Intertape Polymer Group Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $196,695,000 compared with $198,912,000 for the same period a year ago. Operating loss was $13,456,000 compared with operating profit of $11,969,000 for the same period a year ago. Loss before income tax expense was $15,369,000 compared with income before income tax expense of $8,141,000 for the same period a year ago. Net loss was $15,808,000 or $0.26 per basic and diluted share compared with net income of $7,709,000 or $0.13 per basic and diluted share for the same period a year ago. Cash flows from operating activities were $7,124,000 compared with $6,782,000 for the same period a year ago. Purchase of property, plant and equipment was $5,825,000 compared with $4,732,000 for the same period a year ago. Revenue was lower in the first quarter of 2013 compared to the first quarter of 2012 due to a decrease in selling prices including the impact of product mix, partially offset by a slight increase in sales volume. Adjusted EBITDA was $24.0 million for the first quarter of 2013, $20.2 million for the first quarter of 2012 and $21.4 million for the fourth quarter of 2012. The decrease in net earnings for the first quarter of 2013 compared with both periods was primarily due to $27.2 million of manufacturing facility closures, restructuring and other related charges recorded in the first quarter of 2013, partially offset by increased gross profit, as discussed above. Adjusted net earnings amounted to $15.0 million for the first quarter of 2013, $8.4 million for the first quarter of 2012 and $10.0 million for the fourth quarter of 2012, respectively. Adjusted net earnings for the first quarter of 2013 increased as compared to both periods primarily due to higher gross profit and lower interest costs. Adjusted fully diluted earnings per share for the first quarter of 2013 were $0.24 per share against $0.14 per share for the first quarter of 2012. The decrease in cash flows, compared to both periods was primarily due to an increase in cash cost associated with manufacturing facility closures restructuring and other related charges partially offset by higher gross margin. The company expects to record an impairment charge of approximately $1 million to $2 million in the remainder of 2013 and $5 million to $7 million after 2013. The company provided earnings Guidance for the second quarter of 2013. For the second quarter, the company expects revenue is to be slightly lower than the first quarter of 2013; gross margin is to be slightly higher than the first quarter of 2013; adjusted EBITDA is to be slightly higher than the first quarter of 2013 and capital expenditures is to be $19 to $22 million. The company expects a positive contribution to adjusted EBITDA of $5 million in 2013, and approximately $6 million in the following years. The company expects capital expenditures to be in the range of $48 - $54 million for 2013. The company expects capital expenditures to be in the range of $21- $26 million for 2014.

Intertape Polymer Group Inc., Q1 2013 Earnings Call, May 15, 2013

Intertape Polymer Group Inc. announced that they will report Q1, 2013 results at 9:00 AM, Eastern Standard Time on May 15, 2013