Polymer reveals first-quarter net sales

Polymer Group, a developer of engineered materials, has reported that net sales for the first quarter ended 3 April 2010 were $280.6m (£190.3m), compared with $243.6m in the fourth quarter of 2009 and $210m for the first quarter of 2009.

Gross profit improved to $47.6m from $44.5m in the fourth quarter of 2009 and decreased from $49.4m in the prior-year period.

Operating income was $9.2m, reversing an operating loss of $3.3m in the fourth quarter of 2009, while the company reported operating income of $20m in the prior-year period.

Adjusted EBITDA was $27.8m, compared with $22.6m in the fourth quarter of 2009 and $37.8m in the prior-year period.