Breaking News

PGI Reports 2008 Sales

March 18, 2009

Sixth consecutive year of revenue growth for company.

Today PGI reported results of operations for the fourth quarter and fiscal year ended January 3, 2009. During the year, PGI achieved record sales of $1.15 billion, up 8.1% over the prior year and marking the sixth consecutive year of revenue growth. Annual net income was $5.4 million compared to a loss of $41.1 million in 2007.

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.

  • Raw Materials Round Up

    Raw Materials Round Up

    Karen McIntyre, editor||June 8, 2015
    Suppliers create additives, preservatives and other specialties to help nonwovens makers meet their goals.

  • Keeping It Clean

    Keeping It Clean

    Tara Olivo, associate editor||June 8, 2015
    Convenience and continued innovation keeps the household wipes market thriving.

  • Fibers Market Outlook

    Fibers Market Outlook

    Tara Olivo, associate editor||June 8, 2015
    Natural and synthetic fiber producers create unique solutions for all nonwovens applications.