Additionally, the company recognized $3.8 million of noncash compensation costs during the quarter compared to $0.3 million and $0.4 million in the fourth quarter of 2005 and first quarter of 2005, respectively.
The higher noncash compensation costs during the quarter were the result of an initial grant of restricted stock associated with the 2005 Employee Restricted Stock Plan.
Polymer Group's Chief Executive Officer, James L. Schaeffer, stated, "PGI's business recovered well in the first quarter compared to the fourth quarter of 2005. The company continues to grow and we expect to realize even greater benefits as a result of our ongoing expansion efforts.
The line in Cali, Colombia ramped up during the first quarter, and the Mooresville, North Carolina and Suzhou, China lines are expected to begin operations in the second half of 2006. These expansion projects are expected to positively impact our results in the latter portion of the year.
Additionally, we continue to focus on new product development and expand our product portfolio in the industrial markets to improve the diversification of our business. At the same time, we're ensuring we have the right organizational structure in place with the consolidation of our global headquarters.
PGI's goal is to be the industry leader in providing the best value proposition to the market and I am encouraged by the strong progress we continue to make toward achieving this."
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. The company operates 22 manufacturing facilities in 10 countries throughout the world.
marketing@alchempro.com
