First quarter sales grew 18.5% to reach $244.4 million during the first quarter ended April 2, 2005 at Polymer Group Inc., N. Charleston, SC. Profits increased 15.6% to $43.9 million. Sales growth was reportedly driven by higher volumes in all of the world regions in which PGI operates and increased selling prices implemented to partially offset rising raw material cots. Profits growth was attributed to improved product mixes and manufacturing efficiencies.
In light of the company's strong performance and financial condition, PGI has retained JP Morgan Securities as its financial advisor to assist it in evaluating various strategic alternatives to maximize shareholder value, which could include, among other things, the sale or recapitalization of the company. A review of these alternatives is expected to be complete in the near future.