"PGI has put tremendous effort into ensuring that we have the right long- term strategy in place to serve our customers on a global basis, grow with the industry and position the company to be the industry leader. I am convinced our expansion strategy is sound in its execution and we continue to identify opportunities for growth such as the new project in Argentina that is getting underway. Our focus on innovation, and the patent portfolio that underpins our proprietary position in the market, is paying off and we continue to be recognized as an innovative leader in our industry. While the second quarter was challenging, I am encouraged by our future prospects and the benefits we expect to see in the second half of the year and into 2007," Schaeffer said.
Willis (Billy) Moore III, PGI's CFO, added, "While profit was impacted by the various charges and business challenges experienced during the quarter, we continued to focus on managing our balance sheet to optimize cash flow. We were able to reduce our borrowings by $11 million and operating working capital (defined as accounts receivable plus inventory less accounts payable) as a percent of annualized sales for the quarter decreased to 16.2% compared to 18.2% the prior year."
"PGI is committed to maintaining the integrity of our financial reporting. We believe the steps we have taken to assess and properly reflect the above mentioned transactions in the financial statements for the quarter ended July 1, 2006 have accomplished that objective," said Moore.
Polymer Group Inc, one of the world's leading producers of nonwovens, is a global, technology-driven developer, producer and marketer of engineered materials.
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