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Polypore Reports Second Quarter 2013 Results

Stocks in this article: PPO

  • Separations Media and Transportation and Industrial segments continued to deliver solid performance
  • Electronics and Electric Drive Vehicles ("EDVs") segment improved over first quarter
  • Consolidated Adjusted EPS was $0.40 (including $0.06 from discontinued operations)
  • Microporous business excluded from continuing operations with divestiture expected by year-end
  • Second quarter stock repurchases totaled 1.98 million shares, or $79.5 million

CHARLOTTE, N.C., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Polypore International, Inc. (NYSE:PPO) today reported its financial results for the second quarter and six months ended June 29, 2013. The results discussed below are from continuing operations, excluding the results of the Company's Microporous business.

For the second quarter:

  • Sales were $168.9 million compared with $167.6 million in the prior-year period.
  • Segment Operating Income was $33.8 million compared with $38.8 million in the prior-year period. A table showing the reconciliation of Segment Operating Income to US GAAP amounts is included in this release.
  • Adjusted Income from Continuing Operations was $15.9 million, or $0.34 per diluted share, compared with $21.1 million, or $0.45 per diluted share, in the prior-year period. Income from Continuing Operations was $12.5 million, or $0.27 per diluted share, compared with $17.7 million, or $0.37 per diluted share, in the prior-year period. A table showing the reconciliation of Adjusted Income from Continuing Operations and Adjusted EPS from Continuing Operations to U.S. GAAP amounts is included in this release.

Commenting on the second quarter, Robert B. Toth, President and Chief Executive Officer, said, "Our Transportation and Industrial and Separations Media segments continued to deliver solid performance. In the Electronics and EDVs segment, the sales improvement we experienced in March was sustained through the second quarter, with the sequential improvement being driven by sales into EDV applications. Additionally, we continued to utilize our cash to drive shareholder value through additional stock repurchases."

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