Wednesday, Polypore International Inc. (PPO), reported a net loss for the fourth quarter of fiscal 2008, compared to a profit in the same period last year, hurt by restructuring charges during the period.
The Charlotte, North Carolina-based technology filtration company, posted a fourth quarter net loss of $44.4 million or $1.00 per share, compared with a profit of $14.1 million or $0.35 per share in the year-ago period.
During the quarter, Polypore implemented a business-restructuring plan that resulted in charges of approximately $59.9 million. On an adjusted basis, excluding items, net income for the quarter was $9.9 million or $0.22 per share, down from a profit of $10.9 million or $0.27 per share a year ago.
On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.19 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net sales totaled $145.6 million, up from $144.6 million in the prior year. Analysts anticipated revenues of $148.14 million for the quarter.
Segment-wise, sales for the Energy Storage segment were $108.8 million, an increase of 8%, over the prior-year period, while Separations Media segment reported sales of $36.8 million, down 17% from the fourth quarter of 2007.
Selling, general and administrative expenses rose to $27.0 million from $23.9 million in the prior year.
Commenting on the company's performance, Robert Toth, President and Chief Executive Officer, stated, "Performance was consistent with our guidance despite the effect of the economic downturn experienced late in the quarter."
For the full year 2008, Polypore recorded a net loss of $15.2 million or $0.36 per share, compared to a profit of $0.5 million or $0.02 per share a year ago. Sales for the year totaled $610.5 million, up from $534.7 million last year.
Adjusted earnings for the year were $41.3 million or $0.96 per share, down from earning of $17.2 million or $0.52 per share in the prior year.
Street analysts anticipated earnings of $0.82 per share for fiscal 2008, on revenues of around $611.05 million.
As of the end of fiscal 2008, Polypore had total liquidity of approximately $170.0 million including cash on hand and availability under its revolving credit facility.
PPO ended Wednesday's regular trading at $5.33, down 7.94% or $0.46, on a volume of 156,041 shares on the New York Stock Exchange.
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