North Charleston, S.C.-based
nonwovens producer Polymer Group Inc. (PGI) reported record net sales of $948.8 million for fiscal
year 2005, a 12.3-percent increase over fiscal year 2004 sales. The company cited higher volumes
sold into both consumer and industrial markets, and improved price/mix of sales, which partially
offset the effects of increased raw material costs. Fourth-quarter (Q4) 2005 sales, at $240.4
million, were 7.6 percent higher than year-earlier Q4 sales.
The company posted a gross profit for 2005 of $161.5 million — 5.2-percent higher than its
year-earlier profit. Q4 2005 gross profit was lower than in Q4 2004, due primarily to raw material
price increases occurring in the wake of the major hurricanes that battered the US Gulf Coast last
summer.
PGI’s 2005 $7 million net income was 48.9-percent higher than 2004 net income.
James L. Schaeffer, CEO, noted PGI’s expansion efforts during 2005 will help the company
continue its growth into 2006 and beyond. The company installed a spunmelt line at its
Colombia-based facility and a chemical bond line in China. It also began construction of two large
projects in the United States and China that are slated for completion in 2006.
March 21, 2006
