EX-99.1 2 g10173k2exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
 

(NYSE Listed: PPO) Third Quarter 2007 Supplemental Financial Information


 

These materials include "forward-looking statements". All statements other than statements of historical facts included in these materials that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about Polypore International's plans, objectives, strategies and prospects regarding, among other things, the financial condition, results of operations and business of Polypore International and its subsidiaries. We have identified some of these forward-looking statements with words like "believe," "may," "will," "should," "expect," "intend," "plan," "predict," "anticipate," "estimate" or "continue" and other words and terms of similar meaning. These forward-looking statements are based on current expectations about future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Many factors mentioned in our discussion in these materials will be important in determining future results. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties, including with respect to Polypore International, the following, among other things: the highly competitive nature of the markets in which we sell our products; the failure to continue to develop innovative products; the loss of our customers; the vertical integration by our customers of the production of our products into their own manufacturing process; increases in prices for raw materials or the loss of key supplier contracts; our substantial indebtedness; interest rate risk related to our variable rate indebtedness; our inability to generate cash; restrictions related to the senior secured credit facilities; employee slowdowns, strikes or similar actions; product liability claims exposure; risks in connection with our operations outside the United States; the incurrence of substantial costs to comply with, or as a result of violations of, or liabilities under environmental laws; the failure to protect our intellectual property; the failure to replace lost senior management; the incurrence of additional debt, contingent liabilities and expenses in connection with future acquisitions; the adverse impact on our financial condition from past restructuring activities; the failure to effectively integrate newly acquired operations; the absence of expected returns from the amount of intangible assets we have recorded; and natural disasters, epidemics, terrorist acts and other events beyond our control. Because our actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward looking statements, we cannot give any assurance that any of the events anticipated by the forward looking statements will occur or, if any of them do, what impact they will have on Polypore International's results of operations and financial condition. You are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date of these materials. We do not undertake any obligation to update these forward looking statements in these materials to reflect new information, future events or otherwise, except as may be required under federal securities laws. Safe Harbor Statement


 

Completed IPO (July 3, 2007) raised proceeds of $267.9M used for debt reduction (see below) Retired 10.50% Senior Discount Notes (July 2007 - various dates) used IPO proceeds of $267.9M plus $25.7M cash (total = $293.6M) to retire Notes Refinanced Senior Secured Credit Facility (July 3, 2007) new credit agreement provides improved financial flexibility and lower interest rate spreads certain one time pre-tax costs reflected in 3Q financial results Costs to purchase the 10.50% Senior Discount Notes: write-off of loan acquisition costs and other: $38.1M $30.0M 8.1M Total Recently completed IPO and refinancing strengthened capital structure Certain one-time costs impacted 3Q financial results Recent Initiatives


 

Achieved 3Q Sales and Profit Growth Third Quarter Results (excluding one-time items)* The adjusted results on this page are non-GAAP financial information, refer to Exhibits A&B for reconciliation from GAAP results to Adjusted results


 

The adjusted results on this page are non-GAAP financial information, refer to Exhibits C&D for reconciliation from GAAP results to Adjusted results Nine Month Results (excluding one-time items)*


 

Segment Results (excluding one time items)* The adjusted results on this page are non-GAAP financial information, refer to Exhibit E for reconciliation from GAAP results to Adjusted results


 

EXHIBITS


 

Exhibit A Third Quarter 2007 Results Excluding one-time items, 3Q EPS was approximately $0.13


 

Exhibit B Third Quarter 2006 Results


 

Exhibit C 9 Months 2007 Results


 

Exhibit D 9 Months 2006 Results


 

Exhibit E Reconciliation of Segment Operating Income to Loss before Income Taxes