The net sales were $948.8 million, up $104.1 million in 2005 over the prior year. The primary drivers of the increase in net sales were higher volumes into both the consumer and industrial markets as well as improved price/mix of sales, partially to offset raw material price increases throughout the year.
Gross profit for the year of $161.5 million increased 5.2 percent over the prior year gross profit of $153.5 million in 2004, due primarily to volume increases and product mix improvements. Net income for the 2005 fiscal year was $7.0 million compared to $4.7 million for fiscal year 2004.
Willis (Billy) C. Moore, III, Chief Financial Officer of PGI, said, "2005 was another significant year for PGI as it relates to our performance and improvements in our balance sheet."
Net sales for the fourth quarter of 2005 were $240.4 million, up $16.9 million from $223.5 million in the fourth quarter of 2004, driven primarily by price increases implemented to offset the effects of higher raw material costs.
During the fourth quarter, the industry experienced significant increases in raw material prices as a result of the hurricanes in the Gulf of Mexico. PGI announced price increases to begin in October 2005 to mitigate the effect of the cost increases.
"The fourth quarter was extremely challenging for the company as a result of Hurricanes Katrina and Rita. Although the storms in the US resulted in a more severe impact in North America, the petroleum-based supply chain was impacted around the world," said Schaeffer.
Polymer Group Inc, one of the world's leading producers of nonwovens, is a global, technology-driven developer, producer and marketer of engineered materials. With the broadest range of process technologies in the nonwovens industry, PGI is a global supplier to leading consumer and industrial product manufacturers. It operates 22 manufacturing and converting facilities throughout the world.
marketing@alchempro.com
