Fourth quarter sales grew 5.5% over the prior year period to $280 million, up $14.5 million from the fourth quarter of 2007. Sales growth was primarily the result of higher sales prices to reflect the increase in raw material costs experienced for the first eight months of 2008.
Operating income for the fourth quarter of 2008 was $2 million compared to a loss of $17.8 million in the fourth quarter of 2007 and income of $9 million in the third quarter of 2008.The company recorded a net loss for the fourth quarter 2008 of $1.9 million compared to a net loss of $21.8 million or $1.12 per share for the same period the prior year.
“PGI finished 2008 as a stronger company,” said CEO Ronee Hagen.“On record sales, we were able to increase profit and cash flows while effectively managing the balance sheet and reducing net debt. This was achieved during a year of significant volatility in the global markets. In addition to our financial achievements, PGI continued to make progress on its strategic goal to become the global industry leader. During the year we increased volumes in the developing regions, successfully commercialized our proprietary Spinlace technology and grew our global medical business to attain what we believe is the leading market position in the markets where we participate,” Ms. Hagen said.