Intertape Polymer Group Inc. (TSX:ITP) ("Intertape" or the
"Company") today released results for the first quarter ended March
31, 2013. All amounts are denominated in US dollars unless
otherwise indicated.
First Quarter 2013 Highlights:
-- Gross margin increased to 19.5% from 16.3% in the first quarter of 2012
-- Adjusted EBITDA of $24.0 million increased 18.4% over the first quarter
of 2012
-- Cash flows from operating activities before changes in working capital
of $19.1 million
-- Adjusted fully diluted EPS of $0.24 compared to $0.14 in the first
quarter of 2012
-- Completed initiatives announced in June 2012 to consolidate and optimize
manufacturing operations
-- Recorded $26.0 million charge in the first quarter of 2013 related to
the previously announced relocation and modernization of the Columbia,
South Carolina manufacturing operation with expected annual savings of
more than $13 million starting in the first half of 2015 with the first
full year effects to be realized in 2016
Other Announcements:
-- Semi-annual dividend of USD$0.08 per share paid in April
-- Notice of Redemption issued for an additional $20 million of Senior
Subordinated Notes ("Notes") to occur in June 2013
"We are very pleased with gross margin of 19.5% on relatively
stable sales volume. We achieved this upper level of our expected
gross margin range as a result of continued progress made on our
gross margin improvement initiatives," stated Intertape President
and Chief Executive Officer, Greg Yull.
"At the end of the first quarter of 2013, the debt to trailing
12-month adjusted EBITDA ratio was 1.7 compared to 2.8 for the same
period last year. This improvement allows us to significantly
increase our capital expenditures with confidence over the next two
years as we invest for the future. The planned redemption of
another $20 million of Notes in June will further lower our average
cost of debt.
"At the end of June 2012, we announced some important
initiatives concerning three of our facilities. Production ceased
in Richmond, Kentucky in the fourth quarter of 2012, and production
of shrink film in Truro, Nova Scotia ceased in the first quarter of
2013 and was consolidated in Tremonton, Utah. As indicated before,
we expect a positive contribution to adjusted EBITDA of
approximately $5 million in 2013, and approximately $6 million
annually thereafter, as a result of these initiatives," concluded
Mr. Yull.
Revenue for the first quarter of 2013 was $196.7 million, a 1.1%
decrease compared to $198.9 million for the first quarter of 2012
and a 3.9% sequential increase compared to $189.3 million for the
fourth quarter of 2012. 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. Revenue was higher in
the first quarter of 2013 compared to the fourth quarter of 2012
primarily due to an increase in selling prices including the impact
of product mix as well as an increase in sales volume of
approximately 1%.
Selling prices, including the impact of product mix, decreased
approximately 1% in the first quarter of 2013 compared to the first
quarter of 2012. The decrease was primarily due to a shift in the
mix of the products sold, partially offset by an increase in
selling prices. Selling prices, including the impact of product
mix, increased approximately 3% in the first quarter of 2013
compared to the fourth quarter of 2012. The increase was primarily
due to a shift in the mix of products sold and, to a lesser extent,
higher selling prices.
Gross profit totalled $38.3 million in the first quarter of
2013, an increase of 18.2% from $32.4 million in the first quarter
of 2012 and an increase of 8.7% from $35.2 million in the fourth
quarter of 2012. Gross margin was 19.5%, 16.3% and 18.6% in the
first quarter of 2013, in the first quarter of 2012 and in the
fourth quarter of 2012, respectively.
When compared to the first quarter of 2012, gross profit and
gross margin increased primarily due to an improvement in the
spread between selling prices and raw material costs as well as the
impact of manufacturing cost reductions. When compared to the
fourth quarter of 2012, the increase in gross profit and gross
margin was primarily due to manufacturing cost reductions and
improved product mix.
Selling, general and administrative expenses ("SG&A")
totalled $23.0 million for the first quarter of 2013 compared to
$18.4 million in the first quarter of 2012 and $20.8 million in
fourth quarter of 2012. As a percentage of revenue, SG&A was
11.7%, 9.2% and 11.0% for the first quarter of 2013, the first
quarter of 2012 and the fourth quarter of 2012, respectively.
SG&A was $4.6 million greater in the first quarter of 2013
compared to the first quarter of 2012 primarily due to a $1.7
million increase in stock-based compensation expense, a provision
with respect to the resolution of a contingent liability and higher
variable compensation expense related to higher adjusted EBITDA.
The increase in stock-based compensation expense was related to the
impact of an increase in the Company's share price on Stock
Appreciation Rights ("SAR") expense. When compared to the fourth
quarter of 2012, SG&A increased by $2.1 million primarily due
to the provision with respect to the resolution of a contingent
liability and a $0.9 million increase in stock-based compensation
expense related to SAR expense.
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 increase in adjusted EBITDA in the
first quarter of 2013 compared with both prior periods is primarily
due to higher gross profit, as discussed above.
Net loss for the first quarter of 2013 totalled $15.8 million as
compared to net earnings of $7.7 million for the first quarter of
2012, and net earnings of $5.7 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. As previously announced
in February, this charge primarily relates to the relocation and
modernization of the Company's Columbia, South Carolina
manufacturing operation.
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 was $0.24 per share ($0.26 loss unadjusted), $0.14 per
share ($0.13 unadjusted) for the first quarter of 2012 and $0.16
per share ($0.09 unadjusted) for the fourth quarter of 2012.
For a reconciliation of non-generally accepted accounting
principles ("GAAP") financial measures to their most directly
comparable GAAP financial measures, see the Non-GAAP Financial
Measures section below.
Cash flows from operations before changes in working capital
items decreased in the first quarter of 2013 by $1.0 million to
$19.1 million from $20.1 million in the first quarter of 2012 and
decreased $0.4 million compared to the fourth quarter of 2012. The
decrease in cash flows from operations before changes in working
capital for the first quarter of 2013 compared to both the first
quarter of 2012 and the fourth quarter of 2012 is primarily due to
higher cash costs related to manufacturing facility closures,
restructuring and other related charges, partially offset by higher
gross margin.
The Company had total cash and loan availability of $69.7
million as of March 31, 2013, $54.7 million as of December 31, 2012
and $81.5 million as of March 31, 2012. The increase of $14.9
million in total cash and loan availability between December 31,
2012 and March 31, 2013 was due to an $11.5 million increase in the
borrowing base combined with a decrease of $3.5 million in the
total draw. The $11.5 million increase in the borrowing base was
primarily due to an increase in trade receivables. As of March 31,
2013 debt was $149.8 million compared to $199.1 million as of March
31, 2012.
The Company had cash and loan availability under its ABL
facility exceeding $61 million as of May 14, 2013.
Outlook
The Company intends to continue to focus on developing and
selling higher margin products, reducing variable manufacturing
costs, executing on the previously announced manufacturing plant
initiatives and optimizing its debt structure. As a result, the
Company anticipates the following:
-- Revenue for the second quarter of 2013 is expected to be slightly lower
than the first quarter of 2013;
-- Gross margin for the second quarter of 2013 is expected to be slightly
higher than the first quarter of 2013;
-- Adjusted EBITDA for the second quarter of 2013 is expected to be
slightly higher than the first quarter of 2013;
-- Capital expenditures expected to be $19 to $22 million for the second
quarter of 2013, $48 to $54 million for total 2013, and $21 to $26
million in 2014. These amounts include capital expenditures for the
manufacturing rationalization projects set forth in the table below;
-- Total debt at June 30, 2013 is expected to be higher than at March 31,
2013 due to an increase in capital expenditures and payment of a
dividend. However, the announced $20.0 million redemption of the Notes
on June 27, 2013 is expected to result in a lower average cost of debt
as of June 30, 2013 as compared to prior periods. The remaining Notes
are expected to be redeemed later in 2013; and
-- The Company recently ceased production at its Richmond, Kentucky
manufacturing facility as well as shrink film production at its Truro,
Nova Scotia facility. Cash savings related to these projects are
expected to total $5 million in 2013 and approximately $6 million
annually in future years. The Company plans to relocate and modernize
its Columbia, South Carolina manufacturing operation with state-of-the-
art equipment in a new facility. The Company anticipates total annual
cash savings in excess of $13 million starting in the first half of 2015
with the first full year effects in 2016. Estimated restructuring
expenses and cash flows for these projects are summarized below.
Manufacturing Rationalization Projects
(in millions of US dollars)
(Unaudited)
South Carolina Project
---------------------------------------------------------
After
2012 2013 2013
--------------------------
Q4 Q1 Q2 2nd Half Total
-------- ------- ------- --------- -------- -------------
Est. Est.
Actual Actual Est. Range Range
Impact on statement
of earnings
(loss):
Non-cash charges - 23.5 - - - 23.5
Charges related
to equipment
moves, severance
and
environmental - 2.5 0.3 1 - 2 5 - 7 8.8 - 11.8
-------- ------- ------- --------- -------- -------------
Total - 26.0 0.3 1 - 2 5 - 7 32.3 - 35.3
-------- ------- ------- --------- -------- -------------
-------- ------- ------- --------- -------- -------------
Timing of cash
outflows:
Capital
expenditures
(including real
estate $14.5 to
$16.0) 2.7 - 14.8 10 - 13 12 - 14 39.5 - 44.5
Cash outflows for
equipment moves,
severance and
environmental - - 0.1 0 - 1 9 - 11 9.1 - 12.1
-------- ------- ------- --------- -------- -------------
Total 2.7 - 14.9 10 - 14 21 - 25 48.6 - 56.6
-------- ------- ------- --------- -------- -------------
-------- ------- ------- --------- -------- -------------
All Manufacturing Rationalization Projects including
South Carolina Project
---------------------------------------------------------
After
2012 2013 2013
--------------------------
Q4 Q1 Q2 2nd Half Total
-------- ------- ------- --------- -------- -------------
Est. Est.
Actual Actual Est. Range Range
Impact on statement
of earnings
(loss):
Non-cash charges,
net of asset
impairment
recoveries 1.3 23.3 0.1 - - 24.7
Charges related
to equipment
moves, severance
and
environmental 1.9 3.9 0.8 2 - 3 5 - 7 13.6 - 16.6
-------- ------- ------- --------- -------- -------------
Total 3.2 27.2 0.9 2 - 3 5 - 7 38.3 - 41.3
-------- ------- ------- --------- -------- -------------
-------- ------- ------- --------- -------- -------------
Timing of cash
outflows:
Capital
expenditures
including real
estate 5.0 2.1 15.7 12 - 15 14 - 16 48.8 - 53.8
Cash outflows for
equipment moves,
severance and
environmental 1.9 1.7 0.7 1 - 2 8 - 11 13.3 - 17.3
-------- ------- ------- --------- -------- -------------
Total 6.9 3.8 16.4 13 - 17 22 - 27 62.1 - 71.1
-------- ------- ------- --------- -------- -------------
-------- ------- ------- --------- -------- -------------
Intertape Polymer US Inc., a wholly-owned subsidiary of
Intertape, has issued a notice of redemption for $20.0 million
aggregate principal amount of its outstanding 8 1/2% Notes due
August 2014. The notional amount of Notes outstanding after this
redemption will be $18.7 million. A charge of $0.2 million will be
recorded in the second quarter of 2013 due to the write-off of
unamortized debt issue costs related to the redemption of the
Notes.
A notice of redemption (the "Redemption Notice") pursuant to the
terms of the Indenture governing the Notes has been distributed by
the Company. The Redemption Notice issued yesterday states that the
redemption date is June 27, 2013 (the "Redemption Date"), and the
redemption price is 100% of the par value of the Notes redeemed
("Redemption Payment"), plus accrued and unpaid interest to the
Redemption Date. The Redemption Payment will be paid promptly
following the later of the Redemption Date or the time of surrender
of the Notes called for redemption to Wilmington Trust Company.
Questions regarding the redemption should be directed to Wilmington
Trust Company, by telephone at (203) 453-4130 or by facsimile at
(203) 453-1183.
This announcement does not constitute a Notice of Redemption or
an offer to buy or sell or the solicitation of an offer to sell or
buy any securities in any jurisdiction. The securities mentioned
herein have not been and will not be qualified for sale to the
public under applicable Canadian or United States securities laws
and, accordingly, any offer and sale of the securities in Canada or
the United States will be made on a basis which is exempt from the
prospectus requirements of such securities laws.
Non-GAAP Financial Measures
EBITDA, adjusted EBITDA, free cash flows, adjusted net earnings
(loss) and adjusted earnings (loss) per share are not GAAP
measures. Whenever Intertape uses such non-GAAP measures, it will
provide a reconciliation of non-GAAP financial measures to the most
closely applicable GAAP financial measure. Investors and other
readers are encouraged to review the related GAAP financial
measures and the reconciliation of non-GAAP measures to their most
closely applicable GAAP measure set forth below and should consider
non-GAAP measures only as a supplement to, not as a substitute for
or as a superior measure to, measures of financial performance
prepared in accordance with GAAP.
EBITDA
A reconciliation of the Company's EBITDA, a non-GAAP financial
measure, to GAAP net earnings (loss) is set out in the EBITDA
reconciliation table below. EBITDA should not be construed as
earnings (loss) before income taxes, net earnings (loss) or cash
flows from operating activities as determined by GAAP. The Company
defines EBITDA as net earnings (loss) before (i) interest and other
(income) expense; (ii) income tax expense (benefit); (iii)
refinancing expense, net of amortization; (iv) amortization of debt
issue expenses; (v) amortization of intangible assets; and (vi)
depreciation of property, plant and equipment. Adjusted EBITDA is
defined as EBITDA before (i) manufacturing facility closures,
restructuring and other related charges; (ii) stock-based
compensation expense; (iii) impairment of goodwill; (iv) impairment
of long-lived assets and other assets; (v) write-down on assets
classified as held-for-sale; and (vi) other items as disclosed. The
terms "EBITDA" and "adjusted EBITDA" do not have any standardized
meanings prescribed by GAAP and are therefore unlikely to be
comparable to similar measures presented by other issuers. EBITDA
and adjusted EBITDA are not measurements of financial performance
under GAAP and should not be considered as alternatives to cash
flows from operating activities or as alternatives to net earnings
(loss) as indicators of the Company's operating performance or any
other measures of performance derived in accordance with GAAP. The
Company has included these non-GAAP financial measures because it
believes that it permits investors to make a more meaningful
comparison of the Company's performance between periods presented.
In addition, EBITDA and adjusted EBITDA are used by Management and
the Company's lenders in evaluating the Company's performance.
EBITDA AND ADJUSTED EBITDA RECONCILIATION TO NET EARNINGS (LOSS)
(in millions of US dollars)
(Unaudited)
Three months ended
-------------------------------
December
March 31, 31, March 31,
2013 2012 2012
--------- ---------- ----------
$ $ $
Net earnings (loss) (15.8) 5.7 7.7
Add back:
Interest and other (income) expense 1.9 3.5 3.8
Income tax expense (benefit) 0.4 0.5 0.4
Depreciation and amortization 7.1 7.6 7.6
--------- ---------- ----------
EBITDA (6.4) 17.3 19.6
Manufacturing facility closures,
restructuring, and other related charges 27.2 3.2 0.5
Stock-based compensation expense 1.8 0.9 0.1
Provision related to resolution of a
contingent liability 1.3 - -
--------- ---------- ----------
Adjusted EBITDA 24.0 21.4 20.2
--------- ---------- ----------
--------- ---------- ----------
Adjusted Net Earnings (Loss)
A reconciliation of the Company's adjusted net earnings (loss),
a non-GAAP financial measure, to GAAP net earnings (loss) is set
out in the adjusted net earnings (loss) reconciliation table below.
Adjusted net earnings (loss) should not be construed as net
earnings (loss) as determined by GAAP. The Company defines adjusted
net earnings (loss) as net earnings (loss) before (i) manufacturing
facility closures, restructuring, and other related charges; (ii)
stock-based compensation expense; (iii) impairment of goodwill;
(iv) impairment of long-lived assets and other assets; (v)
write-down on assets classified as held-for-sale; (vi) other items
as disclosed; and (vii) income tax effect of these items. The term
"adjusted net earnings (loss)" does not have any standardized
meaning prescribed by GAAP and is therefore unlikely to be
comparable to similar measures presented by other issuers. Adjusted
net earnings (loss) is not a measurement of financial performance
under GAAP and should not be considered as an alternative to net
earnings (loss) as an indicator of the Company's operating
performance or any other measures of performance derived in
accordance with GAAP. The Company has included this non-GAAP
financial measure because it believes that it permits investors to
make a more meaningful comparison of the Company's performance
between periods presented. In addition, adjusted net earnings
(loss) is used by Management in evaluating the Company's
performance because it believes it provides a more accurate
indicator of the Company's performance.
Adjusted earnings (loss) per share is also presented in the
following table and is a non-GAAP financial measure. Adjusted
earnings (loss) per share should not be construed as earnings
(loss) per share as determined by GAAP. The Company defines
adjusted earnings (loss) per share as adjusted net earnings (loss)
divided by the weighted average number of common shares
outstanding, both basic and diluted. The term "adjusted earnings
(loss) per share" does not have any standardized meaning prescribed
by GAAP and is therefore unlikely to be comparable to similar
measures presented by other issuers. Adjusted earnings (loss) per
share is not a measurement of financial performance under GAAP and
should not be considered as an alternative to earnings (loss) per
share as an indicator of the Company's operating performance or any
other measures of performance derived in accordance with GAAP. The
Company has included this non-GAAP financial measure because it
believes that it permits investors to make a more meaningful
comparison of the Company's performance between periods presented.
In addition, adjusted earnings (loss) per share is used by
Management in evaluating the Company's performance because it
believes it provides a more accurate indicator of the Company's
performance.
ADJUSTED NET EARNINGS RECONCILIATION TO NET EARNINGS (LOSS)
(in millions of US dollars except per share amounts and share numbers)
(Unaudited)
Three months ended
------------------------------------
March 31, December 31, March 31,
2013 2012 2012
---------- ------------ ------------
$ $ $
Net earnings (loss) (15.8) 5.7 7.7
Add back:
Manufacturing facility closures,
restructuring, and other related
charges 27.2 3.2 0.5
Stock-based compensation expense 1.8 0.9 0.1
Provision related to resolution of a
contingent liability 1.3 - -
Less: income tax expense 0.5 0.2 -
---------- ------------ ------------
Adjusted net earnings 15.0 10.0 8.4
---------- ------------ ------------
---------- ------------ ------------
Earnings (loss) per share
Basic (0.26) 0.10 0.13
Diluted (0.26) 0.09 0.13
Adjusted earnings per share
Basic 0.25 0.17 0.14
Diluted 0.24 0.16 0.14
Weighted average number of common shares
outstanding for adjusted net earnings
per share calculation
Basic 59,692,751 59,316,858 58,961,050
Diluted 61,394,227 61,036,145 60,156,176
FREE CASH FLOWS RECONCILIATION
(in millions of US dollars)
(Unaudited)
Three months ended
--------------------------------
December
March 31, 31, March 31,
2013 2012 2012
---------- ---------- ----------
$ $ $
Cash flows from operating activities 7.1 31.8 6.8
Less purchases of property, plant and
equipment, and other assets (5.8) (9.2) (4.7)
---------- ---------- ----------
Free cash flows 1.3 22.6 2.1
---------- ---------- ----------
---------- ---------- ----------
New or Amended Accounting Standards
On January 1, 2013, the amendments to IAS 19, Employee Benefits,
became effective and required retrospective application to
operating results for fiscal years 2012 and 2011. As such, the
unaudited interim condensed consolidated financial statements for
the three months ended March 31, 2013 reflect the Company's
adoption of this guidance and include corresponding comparative
information for 2012. See the Section entitled "Pension and Other
Post-Retirement Benefit Plans" of the Management's Discussion and
Analysis and Note 3 - Pension and Other Post-Retirement Benefit
Plans of the unaudited interim condensed consolidated financial
statements for the three months ended March 31, 2013 for a summary
of the impact of the adoption of this guidance on the Company's
financial results.
Conference Call
A conference call to discuss Intertape's 2013 first quarter
results will be held Wednesday, May 15, 2013, at 10 A.M. Eastern
Time. Participants may dial 800-926-5093 (U.S. and Canada) and
1-212-231-2915 (International).
You may access a replay of the call by dialing 800-633-8284
(U.S. and Canada) or 1-402-977-9140 (International) and entering
the Access Code 21656185. The recording will be available from May
15, 2013 at 12:00 P.M. until June 14, 2013 at 11:59 P.M. Eastern
Time.
About Intertape Polymer Group Inc.
Intertape Polymer Group Inc. is a recognized leader in the
development, manufacture and sale of a variety of paper and
film-based pressure sensitive and water activated tapes,
specialized polyolefin films, woven fabrics and complementary
packaging systems for industrial and retail use. Headquartered in
Montreal, Quebec and Bradenton, Florida, the Company employs
approximately 1,800 employees with operations in 16 locations,
including 10 manufacturing facilities in North America and one in
Europe.
Safe Harbor Statement
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of United States
federal securities legislation (collectively, "forward-looking
statements"). All statements other than statements of historical
facts included in this press release, including statements
regarding the Company's industry, prospects, plans, financial
position and business strategy, may constitute forward-looking
statements. These forward-looking statements are based on current
expectations, estimates, forecasts and projections about the
industries in which the Company operates as well as beliefs and
assumptions made by the Company's management. Words such as "may,"
"will," "expect," "continue," "intend," "estimate," "anticipate,"
"plan," "foresee," "believe" or "seek" or the negatives of these
terms or variations of them or similar terminology are intended to
identify such forward-looking statements. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, these statements, by their nature,
involve risks and uncertainties and are not guarantees of future
performance. Such statements are also subject to assumptions
concerning, among other things: the Company's anticipated business
strategies; anticipated savings from the Company's manufacturing
plant rationalization initiatives; anticipated trends in the
Company's business; anticipated cash flows from the Company's
operations; availability of funds under the Company's Asset-Based
Loan facility; and the Company's ability to continue to control
costs. The Company can give no assurance that these estimates and
expectations will prove to have been correct. Actual outcomes and
results may, and often do, differ from what is expressed, implied
or projected in such forward-looking statements, and such
differences may be material. Readers are cautioned not to place
undue reliance on any forward-looking statement. For additional
information regarding some important factors that could cause
actual results to differ materially from those expressed in these
forward-looking statements and other risks and uncertainties, and
the assumptions underlying the forward-looking statements, you are
encouraged to read "Item 3. Key Information - Risk Factors" in the
Company's annual report on Form 20-F for the year ended December
31, 2012 and the other factors contained in the Company's filings
with the Canadian securities regulators and the US Securities and
Exchange Commission. Each of these forward-looking statements
speaks only as of the date of this press release. The Company will
not update these statements unless applicable securities laws
require it to do so.
Intertape Polymer Group Inc.
Consolidated Earnings (Loss)
Periods ended March 31,
(In thousands of US dollars, except per share amounts)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended
(Unaudited)
---------------------------
2013 2012
-------------- ------------
$ $
Revenue 196,695 198,912
Cost of sales 158,389 166,505
-------------- ------------
Gross profit 38,306 32,407
-------------- ------------
Selling, general and administrative expenses 22,959 18,373
Research expenses 1,602 1,519
-------------- ------------
24,561 19,892
-------------- ------------
Operating profit before manufacturing facility
closures, restructuring and other related
charges 13,745 12,515
Manufacturing facility closures, restructuring
and other related charges 27,201 546
-------------- ------------
Operating profit (loss) (13,456) 11,969
Finance costs
Interest 1,753 3,355
Other expense 160 473
-------------- ------------
1,913 3,828
.
Earnings (loss) before income tax expense
(benefit) (15,369) 8,141
Income tax expense (benefit)
Current 751 493
Deferred (312) (61)
-------------- ------------
439 432
-------------- ------------
Net earnings (loss) (15,808) 7,709
-------------- ------------
-------------- ------------
Earnings (loss) per share
Basic (0.26) 0.13
-------------- ------------
-------------- ------------
Diluted (0.26) 0.13
-------------- ------------
-------------- ------------
Intertape Polymer Group Inc.
Consolidated Comprehensive Income (Loss)
Periods ended March 31,
(In thousands of US dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended
(Unaudited)
-------------------------
2013 2012
------------ ------------
$ $
Net earnings (loss) (15,808) 7,709
------------ ------------
Other comprehensive income (loss)
Changes in fair value of forward foreign
exchange rate contracts, designated as cash
flow hedges (net of deferred income tax
expense of nil, nil in 2012) - 338
Settlements of forward foreign exchange rate
contracts, transferred to earnings (net of
income tax expense of nil, nil in 2012) - 199
Change in cumulative translation adjustments (1,994) 1,838
------------ ------------
Items that will be reclassified subsequently to
net earnings (loss) (1,994) 2,375
------------ ------------
Other comprehensive income (loss) (1,994) 2,375
------------ ------------
Comprehensive income (loss) for the period (17,802) 10,084
------------ ------------
------------ ------------
Intertape Polymer Group Inc.
Consolidated Cash Flows
Periods ended March 31,
(In thousands of US dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended
(Unaudited)
------------------------
2013 2012
------------ -----------
$ $
OPERATING ACTIVITIES
Net earnings (loss) (15,808) 7,709
Adjustments to net earnings (loss)
Depreciation and amortization 7,093 7,588
Income tax expense 439 432
Interest expense 1,753 3,355
Charges in connection with manufacturing
facility closures, restructuring and other
related charges 23,295 386
Write-down of inventories, net - 26
Stock-based compensation expense 1,840 143
Pension and other post-retirement benefits
expense 761 756
(Gain) loss on foreign exchange (100) 232
Other adjustments for non-cash items (114) 200
Income taxes (paid) refunded, net 474 (1)
Contributions to defined benefit plans (574) (771)
------------ -----------
Cash flows from operating activities before
changes in working capital items 19,059 20,055
------------ -----------
Changes in working capital items
Trade receivables (11,986) (10,609)
Inventories (2,703) (4,146)
Parts and supplies (149) (305)
Other current assets 3,068 2,463
Accounts payable and accrued liabilities (3,791) (217)
Provisions 3,626 (459)
------------ -----------
(11,935) (13,273)
------------ -----------
Cash flows from operating activities 7,124 6,782
------------ -----------
INVESTING ACTIVITIES
Payments on the settlements of forward foreign
exchange rate contracts - (200)
Purchase of property, plant and equipment (5,825) (4,732)
Proceeds from disposals of property, plant and
equipment and other assets 1,645 20
Restricted cash and other assets 64 (28)
Purchase of intangible assets - (7)
------------ -----------
Cash flows from investing activities (4,116) (4,947)
------------ -----------
FINANCING ACTIVITIES
Proceeds from long-term debt 11,087 20,626
Repayment of long-term debt (12,831) (14,605)
Payments of debt issue costs (14) (1,447)
Interest paid (2,533) (5,677)
Proceeds from exercise of stock options 1,285 -
------------ -----------
Cash flows from financing activities (3,006) (1,103)
------------ -----------
Net increase in cash 2 732
Effect of foreign exchange differences on cash (97) 111
Cash, beginning of period 5,891 4,345
------------ -----------
Cash, end of period 5,796 5,188
------------ -----------
------------ -----------
Intertape Polymer Group Inc.
Consolidated Balance Sheets
As of
(In thousands of US dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
March 31, December 31,
2013 2012
(Unaudited) (Audited)
------------- -------------
$ $
ASSETS
Current assets
Cash 5,796 5,891
Trade receivables 87,611 75,860
Other receivables 3,161 5,163
Inventories 94,131 91,910
Parts and supplies 13,238 14,442
Prepaid expenses 4,597 5,701
------------- -------------
208,534 198,967
Property, plant and equipment 158,935 185,592
Other assets 3,678 3,597
Intangible assets 1,790 1,980
Deferred tax assets 35,600 36,016
------------- -------------
Total assets 408,537 426,152
------------- -------------
------------- -------------
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 75,939 76,005
Provisions 2,619 1,526
Installments on long-term debt 11,419 9,688
------------- -------------
89,977 87,219
Long-term debt 138,398 141,611
Pension and other post-retirement benefits 40,960 40,972
Provisions 4,377 1,891
Other liabilities 1,651 625
------------- -------------
275,363 272,318
------------- -------------
SHAREHOLDERS' EQUITY
Capital stock 354,374 351,702
Contributed surplus 15,655 16,386
Deficit (238,069) (217,462)
Accumulated other comprehensive income 1,214 3,208
------------- -------------
133,174 153,834
------------- -------------
Total liabilities and shareholders' equity 408,537 426,152
------------- -------------
------------- -------------
Contacts: MaisonBrison Communications Rick Leckner/Pierre
Boucher 514-731-0000
Intertape Polymer (TSX:ITP)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Intertape Polymer (TSX:ITP)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024
