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May 24, 2015 2:32 PM ET

Textiles, Apparel and Luxury Goods

Company Overview of Polymer Group, Inc.

Company Overview

Polymer Group, Inc. develops, produces, and markets nonwovens to consumer and industrial markets. It operates through four segments: North America, South America, Europe, and Asia. The company’s products are used for personal care comprising baby diapers and feminine hygiene products, and substrates for fabric-softening dryer sheets; infection prevention, including specialty materials for use in various medical garments, such as surgical gowns and drapes, and household cleaning wipes; and high performance solutions consisting of filtration media for pool and spa filters, and protective house wraps, as well as specialty agriculture and industrial customers. It also provides nonwovens for use ...

9335 Harris Corners Parkway

Suite 300

Charlotte, NC 28269

United States

Founded in 1994

4,400 Employees

Phone:

704-697-5100

Fax:

704-697-5116

Key Executives for Polymer Group, Inc.

Chief Executive Officer, President and Director
Age: 45
Chief Financial Officer, Executive Vice President and Treasurer
Age: 40
President of Americas & Global Wipes & Technical Specialties
Age: 46
President of Global Operations & Business Excellence
Age: 50
President of APAC & Global Hygiene
Age: 57
Compensation as of Fiscal Year 2014.

Polymer Group, Inc. Key Developments

Polymer Group, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Polymer Group, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $461.238 million compared to $422.584 million a year ago. Operating income was $35.830 million compared to $9.151 million a year ago. The overall increase in operating income was primarily driven by increased profit contribution from acquired businesses, productivity improvements and the benefits from favorable raw material trends on spreads. Loss before income taxes was $35.726 million compared to $3.796 million a year ago. Net loss was $40.274 million compared to $9.496 million a year ago. Adjusted EBITDA was $73.527 million compared to $48.603 million a year ago. Net debt (defined as total debt less cash balances) as of March 31, 2015 was $1,314.9 million compared with $1,304.3 million as of December 31, 2014. Capital expenditures for the three months ended March 31, 2015 and March 29, 2014 were $11.0 million and $14.1 million, respectively. Net sales decreased primarily as a result of lower raw material costs and the associated pass through. The increases in both net sales and Adjusted EBITDA was driven by acquisition, growth in core markets, manufacturing efficiencies, global cost optimization, raw material cost management and focus on operational excellence. The year-over-year increase in adjusted EBITDA was primarily related to contributions from the Providencia and Fiberweb acquisitions and associated synergies, while the increase versus the prior quarter reflected improved pricing and lower raw material cost combined with continued cost improvements. Excluding acquisitions, profit benefited from higher underlying volumes and cost improvement initiatives. Capital expenditures were primarily associated with investments in additional spunmelt capacity in North America, upgrade to their spunmelt capacity in Europe and relocation project in Nanhai, China. During the first quarter, net cash used from operating activities was $500,000.

Polymer Group, Inc. Redeems $200.0 Million of its Outstanding Principal Amount of 7.75% Senior Secured Notes Due 2019

On May 8, 2015, Polymer Group, Inc. redeemed $200.0 million of the outstanding principal amount of its 7.75% senior secured notes due 2019 using a portion of the net proceeds from the incremental term loan amendment and limited waiver to its existing senior secured credit agreement, dated as of December 19, 2013, among the Company, its parent entity, the lenders from time to time party thereto and Citicorp North America, Inc. as administrative agent. The redeemed notes were redeemed at a redemption price of 103.875% of the principal amount thereof, plus accrued and unpaid interest on the redeemed notes to, but excluding, the redemption date.

Polymer Group, Inc. to Report Q1, 2015 Results on May 14, 2015

Polymer Group, Inc. announced that they will report Q1, 2015 results at 5:14 PM, GMT Standard Time on May 14, 2015

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