-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, St+j+oB3H5/lYQ1tMtByB7HV4ME3zoDDndkTy5zI4a5AsMkKnfDhyysGKPGIdrCq Iz73Bo4jidZNVs2/wdBILg== /in/edgar/work/0000950123-00-010117/0000950123-00-010117.txt : 20001108 0000950123-00-010117.hdr.sgml : 20001108 ACCESSION NUMBER: 0000950123-00-010117 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERTAPE POLYMER GROUP INC CENTRAL INDEX KEY: 0000880224 STANDARD INDUSTRIAL CLASSIFICATION: [2670 ] IRS NUMBER: 000000000 STATE OF INCORPORATION: A8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 001-10928 FILM NUMBER: 754824 BUSINESS ADDRESS: STREET 1: 110E MONTEE DE LIESSE STREET 2: ST LAURENT CITY: QUEBEC H4T 1N4 CANAD STATE: A8 BUSINESS PHONE: 5147310731 MAIL ADDRESS: STREET 1: 110 E MONTEE LIESSE CITY: ST LAURENT STATE: A8 ZIP: 00000 6-K 1 m07949e6-k.txt FORM 6-K 1 [LOGO - Intertape Polymer Group] Form 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a - 16 or 15d - 16 of the Securities Exchange Act of 1934 For "Intertape Polymer Group Inc. Announces September 2000 Third Quarter Results" Intertape Polymer Group Inc. 110E Montee de Liesse, St. Laurent, Quebec, Canada, H4T 1N4 (Indicate by check mark whether the registrant files or will file quarterly reports under Cover Form 20-F or Form 40-F Form 20-F (X) Form 40-F ( ) (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ( ) No (X) (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Intertape Polymer Group Inc. DATE: November 6, 2000 By: /s/ Angela Massaro-Fain ----------------------------------- Angela Massaro-Fain Advertising and Investor Relations Manager Intertape Polymer Group Inc. 2 [LOGO - Intertape Polymer Group] TSE SYMBOL: ITP INTERTAPE POLYMER GROUP INC. ANNOUNCES SEPTEMBER 2000 THIRD QUARTER RESULTS (stated in U.S. dollars) (reported using Canadian GAAP other than noted) - --------------------------------------------------------------------------------
3RD QUARTER RESULTS ------------------- 2000 1999 % CHANGE --------------- --------------- --------- Sales $166.4 million $161.5 million 3.0% Net Income $ 9.6 million $ 10.2 million (5.9%)
- -------------------------------------------------------------------------------- Montreal, Quebec, Canada - November 6, 2000 - Intertape Polymer Group Inc. (NYSE & TSE: ITP), today reported its financial results for the third quarter ended September 30, 2000. Sales in the period were $166.4 million, up from $161.5 million for the same period in 1999, representing an increase of $4.9 million or 3.0%. For the nine month period, sales were $502.9 million, an increase of $86.7 million or 20.8% for 1999 from $416.2 million. Melbourne F. Yull, Intertape's Chairman and Chief Executive Officer stated "I am satisfied with the course the Company is taking. As expected, we are gradually improving in every area within the organization... we are on track. The results of the third quarter are mostly due to current market conditions, which have attributed to a slower growth rate than expected, while our customers are busy depleting their higher cost inventory. September was a record month for IPG and we expect that trend to continue into the fourth quarter. Margins remain healthy." Gross margins for the third quarter of 2000 increased to 26.9%, compared to 26.4% for the same period last year. The nine months were 24.6% compared to 27.4% last year. Net income under US and Canadian GAAP for the three months ended September, 2000 decreased 5.9% or $0.6 million from the same period last year. Net income for this period was $9.6 million in 2000 down from $10.2 million in 1999. Net income under US and Canadian GAAP for the nine month period ended September, 2000 increased 6.0% or $1.7 million from the same period last year. Net income for the nine month period was $29.8 million in 2000 up from $28.1 million for 1999. 3 [LOGO - Intertape polymer group] Under both US and Canadian GAAP, September 2000 earnings per share (EPS) decreased to US$0.34 as compared to US$0.36 for the quarter ended September 1999. On a fully diluted basis, EPS was US$0.33 and US$0.32 under both US and Canadian GAAP respectively, as compared to US$0.35 for both US and Canadian GAAP for the same period last year. EPS for the nine month period ending September 2000, under both US and Canadian GAAP, increased to US$1.05 as compared to US$1.02 for the same period ending 1999. On a fully diluted basis, EPS under US GAAP was US$1.03 and under Canadian GAAP was US$1.00 increasing from US$0.99 and US$0.98 for both US and Canadian GAAP respectively in the same period last year. The exchange rate at September 30, 2000 was Cdn. $1.5030 = U.S. $1.00. Intertape Polymer Group Inc. develops, manufactures and markets a wide variety of specialized polyolefin plastic and paper based packaging products and systems for industrial and retail use. The Company is based in Montreal, Quebec and Sarasota, Florida with facilities in twenty North American and one European location. This release contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results or forward-looking statements. Those risks and uncertainties include, but are not limited to: - -- risks associated with pricing, volume and continued strength of markets where the Company's products are sold, and the timing and acceptance of new product offerings. - -- actions of competitors as are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last twelve months. - -- the Company's ability to successfully integrate the operations and information systems of acquired companies with its existing operations, and information system, including risks and uncertainties relating to its ability to achieve projected earnings estimates, achieve administrative and operating cost savings and anticipate synergies. - -- the effect of competition and raw material pricing on the Company's ability to maintain margins on existing or acquired operations. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. FOR FURTHER INFORMATION CONTACT: Melbourne F. Yull Chairman and Chief Executive Officer Intertape Polymer Group Inc. Tel: (514) 731-0731 E-mail: itp$info@intertapeipg.com Web: www.intertapepolymer.com 4 INTERTAPE POLYMER GROUP INC. CONSOLIDATED EARNINGS (Unaudited) In US $'000 (except per share amounts)
For the three months ended For the period ended September 30, September 30, --------------------------- --------------------------- 2000 1999 2000 1999 ---------- ---------- ---------- ---------- Sales 166,356 161,470 502,945 416,174 Cost of sales 121,612 118,893 379,242 302,197 Gross profit 44,744 42,577 123,703 113,977 Selling, general and administrative expenses 21,306 19,918 59,229 51,975 Research and development 1,073 1,003 3,807 2,582 Amortization of goodwill 1,663 1,436 4,735 3,916 Financial expenses 7,345 5,806 19,992 15,956 Gain on sale of interest in joint venture 0 0 (5,500) 0 ---------- ---------- ---------- ---------- 31,387 28,163 82,263 74,429 ---------- ---------- ---------- ---------- Earnings before income taxes 13,357 14,414 41,440 39,548 Income taxes 3,741 4,180 11,603 11,469 ---------- ---------- ---------- ---------- Net earnings for the period 9,616 10,234 29,837 28,079 Retained earnings - beginning of period 105,523 103,170 88,422 88,318 Dividend (0) 0 (3,006) (2,993) Premium on purchase for cancellation of common shares (589) 0 (703) 0 Retained earnings - end of period 114,550 113,404 114,550 113,404 ========== ========== ========== ========== Earnings per share - Cdn GAAP $0.34 $0.36 $1.05 $1.02 Earnings per share - Cdn GAAP Fully diluted $0.32 $0.35 $1.00 $0.98 Earnings per share - U.S. GAAP $0.34 $0.36 $1.05 $1.02 Earnings per share - US GAAP Fully diluted $0.33 $0.35 $1.03 $0.99 Cdn GAAP - Basic - Cdn $ $0.50 $0.53 $1.55 $1.52 Cdn GAAP - Fully Diluted - Cdn $ $0.47 $0.51 $1.47 $1.45 Average number of shares outstanding during the period Canadian GAAP 28,342,803 28,531,518 28,310,698 27,510,433 Canadian GAAP - Fully diluted 31,274,460 30,938,028 31,068,289 29,823,446 U.S. GAAP 28,342,803 28,531,518 28,310,698 27,510,433 U.S. GAAP - Fully diluted 28,763,582 29,560,516 28,783,774 28,454,004
Note: In the 4th quarter of 2000, Canadian GAAP will be equivalent to US GAAP for the definition of fully diluted earnings per share 5 INTERTAPE POLYMER GROUP INC. CONSOLIDATED BALANCE SHEET (Unaudited) In US $ '000
As at September 30, ----------------------- 2000 1999 ------- ------- ASSETS CURRENT ASSETS Receivable 122,725 104,681 Other receivable 15,282 10,292 Inventories 98,151 86,204 Parts & Supplies 9,768 8,561 Prepaids 5,274 4,656 Future income tax assets 10,907 8,230 ------- ------- 262,107 222,624 ------- ------- Fixed assets & construction in progress 362,843 358,372 Other, at amortized cost 11,615 32,891 Goodwill, at amortized cost 232,525 222,031 ------- ------- 869,090 835,918 ======= ======= LIABILITIES CURRENT LIABILITIES Bank indebtedness 129,487 53,673 Accounts payable and accrued liabilities 85,093 94,612 Instalments on long-term debt 10,014 2,057 ------- ------- 224,594 150,342 ------- ------- Long-term debt 276,442 336,354 Other liabilities 14,000 10,456 Future income tax liabilities 45,200 34,404 ------- ------- 560,236 531,556 ------- ------- SHAREHOLDERS' EQUITY Capital Stock 188,784 186,075 Retained earnings 114,550 113,404 Accumulated foreign currency translation 5,520 4,883 ------- ------- 308,854 304,362 ------- ------- 869,090 835,918 ------- -------
6 INTERTAPE POLYMER GROUP INC. CONSOLIDATED CHANGES IN CASH RESOURCES (Unaudited) In US $'000
For the three months ended For the period ended September 30, September 30, -------------------------- ----------------------- 2000 1999 2000 1999 ------ ------- ------- -------- OPERATIONS Net earnings for the period 9,616 10,234 29,837 28,079 Non-cash items Depreciation and amortization 7,736 9,089 22,805 23,775 Deferred income taxes 2,737 2,926 8,514 5,826 Write-off of fixed assets 0 0 1,594 0 ------ ------ ------ ------ 20,089 22,249 62,750 57,680 Changes in non-cash working capital items (4,407) (2,650) (40,908) (19,647) ------ ------- ------ ------- SOURCE (USE) OF CASH DURING THE PERIOD 15,682 19,599 21,842 38,033 ------ ------- ------ ------- FINANCING Bank indebtedness 39,971 (46,757) 38,433 (72,692) Issue of long-term debt 0 181,980 0 181,980 Repayment of long-term debt (1,226) (24,459) (2,012) (59,324) Issue of common shares 53 218 176 79,021 Common shares purchased for cancellation (990) 0 (1,243) 0 Dividend paid (0) 0 (3,006) (2,993) ------ ------- ------ ------- SOURCE (USE) OF CASH DURING THE PERIOD 37,808 110,982 32,348 125,992 ------ ------- ------ ------- INVESTMENT Acquisition of business (28,195) (110,242) (28,195) (110,242) Additions to fixed assets & construction in progress (15,601) (18,227) (36,017) (45,758) Proceed on sale of fixed assets (15) 0 4,239 0 Increase in other assets and deferred charges (1,291) (6,800) 18,981 (16,871) ------ ------- ------ ------- SOURCE (USE) OF CASH DURING THE PERIOD (45,102) (135,269) (40,992) (172,871) ------ ------- ------ ------- Increase (decrease) in cash during the period 8,388 (4,688) 13,198 (8,846) Effect of foreign currency translation adjustments (2,813) 4,202 (3,774) 8,360 Cash (bank indebtedness) assumed on business acquisition (9,424) 486 (9,424) 486 Cash, beginning of period 3,849 0 0 0 ------ ------- ------ ------- CASH, END OF PERIOD (0) (0) (0) 0 ====== ======= ====== =======
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