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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): March 14, 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 March 14, 2000, Polymer Group, Inc. ("Company") issued a press release
announcing that, based upon preliminary estimates, the Company expects
first quarter earnings per share to be between $.06 and $.08 and full year
earnings per share to be in the range of $.90 and $1.10 per share versus
$1.04 per diluted share in fiscal year 1999. Additionally, the Company
expects first quarter cash flow, or EBITDA to be approximately $40 million.
The Company disclosed that factors affecting first quarter earnings include
(i) changes and delays 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 those increases to
customers; and (iii) 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: March 16, 2000 By: /s/ Jerry Zucker
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Jerry Zucker
Chairman, President, Chief
Executive Officer
Dated: March 16, 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 March 14, 2000
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Exhibit 99.1
Polymer Group, Inc. Issues Earnings
Advisory for First Quarter and Fiscal 2000
For Immediate Release
Tuesday, March 14, 2000
[North Charleston, SC] -- Polymer Group, Inc. (NYSE: PGI) announced today, based
on preliminary estimates, it expects first quarter 2000 earnings to be lower
than consensus estimates despite sales growth of between 9% and 11%. PGI expects
first quarter earnings per share to be between $0.06 and $0.08, and full year
earnings per share to be in the range of $0.90 to $1.10, versus $1.04 per
diluted share in fiscal year 1999. First quarter cash flow, or EBITDA, is
expected to be approximately $40 million.
Factors affecting first quarter earnings include:
. Changes and delays in orders for selected high margin products from certain
consumer products customers
. Timing variances between raw material price increases and the pass-through of
those increases to customers
. Period expenses associated with two new APEX(TM) lines
Jerry Zucker, Chairman, President and Chief Executive Officer, commented, "We
are disappointed to report lower than expected earnings expectations in light of
very strong sales growth of 9 to 11 percent. A number of difficult factors have
developed late in the quarter that cannot be remedied quickly enough to offset
their negative impact."
A conference call, hosted by Jerry Zucker, will be held at 10:00 AM Eastern
Time, Tuesday March 14th, 2000. To listen to this call, please dial 1-800-553-
0326. A replay
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of the call will be available from 2:00 PM Eastern Time March 14th until
11:59 PM Eastern Time March 16th. To access the replay, please call 1-800-475-
6701 and enter code 508388.
Polymer Group, Inc., the world's third largest producer of nonwovens, is a
global, technology-driven developer, producer and marketer of engineered
materials. With the broadest range of process technologies in the nonwovens
industry, PGI is a global supplier to leading consumer and industrial product
manufacturers. The Company employs more than 4,500 people and operates 25
manufacturing facilities throughout the world. Polymer Group, Inc. is the
exclusive manufacturer of Miratec(R) fabrics, produced using proprietary
advanced laser technologies, which the Company believes have the potential to
replace traditionally woven and knit textiles in a wide range of applications.
Miratec(R) is a registered trademark of Polymer Group, Inc.
Except for historical information contained herein, the matters set forth in
this press release are forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. Factors that may cause actual
results to differ from those indicated in forward-looking statements can
include, but are not limited to, the following: (i) increased competition in
markets in which the Company competes, (ii) increased costs, (iii) changes in
conditions of the general economy and (iv) the Company's substantial leverage
position. Investors and other readers are directed to consider the risks and
uncertainties discussed in documents filed by Polymer Group, Inc. with the
Securities and Exchange Commission, including the Company's Registration
Statement on Form S-4, declared effective on July 1, 1998.
For further information, please contact:
Robert Johnston
Investor Relations
Polymer Group, Inc.
P.O. Box 5069
North Charleston, South Carolina, 29405
Telephone No.: (843) 566-7293
E-mail: [email protected] Web: www.polymergroupinc.com
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