Pfleiderer Revenues Fall in First Quarter

Neumarkt, Germany, May 21, 2009--Pfleiderer AG, parent of laminate firm Pergo, in the first quarter posted revenue of 358.0 million euros ($489.2 million), 23.5 percent below the level posted in the first quarter of last year.

The company said the period was affected by very weak demand, especially in the first six weeks.

Lower raw-material prices and cost cutting improved Pfleiderer’s gross margin to 28.7 percent.

Glue prices, which are influenced by decreasing oil prices, have more than halved compared with their peak levels last year, Pfleiderer said.

Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased in the first three months of 2009 by 12.7 percent to 52.7 million euros ($ 72.1 million).

Pfleiderer said that revenue in North America close to prior-year level. Pfleiderer said it performed better than the market with revenue falling by 5.7 percent. Surface-finished products sold better than raw particleboard and raw MDF.

Pfleiderer said it continues to anticipate a difficult development of the overall market in 2009.