Polypore International Inc. (PPO, Financial) filed Quarterly Report for the period ended 2009-07-04.
Polypore Inc. a subsidiary of Polypore International Inc. is a worldwide developer manufacturer and marketer of highly specialized polymer-based membranes used in separation and filtration processes. Polypore International Inc. has a market cap of $556.6 million; its shares were traded at around $12.54 with a P/E ratio of 16.1 and P/S ratio of 0.9.
At April 4, 2009, a .5% increase in the discount rate would have resulted in a reduction in fair values of $42.2 million for our energy storage segment and $17.3 million for our separations media segment. For the energy storage segment, the .5% increase in the discount rate would have resulted in the carrying value of the lead-acid battery separator reporting unit exceeding its fair value by $9.1 million and would have required a step two analysis to determine the amount of goodwill impairment, if any.
Net sales. Net sales for the three months ended July 4, 2009 were $118.2 million, a decrease of $46.5 million, or 28.2%, from the same period in the prior year. Energy storage sales for the three months ended July 4, 2009 were $82.3 million, a decrease of $39.7 million, or 32.5%. Energy storage sales of lead-acid and lithium battery separators decreased by 36.6% and 16.8%, respectively, due to current macro-economic conditions and the negative impact of dollar/euro exchange rate fluctuations of $4.0 million. Lead-acid battery separator sales were also impacted by the loss of a customer at the end of fiscal 2008. Sales to this customer in the three months ended June 28, 2008 were $15.3 million.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased by $4.6 million for the three months ended July 4, 2009. Excluding the impact of dollar/euro exchange rate fluctuations, the decrease was $3.3 million, consisting of $4.1 million of reduced discretionary spending and cost savings from the 2008 restructuring plan, partially offset by $1.0 million of increased operating costs in 2009 due to the acquisition of Yurie-Wide Corporation in May 2008.
Net sales. Net sales for the six months ended July 4, 2009 were $227.1 million, a decrease of $82.9 million, or 26.7%, from the same period in the prior year. Energy storage sales for the six months ended July 4, 2009 were $156.0 million, a decrease of $69.9 million, or 30.9%. Energy storage sales of lead-acid and lithium battery separators decreased by 33.6% and 21.2%, respectively, due to current macro-economic conditions and the negative impact of dollar/euro exchange rate fluctuations of $8.5 million. Lead-acid battery separator sales were also impacted by the loss of a customer at the end of fiscal 2008. Sales to this customer in the six months ended June 28, 2008 were $28.1 million.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased by $4.8 million for the six months ended July 4, 2009. Excluding the impact of dollar/euro exchange rate fluctuations, the decrease was $2.7 million, consisting of $6.2 million of reduced discretionary spending and cost savings from the 2008 restructuring plan, partially offset by $2.5 million of increased operating costs in 2009 for the acquisition of Yurie-Wide Corporation in May 2008.
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Polypore Inc. a subsidiary of Polypore International Inc. is a worldwide developer manufacturer and marketer of highly specialized polymer-based membranes used in separation and filtration processes. Polypore International Inc. has a market cap of $556.6 million; its shares were traded at around $12.54 with a P/E ratio of 16.1 and P/S ratio of 0.9.
Highlight of Business Operations:
separator business. The total estimated cost of the plan is expected to be approximately $61.5 million, including cash charges of $32.6 million for severance and environmental, and a $28.9 million non-cash impairment charge. We began implementing the restructuring plan during the fourth quarter and recorded restructuring charges of $59.9 million.At April 4, 2009, a .5% increase in the discount rate would have resulted in a reduction in fair values of $42.2 million for our energy storage segment and $17.3 million for our separations media segment. For the energy storage segment, the .5% increase in the discount rate would have resulted in the carrying value of the lead-acid battery separator reporting unit exceeding its fair value by $9.1 million and would have required a step two analysis to determine the amount of goodwill impairment, if any.
Net sales. Net sales for the three months ended July 4, 2009 were $118.2 million, a decrease of $46.5 million, or 28.2%, from the same period in the prior year. Energy storage sales for the three months ended July 4, 2009 were $82.3 million, a decrease of $39.7 million, or 32.5%. Energy storage sales of lead-acid and lithium battery separators decreased by 36.6% and 16.8%, respectively, due to current macro-economic conditions and the negative impact of dollar/euro exchange rate fluctuations of $4.0 million. Lead-acid battery separator sales were also impacted by the loss of a customer at the end of fiscal 2008. Sales to this customer in the three months ended June 28, 2008 were $15.3 million.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased by $4.6 million for the three months ended July 4, 2009. Excluding the impact of dollar/euro exchange rate fluctuations, the decrease was $3.3 million, consisting of $4.1 million of reduced discretionary spending and cost savings from the 2008 restructuring plan, partially offset by $1.0 million of increased operating costs in 2009 due to the acquisition of Yurie-Wide Corporation in May 2008.
Net sales. Net sales for the six months ended July 4, 2009 were $227.1 million, a decrease of $82.9 million, or 26.7%, from the same period in the prior year. Energy storage sales for the six months ended July 4, 2009 were $156.0 million, a decrease of $69.9 million, or 30.9%. Energy storage sales of lead-acid and lithium battery separators decreased by 33.6% and 21.2%, respectively, due to current macro-economic conditions and the negative impact of dollar/euro exchange rate fluctuations of $8.5 million. Lead-acid battery separator sales were also impacted by the loss of a customer at the end of fiscal 2008. Sales to this customer in the six months ended June 28, 2008 were $28.1 million.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased by $4.8 million for the six months ended July 4, 2009. Excluding the impact of dollar/euro exchange rate fluctuations, the decrease was $2.7 million, consisting of $6.2 million of reduced discretionary spending and cost savings from the 2008 restructuring plan, partially offset by $2.5 million of increased operating costs in 2009 for the acquisition of Yurie-Wide Corporation in May 2008.
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