Nonwovens specialist Polymer Group Inc has reported unaudited results of operations for the fourth quarter and fiscal year ended December 31st 2005.
The net sales for fiscal year 2005 increased 12.3 percent to a record high $948.8 million, driven by higher volumes and improved price/mix of sales, partially to offset the effects of increased raw material costs. Sales for the fourth quarter increased 7.6 percent over the prior year comparable period to $240.4 million.
Gross profit for fiscal year 2005 increased 5.2 percent compared to the prior year. Fourth quarter 2005 gross profit was down compared to the fourth quarter of 2004, due primarily to the severe and rapid increases in raw material prices experienced as a result of hurricanes along the US Gulf Coast.
The company reported net income for fiscal year 2005 of $7.0 million, up 47.9 percent over the prior year.
PGI's Chief Executive Officer, James Schaeffer, said, "PGI grew stronger in 2005. We achieved record sales and improved certain profitability metrics for the year, despite significant challenges in the raw material markets. More importantly, we continued to execute our strategy and position the company for growth in 2006 and beyond."
"During the year, we completed the installation of our spunmelt line in Cali, Colombia and chemical bond line in Nanhai, China and began construction of two large capital expansions in the US and China that will be complete in 2006. Our plans are to continue to grow with our customers in 2006 to ensure we have the right products in the right places around the world," Schaeffer said.
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