PGI Nonwovens continues to provide strong underlying performance
06 Nov '07
3 min read
Significant contributors to the company's profitability were the previously mentioned improvement in profit mix and improvement in profitability at the Mooresville, North Carolina and Suzhou, China locations which were operating at better rates compared to the prior year. These improvements were partially offset by higher raw material costs compared to the prior year.
The company reported an operating loss for the third quarter of 2007 of $7.2 million primarily as a result of the recognition of $20.4 million of special charges resulting from the previously announced plant consolidations and non-cash asset impairment charges associated with certain Canadian operations and the closure of its Neunkirchen, Germany site.
The after-tax impact of the special charges was $20.0 million, or $1.03 per share. SG&A was $26.1 million during the quarter compared to $25.3 million for the third quarter of 2006. As a percent of sales, SG&A expenses were 10.2% in both periods.
Polymer Group reported a net loss for the third quarter of $20.9 million or $1.08 per share compared to a net loss of $1.5 million, or $0.08 per share, the prior year.
marketing@alchempro.com
