- Solid performance in the Separations Media and Transportation and Industrial segments
- Fourth quarter 2012 reflects weak end-market demand in the Electronics and Electric Drive Vehicles ("EDVs") segment
- Electronics and EDVs segment is expected to experience improved demand in 2013
- Company transitioning from a period of significant capital investment to a period of substantial cash generation
- The Board of Directors has authorized the Company to repurchase up to 4 million shares of common stock in 2013
CHARLOTTE, N.C., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Polypore International, Inc. (NYSE:PPO) today reported its financial results for the fourth quarter and year ended December 29, 2012.
For the fourth quarter:
- Sales were $180.2 million compared with $191.0 million in the prior-year period. Excluding the effect of foreign currency translation, sales decreased $7.2 million, or 4%.
- Segment Operating Income was $39.3 million compared with $48.5 million in the prior-year period. A table showing the reconciliation of Segment Operating Income to U.S. GAAP amounts is included in this release.
- Adjusted Net Income and Adjusted EPS were $20.5 million and $0.43 per diluted share, compared with $27.6 million and $0.58 per diluted share in the prior-year period. Net income was $17.5 million, or $0.37 per diluted share, compared with $26.4 million, or $0.56 per diluted share, in the prior-year period. A table showing the reconciliation of Adjusted Net Income and Adjusted EPS to U.S. GAAP amounts is included in this release.
Commenting about the fourth quarter, Robert B. Toth, President and Chief Executive Officer, said, "Solid performance of our Separations Media and Transportation and Industrial segments was offset by our Electronics and EDVs segment, where anticipated improvements did not materialize. Specifically, in the Electronics and EDVs segment, consumer electronics-related sales declined due to a further weakening of end-market demand, despite the addition of new accounts. In EDVs, the level of production of certain high-separator content EDVs was lower than expected.