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New financial arrangements place Intertape on solid footing
16 May '08
3 min read
Non-recurring items in the first quarter were related to the refinancing of the existing Senior Secured Credit Facility and included both the noncash write-off of debt issue expenses of $3.1 million and the settlement of the interest rate swap agreements at a cost of $2.9 million.
Adjusted net earnings are defined by the Company as net earnings (loss) excluding refinancing costs and manufacturing facility closures, restructuring, strategic alternatives and other charges (net of tax).
A reconciliation of the Company's adjusted net earnings, a non-GAAP financial measure, to GAAP net earnings, is set out below in the adjusted net earnings reconciliation table in the section entitled “Non-GAAP Information”
The net loss for the first quarter was $1.9 million or $0.03 per share, both basic and diluted, compared to a net loss of $0.6 million or $0.01 per share, both basic and diluted, for the first quarter of 2007.
Sales:
First quarter sales were $184.5 million, down slightly from sales of $186.8 million in the first quarter of 2007 due to the continuing economic weakness in the United States.
Intertape was able to raise prices during the quarter to offset certain raw material cost increases, most significantly resin plastic based raw material.
Gross profit and gross margin:
Gross profit for the first quarter totaled $27.6 million, basically even with the gross profit of $27.5 million a year ago. First quarter gross margin increased to 15.0% from 14.7% in the first quarter of 2007.
SG&A expenses:
Selling, general and administrative (“SG&A”) expenses were $17.6 million for the first quarter of 2008 (9.6% of sales), compared to $18.3 million for the first quarter of 2007 (9.8% of sales).
EBITDA:
First quarter EBITDA and adjusted EBITDA were both $17.0 million compared to EBITDA of $14.0 million and adjusted EBITDA of $16.4 million for the first quarter in 2007.
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Adjusted net earnings are defined by the Company as net earnings (loss) excluding refinancing costs and manufacturing facility closures, restructuring, strategic alternatives and other charges (net of tax).
A reconciliation of the Company's adjusted net earnings, a non-GAAP financial measure, to GAAP net earnings, is set out below in the adjusted net earnings reconciliation table in the section entitled “Non-GAAP Information”
The net loss for the first quarter was $1.9 million or $0.03 per share, both basic and diluted, compared to a net loss of $0.6 million or $0.01 per share, both basic and diluted, for the first quarter of 2007.
Sales:
First quarter sales were $184.5 million, down slightly from sales of $186.8 million in the first quarter of 2007 due to the continuing economic weakness in the United States.
Intertape was able to raise prices during the quarter to offset certain raw material cost increases, most significantly resin plastic based raw material.
Gross profit and gross margin:
Gross profit for the first quarter totaled $27.6 million, basically even with the gross profit of $27.5 million a year ago. First quarter gross margin increased to 15.0% from 14.7% in the first quarter of 2007.
SG&A expenses:
Selling, general and administrative (“SG&A”) expenses were $17.6 million for the first quarter of 2008 (9.6% of sales), compared to $18.3 million for the first quarter of 2007 (9.8% of sales).
EBITDA:
First quarter EBITDA and adjusted EBITDA were both $17.0 million compared to EBITDA of $14.0 million and adjusted EBITDA of $16.4 million for the first quarter in 2007.
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Intertape Polymer Group Inc
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