SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: May 23, 2005

FiberMark, Inc.

(Exact name of registrant as specified in charter)

Delaware	001-12865	82-0429330
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

161 Wellington Road

P.O. Box 498

Brattleboro, Vermont 05302

(802) 257-0365

Item 2.02 Results of Operations and Financial Condition.

On May 23, 2005, FiberMark announced its first-quarter 2005 results. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The Exhibit associated with this item attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

Exhibit 99.1 Press Release Dated May 23, 2005

SIGNATURE

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.


	FiberMark

Date: May 24, 2005	By:	/s/ John E. Hanley
		John E. Hanley
		Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description

Exhibit 99.1		Press release dated May 23, 2005

FOR IMMEDIATE RELEASE Contact: Janice C. Warren

Director of Investor Relations and Corporate Communications

802 257 5981

FiberMark Reports First-quarter 2005 Results

BRATTLEBORO, VERMONT, May 23, 2005—FiberMark, Inc., (OTCBB: FMKIQ) today issued its financial results for the first quarter ended March 31, 2005. The company reported a net loss of $2.3 million, or $0.33 per share, versus a loss of $16.9 million, or $2.38 per share, in 2004. The smaller net loss primarily reflects lower reorganization expense of $6.5 million and lower interest expense of $8.3 million both related to the company’s chapter 11 filing. Foreign exchange benefits contributed to $2.9 million of the improvement. Offsetting those improvements were lower volume from North American operations, higher raw material costs, particularly in pulp and latex, and energy, which were only partially offset by price increases, improvements in product mix and lower fixed costs.

Net sales in the first quarter of 2005 were $114.8 million compared with $112.4 million in the prior-year quarter, an increase of $2.4 million or 2.1%. Sales from German operations were $61.2 million compared with $55.6 million in 2004, an increase of $5.6 million or 10.1%. Excluding the effects of a stronger euro, which accounted for $2.8 million of the increase, sales from German operations increased by $2.8 million or 5.0%. The company continued to generate sales gains in most of its German operations due to a combination of market share gains and geographic growth, particularly in the Pacific Rim. However, weak economic conditions in Europe, particularly in Germany, have affected industry demand in the nonwoven wallcovering market. German sales levels also reflect some offsetting pockets of pricing pressure and weaker product mix. Sales from North American operations were $53.6 million in the 2005 quarter versus $56.9 million in 2004, a decline of $3.3 million or 5.8%. North American operations sales reflect modest declines in most product families, particularly in technical specialties due to a combination of market erosion and lackluster economic conditions. Lower volume was partially offset by price increases and improvements in product mix.

As of March 31, 2005, FiberMark’s pro forma unused borrowing capacity under its existing credit facilities was $36.3 million.

FiberMark, headquartered in Brattleboro, Vt., is a leading producer of specialty fiber-based materials meeting industrial and consumer needs worldwide, operating 11 facilities in the eastern United States and Europe. Products include filter media for transportation and vacuum cleaner bags; base materials for specialty tapes, electrical and graphic arts applications; wallpaper, building materials and sandpaper; and cover/decorative materials for office and school supplies, publishing, printing and premium packaging.

This document contains forward-looking statements. Actual results may differ depending on the economy and other risk factors discussed in the company's Form 10-K/A as filed with the SEC on May 4, 2005, which is accessible on the company's Web site at www.fibermark.com.

(tables follow)

FIBERMARK, INC. Condensed Consolidated Statements of Operations Three Months Ended March 31, 2005 and 2004 (In thousands, except per share amounts) Unaudited

		2005			2004

Net sales	$	114,797		$	112,428

Cost of sales		94,989			91,184

Gross profit		19,808			21,244

Selling, general and administrative expenses		11,321			12,088

Income from operations		8,487			9,156

Foreign exchange transaction (gain) loss		262			(227	)
Other expense, net		320			736
Interest expense, net (excluding post-petition contractual interest of $8,525 and $92 in 2005 and 2004, respectively)		585			8,948
Reorganization expense		5,502			11,985

Income (loss) before income taxes		1,818			(12,286	)

Income tax expense		4,144			4,564

Net loss	$	(2,326	)	$	(16,850	)

Basic loss per share	$	(0.33	)	$	(2.38	)

Diluted loss per share	$	(0.33	)	$	(2.38	)

Weighted average basic shares outstanding		7,066			7,066
Weighted average diluted shares outstanding		7,066			7,066

FIBERMARK, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) Unaudited

		March 31, 2005			December 31, 2004
ASSETS
Current assets:
Cash	$	2,938		$	1,194
Accounts receivable, net of allowances		66,885			61,116
Inventories		74,961			73,650
Prepaid expenses		4,502			4,339

Total current assets		149,286			140,299

Property, plant and equipment, net		241,461			248,853
Goodwill		8,845			9,167
Other intangible assets, net		2,139			2,629
Other long-term assets		4,778			4,858

Total assets	$	406,509		$	405,806

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Revolving credit line	$	12,588		$	2,628
Accounts payable		18,865			24,063
Accrued liabilities		24,175			21,269
Accrued income taxes payable		17,399			15,458
Deferred income taxes		266			279

Total current liabilities not subject to compromise		73,293			63,697

Long-term liabilities:
Deferred income taxes		24,384			28,497
Other long-term liabilities		48,327			48,788

Total long-term liabilities not subject to compromise		72,711			77,285

Liabilities subject to compromise		365,909			366,700

Total liabilities		511,913			507,682

Stockholders’ deficit:
Preferred stock, par value $.001 per share;
2,000,000 shares authorized, and none issued		-			-
Series A Junior participatory preferred stock, par value $.001;
7,066 shares authorized, and none issued		-			-
Common stock, par value $.001 per share; 20,000,000 shares authorized
7,070,026 shares issued and 7,066,226 shares outstanding in 2005 and 2004		7			7
Additional paid-in capital		65,496			65,496
Accumulated deficit		(177,034	)		(174,708	)
Accumulated other comprehensive income		6,162			7,364
Less treasury stock, 3,800 shares at cost in 2005 and 2004		(35	)		(35	)

Total stockholders’ deficit		(105,404	)		(101,876	)

Total liabilities and stockholders’ deficit	$	406,509		$	405,806

FiberMark, Inc.
Supplemental Financial Information

Reconciliation of Net Loss to EBITDAR

EBITDAR, a non-GAAP measure, is defined as earnings before interest, taxes, depreciation, amortization and reorganization expenses. This financial metric reflects liquidity and operating profitability commonly used by the investment community and internally for evaluation purposes. Such measures should be considered in addition to, but not in lieu of, financial measures reported under GAAP.

	Three Months Ended March 31,						Variance
		2005			2004			$		%

Net loss	$	(2,326	)	$	(16,850	)	$	14,524		86	%

Adjustments to reconcile to EBITDAR:
Net interest		585			8,948			8,363
Income tax		4,144			4,564			420
Depreciation and amortization		4,679			4,663			(16	)
Chapter 11 reorganization expense		5,502			11,985			6,483
		14,910			30,160			15,250		51	%

EBITDAR¹		12,584			13,310			(726	)	-5	%

¹Includes foreign exchange (gain)/loss		262			(227	)		(489	)

FIBERMARK INC 8-K