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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): May 23, 2000
POLYMER GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-14330 57-1003983
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4838 Jenkins Avenue 29405
North Charleston, SC (Zip Code)
Registrant's telephone number, including area code: (843) 566-7293
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Item 5. Other Events.
(a) On May 23, 2000, Polymer Group, Inc. ("Company") issued a press release
announcing that, based upon preliminary estimates, the Company currently
expects second quarter earnings per share to be between breakeven and $.04.
Additionally, the Company currently expects second quarter cash flow, or
EBITDA, to be in the range of $40 million to $41 million. The Company also
disclosed that factors affecting second quarter earnings include: (i)
continued curtailments in orders for selected high margin products from
certain consumer products customers; (ii) timing variances between raw
material price increases and the pass-through of these increases to
contracted customers; (iii) market conditions affecting the Company's
ability to pass-through raw material price increases to certain commodity
segments; (iv) increased interest expenses caused by interest rate
increases and increased indebtedness; (v) negative impact of foreign
exchange rates predominantly in Europe and; (vi) period expenses associated
with two new APEX(TM) lines. The full text of the press release is filed as
an exhibit to this Current Report on Form 8-K and incorporated herein by
reference.
(b) The exhibit required to be filed with this Current Report on Form 8-K is
included in the following index.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Polymer Group, Inc.
Dated: May 30, 2000 By: /s/ James G. Boyd
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James G. Boyd
Executive Vice President,
Chief Financial Officer
Treasurer and Secretary
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release dated May 23, 2000
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