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PGI Announces Sales, Earnings

September 1, 2009

Polymer Group Inc. announced results for the second quarter and six-months ended July 4, 2009. Underlying profitability from continuing operations for the first six months continued to show improvement over the prior year despite lower sales volumes, primarily in the industrial markets. Gross profit for the first six months was $92.0 million, representing a gross profit margin of 22.1% compared to $85.8 million and 16.2% respectively, for the first six months of 2008. Year-to-date operating income was $34.3 million compared to $25.8 million the prior year. Second quarter profitability was relatively stable compared to the prior year with gross profit and operating income of $42.6 million and $14.2 million, respectively compared to gross profit and operating income of $43.9 million and $13.6 million, respectively for the second quarter of 2008.

Net sales for the first six months were $416 million compared to $528.3 million for the same period the prior year. Sales for the second quarter of 2009 were $206 million compared to $270.7 million in the second quarter of 2008. The reduction in sales was due primarily to a reduction in industrial sales volumes and lower selling prices reflecting lower raw material costs combined with changes in foreign currency exchange rates.
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