Home / Knowledge / News / Textiles / Intertape Polymer Group Q3 sales marginally up
Intertape Polymer Group Q3 sales marginally up
14
Nov '13
Intertape Polymer Group reported revenue for the third quarter of 2013.

The Company reported revenue for the third quarter of 2013 of $199.9 million, an increase of 0.7% compared to $198.5 million for the third quarter of 2012 and an increase of 3.3% sequentially compared to $193.5 million for the second quarter of 2013.

Gross profit totalled $40.0 million for the third quarter of 2013 as compared to $35.0 million and $42.3 million for the third quarter of 2012 and the second quarter of 2013, respectively. Revenue was higher in the third quarter of 2013 compared to the third quarter of 2012 primarily due to an increase in selling prices, including the impact of product mix partially offset by a decrease in sales volume.

Revenue increased in the third quarter of 2013 compared to the second quarter of 2013 primarily due to an increase in sales volume partially offset by a decrease in selling prices, including the impact of product mix.

Net earnings for the third quarter of 2013 was $14.4 million ($0.24 earnings per share basic and $0.23 earnings per share diluted) as compared to $10.9 million ($0.18 earnings per share, both basic and diluted) for the third quarter of 2012 and $15.1 million ($0.25 earnings per share, both basic and diluted) for the second quarter of 2013. 

On August 14, 2013, the Board of Directors amended the Company’s dividend policy to increase the frequency of the dividend from a semi-annual payment to a quarterly payment and concurrently declared a dividend of $0.08 per common share, paid on September 30, 2013 to shareholders of record at the close of business September 16, 2013. The aggregate amount of the dividend paid was $4.9 million. The Board’s decision to double the annualized dividend reflects the Company’s continued financial improvement and positive outlook.

On August 30, 2013, the Company redeemed, at par value, the remaining $18.7 million aggregate principal amount of its outstanding Senior Subordinated Notes (“Notes”) due August 2014 and the Indenture was discharged and all Notes satisfied.

Revenue

The Company’s revenue for the third quarter of 2013 was $199.9 million, an increase of 0.7% compared to $198.5 million for the third quarter of 2012. Revenue was higher in the third quarter of 2013 compared to the third quarter of 2012 primarily due to an increase in selling prices, including the impact of product mix, partially offset by a decrease in sales volume.

The decrease in sales volume of approximately 3% when compared to the third quarter of 2012 was primarily due to the progress the Company made in reducing sales of low-margin products in the second half of 2012 partially offset by increased sales of new products.

Selling prices, including the impact of product mix, increased approximately 4% in the third quarter of 2013 compared to the third quarter of 2012. The increase in selling prices was primarily due to higher selling prices of equivalent units and a shift in the mix of products sold.

Revenue for the first nine months of 2013 was $590.0 million, a 0.9% decrease compared to $595.1 million for the same period in 2012. The decrease in revenue was primarily due to a decrease in sales volume of approximately 2% partially offset by an approximately 2% increase in selling prices, including the impact of product mix.

Click here to view full results.

Intertape Polymer Group


Must ReadView All

'Requirement of polyester filament yarn is increasing'

Textiles | On 19th Jun 2018

'Requirement of polyester filament yarn is increasing'

The requirement of polyester filament yarn (PFY) is increasing as it...

Courtesy: SAC

Textiles | On 19th Jun 2018

SAC to release pilot of Higg Facility Social Labour Module

The Sustainable Apparel Coalition (SAC) will release this year a...

Courtesy: Ebay

Apparel/Garments | On 19th Jun 2018

eBay partners with Noon for e-commerce sales in Middle East

Noon, the $1 billion e-commerce venture backed by Dubai businessman...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search