8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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):  August 5, 2009

POLYPORE INTERNATIONAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-32266	43-2049334
(Commission File Number)	(IRS Employer Identification No.)
11430 North Community House Road, Suite 350, Charlotte, North Carolina	28277
(Address of Principal Executive Offices)	(Zip Code)

(704) 587-8409

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.              Results of Operations and Financial Condition.

On August 5, 2009, Polypore International, Inc. (“Polypore”) posted to the Investor Relations area of Polypore’s website at http://investor.polypore.net/ a slide presentation of supplemental financial information regarding its second quarter ended July 4, 2009.  A copy of the slide presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits .

Exhibit No.	Description
99.1	Slide Presentation of Second Quarter 2009 Supplemental Financial Information of Polypore International, Inc.

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 hereunto duly authorized.

	POLYPORE INTERNATIONAL, INC.
	(Registrant)
Date: August 5, 2009	By:	/s/ Lynn Amos
		Lynn Amos
		Chief Financial Officer

3

EX-99.1

Exhibit 99.1

(NYSE Listed: PPO) Second Quarter 2009 Supplemental Financial Information

2 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 loss of 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; the adverse impact from legal proceedings on our financial condition; natural disasters, epidemics, terrorist acts and other events beyond our control; and economic uncertainty and the current crisis in global credit and financial markets. 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

3 Second Quarter Results (excluding one-time items)* * The adjusted results on this page represent non-GAAP financial information. Refer to Exhibits A, C and E for reconciliation from GAAP results to adjusted results. (unaudited) ( in millions, except per share data) Adjusted Adjusted 2Q '09 2Q '08 Net sales 118.2 $ 164.7 $ Cost of goods sold 71.6 105.0 Business interruption insurance recovery - (1.9) Gross profit 46.6 61.6 Gross profit margin 39.4% 37.4% Selling, general and administrative expenses 23.6 29.7 Operating income 23.0 31.9 Operating income margin 19.5% 19.4% Other expense: Interest expense, net 14.6 16.1 Foreign currency and other 1.3 (0.5) 15.9 15.6 Income from continuing operations before income taxes 7.1 16.3 Income taxes 1.9 4.8 Income from continuing operations 5.2 11.5 Income from continuing operations per share - diluted 0.12 $ 0.27 $ Weighted average shares outstanding - diluted 44.6 42.2

4 Second Quarter Year to Date Results (excluding one-time items)* * The adjusted results on this page represent non-GAAP financial information. Refer to Exhibits B, D and E for reconciliation from GAAP results to adjusted results. (unaudited) ( in millions, except per share data) Adjusted Adjusted 2Q YTD '09 2Q YTD '08 Net sales 227.1 $ 310.0 $ Cost of goods sold 137.1 195.1 Business interruption insurance recovery - (2.4) Gross profit 90.0 117.3 Gross profit margin 39.6% 37.8% Selling, general and administrative expenses 48.0 55.1 Operating income 42.0 62.2 Operating income margin 18.5% 20.1% Other expense: Interest expense, net 28.8 32.0 Foreign currency and other 0.7 (0.6) 29.5 31.4 Income from continuing operations before income taxes 12.5 30.8 Income taxes 3.3 8.4 Income from continuing operations 9.2 22.4 Income from continuing operations per share - diluted 0.21 $ 0.54 $ Weighted average shares outstanding - diluted 44.5 41.4

5 Segment Results* * See Exhibit F for a reconciliation of Segment Operating Income to Income from Continuing Operations Before Income Taxes (unaudited, in millions) Year to Date Results Sales 2Q '09 2Q '08 Change 2Q YTD '09 2Q YTD '08 Change Energy storage Lead 61.6 $ 97.1 $ -36.6% 118.0 $ 177.7 $ -33.6% Lithium battery separators 20.7 24.9 -16.9% 38.0 48.2 -21.2% Total 82.3 122.0 -32.5% 156.0 225.9 -30.9% Separations media Healthcare 24.8 27.4 -9.5% 49.8 54.7 -9.0% Filtration and specialty 11.1 15.3 -27.5% 21.3 29.4 -27.6% Total 35.9 42.7 -15.9% 71.1 84.1 -15.5% Total 118.2 $ 164.7 $ -28.2% 227.1 $ 310.0 $ -26.7% Gross Profit* Energy Storage - $ 29.8 $ 45.9 $ -35.1% 55.8 $ 86.9 $ -35.8% % sales 36.2% 37.6% 35.8% 38.5% Separations Media - $ 16.8 15.7 7.0% 34.2 30.4 12.5% % sales 46.8% 36.8% 48.1% 36.1% Segment Gross Profit 46.6 $ 61.6 $ -24.4% 90.0 $ 117.3 $ -23.3% Segment Gross Profit % 39.4% 37.4% 39.6% 37.8% Segment Operating Income* Energy storage - $ 13.5 $ 24.6 -45.1% 22.8 $ 48.4 $ -52.9% % sales 16.4% 20.2% 14.6% 21.4% Separations media - $ 9.9 7.6 30.3% 19.9 14.4 38.2% % sales 27.6% 17.8% 28.0% 17.1% Corporate - $ (0.4) (0.3) (0.7) (0.6) % sales -0.3% -0.2% -0.3% -0.2% Segment operating income 23.0 $ 31.9 $ -27.9% 42.0 $ 62.2 $ -32.5% Segment operating income % 19.5% 19.4% 18.5% 20.1% Second Quarter Results

6 EXHIBITS

7 Exhibit A Second Quarter 2009 Results Please see Exhibit E for description of adjustments (unaudited) (in millions, except per share data) As Reported Adjustments As Adjusted Net sales 118.2 $ - $ 118.2 $ Cost of goods sold 71.6 - 71.6 Business interruption insurance recovery - - - Gross profit 46.6 - 46.6 Selling, general and administrative expenses 25.1 1.5 a 23.6 Business restructuring - - - Operating income 21.5 (1.5) 23.0 Other expense: Interest expense, net 14.6 - 14.6 Foreign currency and other 1.3 - 1.3 15.9 - 15.9 Income from continuing operations before income taxes 5.6 (1.5) 7.1 Income taxes 1.4 (0.5) d 1.9 Income from continuing operations 4.2 $ (1.0) $ 5.2 $ Income from continuing operations per share - diluted 0.09 $ (0.03) $ 0.12 $ Weighted average shares outstanding - diluted 44.6 44.6 44.6

8 Exhibit B Second Quarter YTD 2009 Results Please see Exhibit E for description of adjustments (unaudited) (in millions, except per share data) As Reported Adjustments As Adjusted Net sales 227.1 $ - $ 227.1 $ Cost of goods sold 137.1 - 137.1 Business interruption insurance recovery - - - Gross profit 90.0 - 90.0 Selling, general and administrative expenses 50.3 2.3 a 48.0 Business restructuring 0.6 0.6 c - Operating income 39.1 (2.9) 42.0 Other expense: Interest expense, net 28.8 - 28.8 Foreign currency and other 0.7 - 0.7 29.5 - 29.5 Income from continuing operations before income taxes 9.6 (2.9) 12.5 Income taxes 2.4 (0.9) d 3.3 Income from continuing operations 7.2 $ (2.0) $ 9.2 $ Income from continuing operations per share - diluted 0.16 $ (0.05) $ 0.21 $ Weighted average shares outstanding - diluted 44.5 44.5 44.5

9 Exhibit C Second Quarter 2008 Results Please see Exhibit E for description of adjustments (unaudited) (in millions, except per share data) As Reported Adjustments As Adjusted Net sales 164.7 $ - $ 164.7 $ Cost of goods sold 105.5 0.5 b 105.0 Business interruption insurance recovery (1.9) - (1.9) Gross profit 61.1 (0.5) 61.6 Selling, general and administrative expenses 29.7 - 29.7 Business restructuring - - - Operating income 31.4 (0.5) 31.9 Other expense: Interest expense, net 16.1 - 16.1 Foreign currency and other (0.5) - (0.5) 15.6 - 15.6 Income from continuing operations before income taxes 15.8 (0.5) 16.3 Income taxes 4.6 (0.2) d 4.8 Income from continuing operations 11.2 $ (0.3) $ 11.5 $ Income from continuing operations per share - diluted 0.26 $ (0.01) $ 0.27 $ Weighted average shares outstanding - diluted 42.2 42.2 42.2

10 Exhibit D Second Quarter YTD 2008 Results Please see Exhibit E for description of adjustments (unaudited) (in millions, except per share data) As Reported Adjustments As Adjusted Net sales 310.0 $ - $ 310.0 $ Cost of goods sold 195.8 0.7 b 195.1 Business interruption insurance recovery (2.4) - (2.4) Gross profit 116.6 (0.7) 117.3 Selling, general and administrative expenses 55.1 - 55.1 Business restructuring - - - Operating income 61.5 (0.7) 62.2 Other expense: Interest expense, net 32.0 - 32.0 Foreign currency and other (0.6) - (0.6) 31.4 - 31.4 Income from continuing operations before income taxes 30.1 (0.7) 30.8 Income taxes 8.4 (0.0) d,e 8.4 Income from continuing operations 21.7 $ (0.7) $ 22.4 $ Income from continuing operations per share - diluted 0.53 $ (0.01) $ 0.54 $ Weighted average shares outstanding - diluted 41.4 41.4 41.4

11 Exhibit E Description of adjustments a FTC-related costs incurred in 2009 due to the ongoing litigation concerning the acquisition of Microporous. b In connection with the application of purchase accounting for the Microporous acquisition, inventory was written up to fair value. This adjustment represents the amount of the purchase accounting adjustment for inventory that was sold during the period. c Charges associated with the 2008 business restructuring plan d Impact of above items (items a, b and c) on provision for income taxes e Non-cash income tax consequence of repatriating funds for the Microporous acquisition.

12 Exhibit F Reconciliation of Segment Operating Income Reconciliation of Segment Operating Income to Income From Continuing Operations Before Income Taxes (unaudited, in millions) Three Months Three Months Six Months Six Months Ended Ended Ended Ended July 4, 2009 June 28, 2008 July 4, 2009 June 28, 2008 Operating income: Energy storage 13.5 $ 24.6 $ 22.8 $ 48.4 $ Separations media 9.9 7.6 19.9 14.4 Corporate (0.4) (0.3) (0.7) (0.6) Total segment operating income 23.0 31.9 42.0 62.2 Inventory purchase accounting adjustment - 0.5 - 0.7 Business restructuring - - 0.6 - Costs related to the FTC complaint 1.5 - 2.3 - Total operating income 21.5 31.4 39.1 61.5 Reconciling items: Interest expense 14.6 16.1 28.8 32.0 Foreign currency and other 1.3 (0.5) 0.7 (0.6) Income from continuing operations before income taxes 5.6 $ 15.8 $ 9.6 $ 30.1 $