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):  March 12, 2012

 

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 8.01. Other Events.

 

Polypore International, Inc. (the “Company”) is filing this Current Report on Form 8-K in order to provide investors with quarterly segment information for 2011 on a basis that is consistent with the segment information disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 that was filed on February 27, 2012.  The voluntary supplemental information included in this Form 8-K provides unaudited segment information for the fiscal quarters ended April 2, 2011, July 2, 2011 and October 1, 2011 on a basis that is consistent with the segment information disclosed in the Company’s audited financial statements for the fiscal year ended December 31, 2011.  There is no impact on the Company’s previously reported unaudited condensed consolidated balance sheets, statements of income or statements of cash flows for these quarterly periods.

 

The electronics and EDVs operating segment and transportation and industrial operating segment were previously reported together as energy storage.  In the fourth quarter of 2011, as a result of significant growth and accelerating demand in the electronics and EDVs operating segment, the Company disaggregated the two operating segments of its energy storage business into two reporting segments.  In addition, certain costs that were previously allocated to energy storage and separations media for internal reporting and financial statement reporting purposes, but were not allocated internally to the two operating segments included in energy storage, were reclassified to “Corporate and other.”

 

Presented in the context of its two primary businesses – energy storage and separations media - the Company’s three reportable segments are as follows:

 

The energy storage business produces and markets membranes that provide the critical function of separating the cathode and anode in a variety of battery markets and is comprised of the following reportable segments:

 

·                 Electronics and EDVs - produces and markets membranes for lithium-ion batteries that are used in portable electronic devices, cordless power tools and electric drive vehicles (“EDVs”).

 

·                  Transportation and industrial - produces and markets membranes for lead-acid batteries that are used in automobiles, other motor vehicles, forklifts and uninterruptible power supply systems.

 

The separations media business is one reportable segment and produces and markets membranes used as the high technology filtration element in various medical and industrial applications.

 

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Financial information relating to the reportable segments is presented below:

 

 

 

Three months ended

 

(in thousands)

 

April 2, 2011

 

July 2, 2011

 

October 1, 2011

 

Net sales to external customers (by major product group):

 

 

 

 

 

 

 

Electronics and EDVs

 

$

42,144

 

$

50,821

 

$

56,070

 

Transportation and industrial

 

94,440

 

96,982

 

89,887

 

Energy storage

 

136,584

 

147,803

 

145,957

 

Healthcare

 

30,531

 

29,925

 

27,986

 

Filtration and specialty

 

18,559

 

18,648

 

16,119

 

Separations media

 

49,090

 

48,573

 

44,105

 

Total net sales to external customers

 

$

185,674

 

$

196,376

 

$

190,062

 

Operating income:

 

 

 

 

 

 

 

Electronics and EDVs

 

$

18,387

 

$

23,775

 

$

26,521

 

Transportation and industrial

 

25,771

 

26,855

 

20,954

 

Energy storage

 

44,158

 

50,630

 

47,475

 

Separations media

 

16,390

 

15,525

 

9,227

 

Corporate and other

 

(10,375

)

(11,823

)

(10,249

)

Segment operating income

 

50,173

 

54,332

 

46,453

 

Stock-based compensation

 

1,035

 

1,058

 

2,459

 

Non-recurring and other costs

 

222

 

253

 

176

 

Total operating income

 

48,916

 

53,021

 

43,818

 

Reconciling items:

 

 

 

 

 

 

 

Interest expense, net

 

8,899

 

8,463

 

8,504

 

Foreign currency and other

 

1,598

 

(894

)

(357

)

Income before income taxes

 

$

38,419

 

$

45,452

 

$

35,671

 

Depreciation and amortization:

 

 

 

 

 

 

 

Electronics and EDVs

 

$

1,873

 

$

1,965

 

$

2,410

 

Transportation and industrial

 

2,932

 

2,968

 

2,961

 

Energy storage

 

4,805

 

4,933

 

5,371

 

Separations media

 

3,093

 

3,282

 

3,562

 

Corporate and other

 

4,185

 

4,224

 

4,208

 

Total depreciation and amortization

 

$

12,083

 

$

12,439

 

$

13,141

 

 

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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:  March 12, 2012

 

By:

/s/ Lynn Amos

 

 

 

Lynn Amos

 

 

 

Chief Financial Officer

 

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