-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GQK8PDM3wnO4JInE/cY1D6Xio8rDcgd0yrg4B+ZGBY7NNZiTovQmbDINGBKLMGrp SUhgUPZliBd3YBzC8p6frA== 0000950131-00-001851.txt : 20000321 0000950131-00-001851.hdr.sgml : 20000321 ACCESSION NUMBER: 0000950131-00-001851 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000314 ITEM INFORMATION: FILED AS OF DATE: 20000320 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLYMER GROUP INC CENTRAL INDEX KEY: 0000927417 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILS, MAN MADE FIBER & SILK [2221] IRS NUMBER: 571003983 STATE OF INCORPORATION: DE FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-14330 FILM NUMBER: 573811 BUSINESS ADDRESS: STREET 1: 4838 JENKINS AVE CITY: NORTH CHARLESTON STATE: SC ZIP: 29405 BUSINESS PHONE: 8037445174 MAIL ADDRESS: STREET 1: 4838 JENKINS AVENUE CITY: NORTH CHARLESTON STATE: SC ZIP: 29405 8-K 1 FORM 8-K ================================================================================ 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 ================================================================================ 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. 2 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 ----------------------------- Jerry Zucker Chairman, President, Chief Executive Officer Dated: March 16, 2000 By: /s/ James G. Boyd ----------------------------- James G. Boyd Executive Vice President, Chief Financial Officer Treasurer and Secretary 3 EXHIBIT INDEX Exhibit Number Description - ------ ----------- 99.1 Press Release dated March 14, 2000 4 EX-99.1 2 PRESS RELEASE DATED MARCH 14, 2000 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 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: johnstonr@pginw.com Web: www.polymergroupinc.com ------------------- ----------------------- -----END PRIVACY-ENHANCED MESSAGE-----