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PGI Hits Sales Record

July 25, 2011

Polymer Group, Inc. (PGI) reported results from operations for the second quarter and six-month periods ended June 28, 2008.

Sales continued to reach record levels during the quarter, up 7.3% to $290.9 million over the second quarter of 2007 and up 4.9% for the first six months compared to the same period of the prior year. Gross profit improved 6.9% compared to the first quarter of 2008 and 3.6% over the prior year period to $45.9 million for the quarter. Net income for the second quarter improved to $2.4 million versus the 2007 amount of $1.2 million. For the first six months of fiscal 2008, net income improved to $3.8 million versus the 2007 amount of $1.5 million. Year-to-date sales were $564.6 million, up $26.6 million, or 4.9%, from the same period in 2007. Increases in selling prices attained to mitigate the impact of raw material cost increases was the largest contributor, accompanied by higher vol- umes in Latin America and Asia and favorable foreign currency translations.

According to PGI, underlying volumes in the U.S. were solid as new industrial programs continued to come online and hygiene demand remained strong.

Additionally, volumes were higher in Latin America as the new line in Argentina ramped up during the quarter, and in Asia as the company's new facility in Suzhou continued to improve compared to the prior year, along with higher hygiene volumes from the specialty chemical bond line at its Foshan, China location.

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