Polypore Reports Fourth Quarter 2010 Results

• Sales increase 12% to $169.5 million
• Adjusted EBITDA increases 15% to $53.5 million
• Adjusted EPS increases 17% to $0.42

CHARLOTTE, N.C., Feb. 23, 2011 (GLOBE NEWSWIRE) -- Polypore International, Inc. (NYSE:PPO) today reported its financial results for the fourth quarter ended January 1, 2011.

• Sales were $169.5 million compared with $152.0 million in the prior-year period. Excluding the effect of foreign currency translation, sales increased 14%.
• Adjusted Operating Income was $39.9 million compared with $32.2 million in the prior-year period. A table showing the reconciliation of Adjusted Operating Income to U.S. GAAP amounts is included in this release.
• Adjusted Net Income and Adjusted EPS were $19.3 million and $0.42 per diluted share compared with $16.2 million and $0.36 per diluted share in the prior-year period. Net income was $17.7 million and $0.38 per diluted share. A table showing the reconciliation of Adjusted Net Income and Adjusted EPS to U.S. GAAP amounts is included in this release.

Robert B. Toth, President and Chief Executive Officer, said: "2010 was an important and successful year for the company. We achieved substantial growth across all of our businesses and embarked on significant capacity expansions – the largest in our company's history – to meet rapidly growing customer demand. While making these investments, we generated cash, reduced and refinanced our debt, and enhanced our capital structure to provide a solid foundation for sustainable growth over the long term."

For the year ended January 1, 2011:

• Sales were $616.6 million, up 19% from $516.9 million in 2009.
• Adjusted Operating Income was $133.2 million compared with $99.1 million in the prior year.
• Adjusted Net Income and Adjusted EPS were $61.2 million and $1.34 per diluted share, compared with $32.7 million and $0.72 per diluted share in the prior year.  Net income was $63.6 million and $1.39 per diluted share.

Adjusted EBITDA

Adjusted EBITDA was $53.5 million in the fourth quarter of 2010 compared with $46.7 million in the fourth quarter of 2009. Adjusted EBITDA for the year ended January 1, 2011 was $184.9 million. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), as defined in Polypore's senior secured credit agreement, is reconciled to net income as noted in the attached table.