Exhibit 99.1  Polymer
  Group, Inc.9335 Harris Corners ParkwaySuite 300Charlotte, NC 28269www.polymergroupinc.com704-697-5100  Polymer Group, Inc.
Announces First Quarter Results  For
Immediate Release  Wednesday, May 7, 2008  [Charlotte, NC] Polymer
Group, Inc. (OTC Bulletin Board: POLGA/POLGB) (PGI) announced results of
operations for the first quarter ended March 29, 2008.  Operational highlights included:  ·Sales
continued to increase to record levels with first quarter sales growing 2.5% to
$273.8 million compared to the first quarter of 2007 and 3.1% compared to $265.4
million in the fourth quarter of 2007  ·Gross
profit increased 10.4% compared to the fourth quarter of 2007 and the gross
profit margin increased from 14.6% to 15.7% during the same time period  ·Total debt
levels were reduced by over $14 million during the quarter supported by
improvements in cash flow from operations  ·The new spunbond
line in Argentina began commercial production during the quarter.  Net sales for the first quarter of 2008 were $273.8
million compared to $267.0 million in the first quarter of 2007 and $265.4
million in the previous quarter.  Sales
growth was primarily driven by the impact of price increases implemented
to address higher raw material costs during the period and favorable foreign
currency translation rates as most currencies strengthened against the U.S.
dollar.  Underlying Nonwovens volume
increases from the companys new medical business in Suzhou, China, improved
industrial sales in North American markets and higher volumes in the hygiene
markets in Latin America were offset by the effect of businesses that the
company strategically exited during 2007 in the U.S. and in Europe.  Sales from the Oriented Polymers segment were
down slightly year-over-year due primarily to lower sales in Canada resulting
from interruptions in supply of Nomex® fibers used to make high value flame
retardant materials.  Reductions in overhead costs, including lower
depreciation costs as a result of special charges taken in the fourth quarter
of 2007, resulted in an improvement in gross profit compared to the prior
quarter.  Gross profit was $42.9 million
for the first quarter of 2008, representing a gross profit margin of 15.7%,
compared to a gross profit of $38.9 million, or a 14.6% margin, for the previous
quarter and $46.0 million, or a 17.2% margin, for the same period in 2007.  During the quarter, the effect of higher raw
material costs experienced late in the fourth quarter continued to negatively
impact profitability.  Raw material costs
represented 55.9% of sales in the first quarter compared to 53.2% in the first
quarter of 2007.  The companys customer
agreements, representing


approximately 35% - 40% of total volume, generally provide
for price adjustments on a quarterly basis based on the average index price in
the previous quarter.  This lag can
result in an impact to earnings during periods of significant increases on raw
materials.  Initiatives to shorten this
lag time to mitigate the impact are being pursued during the year.  Operating income for the first quarter of 2008 was $12.1
million, compared to an operating loss of $17.8 million in the fourth quarter
of 2007 and operating income of $11.7 million in the first quarter of the prior
year.  Operating income during the
quarter included $1.4 million of special charges primarily associated with
plant consolidation initiatives in Europe. 
Special charges were $31.5 million in the fourth quarter of 2007 and
were $6.4 million in the first quarter of 2007. 
Additionally, the company recognized $1.8 million of noncash
compensation costs during the quarter compared to $0.7 million in first quarter
of 2007.  The company continued to successfully manage the
balance sheet during the quarter.  Total
debt levels were reduced by $14.0 million during the quarter to $412.9 million.  The company was in compliance with its senior
debt covenant ratios at the end of the quarter. 
Additionally, working capital, defined as accounts receivable plus
inventories less accounts payable and accrued liabilities, was 11.9% of
annualized sales at the end of the quarter compared to 13.6% for the first
quarter of 2007 and 12.2% in the fourth quarter of 2007.  Net income for the quarter was $1.4 million, or $0.07
per fully diluted share, compared to $0.3 million, or $0.01 per fully diluted share,
for the same period the prior year.  PGIs chief executive officer, Veronica (Ronee) Hagen,
stated, While our results for the first quarter were in line with our
expectations and prior indications, I am very pleased with our success in
improving cash flow and reducing our debt levels.  More importantly, we made progress
implementing initiatives that will drive profit improvement throughout the year
and into 2009.  We expect this
improvement to begin in the second quarter and continue into the second half of
the year.  The improvement will be supported by our new
spunbond line in Argentina and the Spinlace line in the U.S., continued growth
in the Asia medical business, and implementing initiatives to better match the
way we buy and sell products. 
Additionally, we are continuing to invest for future growth with the
initiation of construction on our previously announced barrier spunmelt
capacity expansion in Mexico.  This line
is targeted to serve the hygiene and medical markets in the U.S. as well as in
Mexico and is projected to begin commercial production by mid-year 2009,
she said.  Hagen added, PGI has set its sights on market
leadership by leveraging our core strengths of innovation, operational excellence,
customer satisfaction and global capabilities. 
We have initiated global marketing efforts to refresh and improve our
brand image and position in the market. 
This includes the development of a new logo that represents the brand
character and provides a framework for how we interact in the marketplace.  ADJUSTED EBITDA  Adjusted EBITDA, a non-GAAP financial measure defined
below, for the first quarter of 2008 was $27.4 million.  Fourth quarter 2007 Adjusted EBITDA was $27.4
million and $32.7 million in the first quarter of 2007.  2


NON-GAAP FINANCIAL MEASURE  Adjusted EBITDA (as defined below) is used in
this release as a non-GAAP financial measure, which is a measure of the
companys financial performance that is different from measures calculated and
presented in accordance with generally accepted accounting principles, or GAAP,
within the meaning of applicable Securities and Exchange
Commission rules.  A non-GAAP financial
measure, such as EBITDA or Adjusted EBITDA, should not be viewed as an
alternative to GAAP measures of performance such as(1) net income
determined in accordance with GAAP or (2) operating cash flows determined
in accordance with GAAP. Our calculation of Adjusted EBITDA may not be
comparable to the calculation of similarly titled measures reported by other
companies.  As defined in the companys credit agreement, Adjusted
EBITDA equals net income (loss) before income and franchise tax expense
(benefit), interest expense net, depreciation and amortization, minority
interests net of cash distributions, write-off of loan acquisition costs,
non-cash compensation, foreign currency gain and losses, net, and special
charges net of unusual or non-recurring gains. The company presents Adjusted
EBITDA as defined in its credit facility as the measurement is used as a basis
for determining our compliance with several covenants thereunder.  It is also generally consistent with the
metric used by management as a performance measurement for certain
performance-based incentive compensation plans. 
In addition, the company considers Adjusted EBITDA an important
supplemental measure of our performance and believes it is frequently used by
securities analysts, investors and other interested parties in the evaluation
of companies in our industry.  The
company has conformed its definition of Adjusted EBITDA this period to the
definition in its senior secured credit facility as the company believes such
measurement is more relevant to evaluating the results of the business.  Included in this release is a reconciliation
of net income (loss) to Adjusted EBITDA, which illustrates the difference in these
measures of operating performance.  Polymer Group, Inc., one of the worlds
leading producers of nonwovens, is a global, technology-driven developer,
producer and marketer of engineered materials. With the broadest range of
process technologies in the nonwovens industry, PGI is a global supplier to
leading consumer and industrial product manufacturers. The company operates 18
manufacturing and converting facilities in 8 countries throughout the world.  Safe Harbor Statement  Except for historical information contained herein,
the matters set forth in this press release are forward-looking statements that
involve certain risks and uncertainties that could cause actual results to
differ materially from those described in the forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These forward-looking statements speak
only as of the date of this release. 
Important factors that could cause actual results to differ materially
from those discussed in such forward-looking statements include: general
economic factors including, but not limited to, changes in interest rates,
foreign currency translation rates, consumer confidence, trends in disposable
income, changes in consumer demand for goods produced, and cyclical or other
downturns; substantial debt levels and potential inability to maintain
sufficient liquidity to finance the companys operations and make necessary
capital expenditures; inability to meet existing debt covenants; information
and technological advances; changes in environmental laws and regulations; cost
and availability of raw materials, labor and natural and other resources and
the inability to pass  3


raw material cost increases along to customers;
changes in selling prices to customers which are based, by contract, on changes
to an underlying index; domestic and foreign competition; reliance on major
customers and suppliers; inability to achieve successful or timely start-up on
new or modified production lines; achievement of objectives for strategic
acquisitions and dispositions; and risks related to operations in foreign
jurisdictions.  Investors and other
readers are directed to consider the risks and uncertainties discussed in
documents filed by Polymer Group, Inc. with the Securities and Exchange
Commission, including the companys Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q.  For further information,
please contact: Dennis Norman Vice President 
Strategic Planning & Communication (704) 697-5186 normand@pginw.com  4


POLYMER GROUP, INC. Consolidated Statements of Operations (Unaudited) Three Months Ended March 29, 2008, Three Months Ended December 29, 2007 and Three Months Ended March 31, 2007 (In Thousands, Except Per Share Data)  Three Months
  
  Three Months
  
  Three MonthsEnded
  
  Ended
  
  EndedMarch 29,
  
  December 29,
  
  March 31,2008
  
  2007
  
  2007Net sales
  
  $
  273,773
  
  $
  265,425
  
  $
  267,037Cost of goods
  sold
  
  230,867
  
  226,559
  
  220,999Gross profit
  
  42,906
  
  38,866
  
  46,038Selling, general
  and administrative expenses
  
  30,700
  
  25,315
  
  28,442Special charges,
  net
  
  1,363
  
  31,487
  
  6,377Foreign currency
  (gain) loss, net
  
  (1,292
  )
  (118
  )
  (502
  )Operating income
  (loss)
  
  12,135
  
  (17,818
  )
  11,721Other expense
  (income):Interest
  expense, net
  
  8,707
  
  7,490
  
  8,134Other (gain)
  loss, net
  
  487
  
  (480
  )
  (1,802
  )Income (loss)
  before income tax expense and minority interests
  
  2,941
  
  (24,828
  )
  5,389Income tax
  expense (benefit)
  
  1,624
  
  (3,490
  )
  4,589Minority
  interests, net of tax
  
  (107
  )
  431
  
  510Net income
  (loss)
  
  $
  1,424
  
  $
  (21,769
  )
  $
  290Average common
  shares outstanding
  
  19,197
  
  19,406
  
  19,263Income (loss)
  per common share:Basic
  
  $
  0.07
  
  $
  (1.12
  )
  $
  0.02Diluted
  
  $
  0.07
  
  $
  (1.12
  )
  $
  0.01  5


POLYMER GROUP, INC. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands)  March 29,
  
  December 29,2008
  
  2007ASSETSCurrent assets:Cash and cash
  equivalents
  
  $
  21,816
  
  $
  32,766Accounts
  receivable, net
  
  147,626
  
  139,505Inventories
  
  136,236
  
  139,726Other
  
  35,283
  
  27,838Total current
  assets
  
  340,961
  
  339,835Property, plant
  and equipment, net
  
  397,496
  
  395,394Intangibles and
  loan acquisition costs, net
  
  8,694
  
  9,341Other assets
  
  7,769
  
  6,101Total assets
  
  $
  754,920
  
  $
  750,671LIABILITIES
  AND SHAREHOLDERS EQUITYCurrent
  liabilities:Accounts payable
  and accrued liabilities
  
  $
  153,812
  
  $
  150,365Current portion
  of long-term debt and short-term borrowings
  
  12,801
  
  11,444Other
  
  3,751
  
  2,069Total current
  liabilities
  
  170,364
  
  163,878Long-term debt
  
  400,114
  
  415,514Other noncurrent
  liabilities
  
  59,066
  
  53,002Total
  liabilities
  
  629,544
  
  632,394Minorityinterests
  
  19,637
  
  19,745Shareholders
  equity
  
  105,739
  
  98,532Total
  liabilities and shareholders equity
  
  $
  754,920
  
  $
  750,671  6


POLYMER GROUP,
INC. Selected
Financial Data (Unaudited) (In
Thousands)  Three Months
  
  Three Months
  
  Three MonthsEnded
  
  Ended
  
  EndedMarch 29,
  
  December 29,
  
  March 31,2008
  
  2007
  
  2007Selected
  Financial DataDepreciation and
  amortization expense included in operating income
  
  $
  12,788
  
  $
  14,062
  
  $
  14,204Noncash
  compensation costs included in operating income
  
  $
  1,849
  
  $
  (2
  )
  $
  711Amortization of
  loan acquisition costs
  
  $
  345
  
  $
  352
  
  $
  345Capital
  expenditures
  
  $
  12,579
  
  $
  14,347
  
  $
  10,963Special charges,
  netAsset Impairment
  charges
  
  
  
  24,954
  
  Restructuring
  and plant realignment costs
  
  1,352
  
  6,093
  
  6,207Other
  
  11
  
  440
  
  170$
  1,363
  
  $
  31,487
  
  $
  6,377Adjusted
  EBITDAThe following
  table reconciles Adjusted EBITDA to net income (loss) for the periods
  presented:Net income
  (loss)
  
  $
  1,424
  
  $
  (21,769
  )
  $
  290Income &
  franchise tax expense (benefit)
  
  2,237
  
  (3,137
  )
  5,061Interest
  expense, net
  
  8,707
  
  7,490
  
  8,134Depreciation and
  amortization included expense in operating income
  
  12,788
  
  14,062
  
  14,204Minority
  interests, net of tax & cash disbursements
  
  (107
  )
  (162
  )
  (1,370
  )Non-cash
  compensation
  
  1,849
  
  (2
  )
  711Foreign currency
  (gain) loss, net
  
  (991
  )
  557
  
  (542
  )Special charges,
  net
  
  1,363
  
  31,487
  
  6,377Other charges
  (gains), net
  
  198
  
  (1,088
  )
  (129
  )Adjusted EBITDA
  
  $
  27,468
  
  $
  27,438
  
  $
  32,736  7