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Polypore Announces Investor Day Agenda And Provides Updated Financial Outlook

CHARLOTTE, N.C., Sept. 11, 2012 (GLOBE NEWSWIRE) -- Polypore International, Inc. (NYSE:PPO) will host an investor meeting and tours of its Charlotte, NC and Concord, NC production facilities beginning at 7:30 A.M. ET tomorrow, Wednesday, September 12, 2012. Polypore will provide a live webcast of the management presentations, which will address the Company's strategy, competitive position and core technology competencies, and will make the slides accompanying all of the sessions, including presentations addressing membrane process and product technology as well as lithium battery technology, available through the Investor Relations section of its website at www.polypore.net .

In advance of the investor event, the Company also is providing an update regarding its financial outlook for the second half of 2012.

Investor Day Agenda

The following members of senior management will present at tomorrow's event:

Robert Toth, President and CEO, will highlight key elements of the Company's strategy and market position, including:

  • The long-term secular trends that drive growth in Polypore's four core businesses, such as increasing demand for mobility, which requires mobile or portable power, and purity, as it relates to high-performance filtration
  • The high recurring revenue nature of the Company's core businesses
  • The ability to capitalize on worldwide macroeconomic growth due to Polypore's broad global presence, particularly in the high-growth region of Asia
  • The substantial operating leverage of Polypore's businesses and the earnings growth potential associated with the recent significant capacity investments
  • The Company's return to a period of substantial cash generation as it nears completion of its major capital spending program.    

Oliver Schuster, Ph. D., Vice President of Technology for Polypore's Separations Media business, will review the unique core competencies of the Company in microporous membranes highlighting several factors, including:

  • Polypore has the broadest array of membrane process and product technology for introducing porosity at the nano-, micro- and ultra-filtration level
  • The Company's industry leadership is based on strong intellectual property and substantial know-how developed over a long history of manufacturing and application development
  • Continued technical innovation enabling the incorporation of membranes in new applications.

Mitch Pulwer, President of Celgard, LLC, will provide an overview of the market for lithium ion battery separators, including:

  • Key long-term trends and drivers of end market demand for lithium ion batteries for consumer electronics, electric drive vehicles ("EDVs") and energy storage systems ("ESS")
  • An explanation of EDV technology and cell-design requirements.

Lie Shi, Vice President of Technology for Celgard, LLC, will cover several technical topics, including:

  • The functionality of rechargeable lithium ion batteries
  • Characteristics and designs of lithium ion batteries for consumer electronics and large format EDV and ESS applications
  • The role and functionality of lithium battery separators and the numerous complex specifications that must be precisely achieved to meet widely varying and unique customer design requirements
  • Case studies highlighting the complexity of changing separators and the multi-variable effects this can have on battery design and function
  • An overview of lithium separator manufacturing technologies.

Outlook Update

Ahead of its investor day, which will focus on technology, strategy and competitive position, the Company is updating its outlook as follows:

  • Based on the results through July and August, earnings for the second half of 2012 are expected to be in a range similar to or slightly below the first half of 2012.
  • The same temporary items that affected the second quarter continued into the third quarter. While September sales are improving, the seasonality and weakness experienced in July and August, combined with the recently announced temporary shut-down of a plug-in electric drive vehicle production facility, are expected to result in Adjusted EPS for the third quarter in the low- to mid-30-cent range.
  • The September sales momentum is expected to continue into the fourth quarter with strong sequential improvement being driven by the following factors:
  • A favorable lead-acid battery build schedule in preparation for winter months leading to improved separator sales
  • The start-up of two electric drive vehicle production facilities – one in the United States and another in the United Kingdom
  • The re-start of the previously mentioned customer's plug-in hybrid production facility
  • The re-start of production by healthcare customers originally shut down by the earthquakes in Italy
  • The fulfillment of certain orders delayed by filtration customers from the third quarter into the fourth quarter.

As a result, the Company expects Adjusted EPS for the fourth quarter in the low-50-cent to low-60-cent range.

Investor Day Webcast

Polypore will provide a live webcast of the management presentations taking place at its investor day on Wednesday, September 12, 2012. The presentation will begin at 7:30 A.M. ET and continue until approximately 9:40 A.M. ET. The webcast and a copy of the presentations may be accessed through the Investor Relations link on the Company's website at www.polypore.net . A replay of the investor day webcast will be available for 90 days.

Non-GAAP Supplemental Information

Adjusted EPS (earnings per share) is a non-GAAP financial measure presented in this press release.  We define Adjusted EPS as Adjusted Net Income divided by the number of diluted shares of common stock outstanding. We define Adjusted Net Income as income from continuing operations excluding certain items.  The adjustments used in calculating Adjusted EPS are consistent with the adjustments used in calculating Adjusted EBITDA, as defined in our credit agreement. 

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