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Polypore Reports First Quarter 2013 Results

Stocks in this article: PPO

  • Separations Media and Transportation and Industrial segments generate solid performance
  • Electronics and Electric Drive Vehicles ("EDVs") segment experiences very weak lithium battery separator demand in January and February, followed by marked improvement in March which continued into the second quarter
  • Recent ramp-up of two new battery production facilities and new vehicle launches in the EDV end market reinforce confidence in improved performance as the year progresses

CHARLOTTE, N.C., May 8, 2013 (GLOBE NEWSWIRE) -- Polypore International, Inc. (NYSE:PPO) today reported its financial results for the first quarter ended March 30, 2013:

  • Sales were $163.5 million compared with $173.7 million in the prior-year period.
  • Segment Operating Income was $28.3 million compared with $42.0 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 $12.9 million and $0.27 per diluted share, compared with $22.3 million and $0.47 per diluted share in the prior-year period. Net income was $9.0 million or $0.19 per diluted share, compared with $18.8 million or $0.40 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 on the first quarter, Robert B. Toth, President and Chief Executive Officer, said, "Our Separations Media and Transportation and Industrial segments, which represent the majority of Polypore, delivered solid performance in the quarter. Sales in the Electronics and EDVs segment were challenging, with added pressure from customers carefully managing inventory in what was – for many – their fourth fiscal quarter of the year. Following a very weak January and February, we experienced improved order patterns in March and April and anticipate improving performance through the course of the year."

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