Austell, GA, April 15--Propex Fabrics Inc. reported income for the year 2004 before taxes of $8.3 million compared with the $14.6 million it has earned in 2003, a decrease of 43.2%.
Total revenue increased by 16.7% in 2004 to $609.6 million. The increase in North American furnishings revenue in 2004 was primarily due to higher U.S. carpet backing sales volumes and prices, as the company increased carpet backing pricing to reflect rising raw material prices.
The company said it experienced significantly higher volumes across industrial fabrics products, particularly geotextile products. The Europe geographic region experienced 2004 revenue growth as a result of higher sales volumes, a strong European economy and the strengthening of the euro versus the U.S. dollar.
Brazilian net revenue, primarily consisting of industrial fabrics, benefited from increased manufacturing capacity, a growing Brazilian economy and strengthening of the Brazilian real versus the U.S. dollar.
Revenues in the North American Furnishings unit rose 13.1% to $354.7 million. Industrial Fabrics revenue rose 21.3% to $122.9 million. Revenue in Europe was up 15.8% $93 million and revenue in Brazil increased 54.2% to $39 million.
The company said that prior to December 1, 2004, it was owned by BP p.l.c. and operated under the name of Amoco Fabrics and Fibers Company in the U.S. and other names in our international locations.
Propex had been acquired by an investor group that includes investment entities affiliated with The Sterling Group, L.P., Genstar Capital, L.P., and Laminar Direct Capital, L.P., BNP Paribas Private Capital Group, through Paribas North America Inc., certain members of our senior management and certain other investors on December 1, 2004, and became a stand-alone company operating under the name Propex Fabrics Inc.
