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New financial arrangements place Intertape on solid footing
16 May '08
3 min read
Intertape Polymer Group Inc released results for the first quarter ended March 31, 2008. All dollar amounts are US denominated unless otherwise indicated.
“We are pleased with the results of the first quarter. We achieved year-over-year increases in both gross margins and EBITDA.
Intertape's ability to obtain higher selling prices, and thus offset raw material cost increases, as well as a refocus on high-margin products, helped the Company's performance despite the overall weakened economic situation in the U.S.
“This is most evident in the Engineered Coated Products (“ECP”) Division, where EBITDA almost doubled from the previous year, despite the continuing slowdown in the residentialconstruction sector.
“A further highlight of the first quarter was the completion of new financing arrangements. Among the advantages the Company expects are the elimination of all but one financial covenant and a significant reduction in interest expense in 2008 compared to 2007. This places the Company on a very solid footing,” stated Melbourne F. Yull, Intertape's Executive Director.
A reconciliation of the Company's EBITDA, a non-GAAP financial measure, to GAAP net earnings, is set out below in the EBITDA reconciliation table in the section entitled “Non-GAAP Information” Earnings Adjusted net earnings for the first quarter of 2008 were $1.9 million or $0.03 per share, both basic and diluted, compared to $0.9 million or $0.02 per share both basic and diluted for the same period last year.
“We are pleased with the results of the first quarter. We achieved year-over-year increases in both gross margins and EBITDA.
Intertape's ability to obtain higher selling prices, and thus offset raw material cost increases, as well as a refocus on high-margin products, helped the Company's performance despite the overall weakened economic situation in the U.S.
“This is most evident in the Engineered Coated Products (“ECP”) Division, where EBITDA almost doubled from the previous year, despite the continuing slowdown in the residentialconstruction sector.
“A further highlight of the first quarter was the completion of new financing arrangements. Among the advantages the Company expects are the elimination of all but one financial covenant and a significant reduction in interest expense in 2008 compared to 2007. This places the Company on a very solid footing,” stated Melbourne F. Yull, Intertape's Executive Director.
A reconciliation of the Company's EBITDA, a non-GAAP financial measure, to GAAP net earnings, is set out below in the EBITDA reconciliation table in the section entitled “Non-GAAP Information” Earnings Adjusted net earnings for the first quarter of 2008 were $1.9 million or $0.03 per share, both basic and diluted, compared to $0.9 million or $0.02 per share both basic and diluted for the same period last year.
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