Home / Knowledge / News / Textiles / New financial arrangements place Intertape on solid footing

New financial arrangements place Intertape on solid footing

16
May '08
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.


Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Krishnanand Tripathi, Textrade International Ltd

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Priyanka Salot,

Priyanka Salot

The Sleep Company was established to upgrade the sleep quality of every...

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

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

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

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


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search