adjusted EBITDA to 2.3 times from 3.3 times a year ago.
• The company's investments in growth initiatives and improvement in financial flexibility continued to yield strong returns during fiscal 2009. Global leadership of the nonwovens' medical and hygiene markets was achieved, commercialization of a new state-of-the-art facility in Mexico was accomplished ahead of schedule, acquisition of the minority portion of its joint venture in Argentina was completed and an expanded presence in Europe was gained with the acquisition of state-of-the-art spunmelt technology in Spain.

PGI's chief executive officer, Veronica (Ronee) M. Hagen, stated, "This was a year of significant achievement and solid execution of our strategic plan. Our goals were to become more valuable to our customers, operate more efficiently, pursue leadership positions in the core businesses, develop new growth opportunities in developing regions and enhance our financial flexibility. Although a very tall order in a period of economic uncertainty, we exceeded each of these objectives by stabilizing the businesses and aggressively managing our capital. As a result, we achieved sizable growth in net income and Adjusted EBITDA, improved gross margins by over 400 basis points, reduced our debt and invested in profitable growth in developing regions and existing markets."

"Despite the unfavorable raw material trend and the persistent weakness in some industrial end-markets, we experienced strong performance in spunbond markets in the U.S., higher sales volumes in Asia from greater conversion to medical sales, and reaped the benefit of new leadership in Argentina and better-than-expected results from our new line in Mexico. We also invested in continued expansion of our global footprint with the acquisition of the minority interest in our Argentina operation and the nonwovens business in Spain," Hagen said.


Must ReadView All

Pic: Shutterstock

Textiles | On 8th May 2021

French Development Agency to invest $83m in Ivory Coast cotton sector

Over a period of five years, the French Development Agency (AFD) will ...

Pic: Juki

Apparel/Garments | On 8th May 2021

Japanese companies collaborate to develop sewing machine business

Juki Corporation and Pegasus Sewing Machine Mfg have entered into a...

Pic: Rocky Brands

Apparel/Garments | On 8th May 2021

Rocky Brands expands Made in America capabilities

Rocky Brands has expanded the offering of its Made in America product ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Virtual reality would be the new normal

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

Textile Industry, Head honchos

Textile Industry
Head honchos

Value of 'Made in India' should get more importance

Dhirubhai & Arvind Shah,

Dhirubhai & Arvind Shah

It supplies synthetic fabrics to top international brands like M&S,...

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

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

Leave your Comments


May 2021

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


Advanced Search