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TheStreet Open House

Polypore's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: PPO

Lynn Amos

Thanks Bob. As we reported yesterday, fourth quarter sales were $191 million, a 13% increase from the prior year period. For the year, sales were up 24% to $763.1 million. Adjusted EPS for the quarter was up 35% to $0.58 per diluted share and up 71% for the year to $2.34 per diluted share. Regarding other key financial measures, segment operating income was up 17% to $48.5 million for the quarter and for the year was up 46% to $199.4 million.

Adjusted EBITDA, which is a key financial measure in our credit agreement, was up 16% to $62.1 million for the quarter and up 36% to $250.8 million for the year. Interest expense was $2.8 million lower in the quarter than a year ago and $12.3 million less for the full year which reflects the refinancing and reduction of debt we achieved in the fourth quarter of 2010. CapEx was approximately $45 million in the quarter and $156 million for the full year.

All of our projects remain on schedule. As expected, with several capacity expansions underway, we experienced additional costs associated with these investments: mainly utilities, employee hiring and training, and qualifying new equipment. Since many of these costs are already imbedded in our financials, we'll begin to experience the benefit from these expansions and the substantial operating leverage associated with growing sales as capacity ramps up.

Now, moving on the segment results. As we have already informed you, with the significant growth in the lithium battery separators, our intention is to be more transparent about the progress and magnitude of this growth opportunity. As a result, we separated the Energy Storage business into two reporting segments, Transportation and Industrial, which of course is lead-acid battery separators and electronics and EDVs, which is the lithium battery separator business.

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