SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May, 2005
Commission File Number 1-10928
INTERTAPE POLMER GROUP INC.
110E Montee de Liesse, St. Laurent, Quebec, Canada, H4T 1N4
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): __________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): __________
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant 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): 82-______
The Information contained in this Report is incorporated by reference into
Registration Statement No. 333-109944
SIGNATURES
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, thereunto duly authorized.
INTERTAPE POLYMER GROUP INC.
Date: May 26, 2005 By: /s/Andrew M. Archibald
Chief Financial Officer &
Secretary
NYSE SYMBOL: ITP
TSX SYMBOL: ITP
Intertape Polymer Group Inc. Reiterates Positive Outlook for 2005
Montreal, Quebec and Bradenton, Florida - May 25, 2005 - The Intertape Polymer
Group Inc. (NYSE, TSX: ITP) today held their annual shareholders meeting. "A
significant amount of asset rationalization has taken place over the last few
years, which is reflected in a much improved cost structure," Intertape
Polymer Group Inc. (IPG) Chairman and Chief Executive Officer Melbourne F.
Yull told shareholders today. "Combined with the efforts to revitalize revenue
growth and a major restructuring of the Company's debt capital, this has
resulted in increasing profitability. We are cautiously optimistic about the
outlook for 2005 and believe that the Company has created for itself a sound
operational and financial base upon which it will be able to grow and expand
in the future. Our first quarter results were solid and we expect ongoing
revenue growth and margin improvement."
First quarter sales for 2005 were up 15.8% compared to the same period last
year, driven by volume growth across all product lines and selling price
increases. Most of the selling price increases that were announced in late
2004 and early 2005 were implemented during the first quarter of 2005.
However, for the most part, these price increases were in effect for less
than the full quarter. Consequently, an even greater impact is expected
in the second quarter this year.
The gross margin for the quarter also improved compared to the first quarter
last year. It went from 19.8% last year to 20.8% this year, in part because
of selling price increases and in part because prices for raw materials
such as resins and adhesives have somewhat stabilized, albeit at historically
high levels. The closing of two manufacturing facilities at the end of 2004
also had a positive contribution to the first quarter gross margin.
In addition to higher sales and an improved gross margin, financial expenses
were down 16.5% compared to the same period last year due to lower overall
interest costs resulting from the debt restructuring completed in the
middle of 2004. Combined, these items led to earnings per share of $0.15,
an increase of 150% compared to the $0.06 per share reported for the
first quarter of 2004.
"Our mantra inside the organization is sustainable, profitable growth,"
remarked Mr. Yull. "At the end of the year we made some organizational
changes with the goal of developing a greater culture of accountability,
one which would hopefully better align the focus of our employees with
this growth objective. Based on the reaction to date, we are confident that
these changes will help us to sustain and improve upon the progress we
have been able to make over the past few years."
As part of the organizational changes, a group was also created to focus
on global sourcing. "There is a need for us to address the significant
changes taking place to the players and dynamics of the global
marketplace," commented Mr. Yull. "This group will be focused full
time on ensuring that we are getting the best deals possible for our
production needs, as well as searching worldwide for new products to
add to our portfolio."
Global markets, particularly Europe and Asia, are also areas of
potential sales growth for the Company. 2005 will be a year of setting
the groundwork for increased penetration into these markets.
The Company's target for revenue growth is 10% per year. "This is
something we will be striving to achieve each year," said Mr. Yull.
"2005 is off to a good start." Mr. Yull also noted that while the
Company will be aggressively pursuing sales growth, it will not be
at the expense of profits. There must be an appropriate balance
between revenue growth and profitability. We have attempted to reinforce
this thought with key people in our organization by linking part of
their compensation packages to measures of profitable growth.
Annual General Meeting Webcast
A webcast of the Annual General Meeting will be available on the
Company's website at http://www.intertapepolymer.com.
About Intertape Polymer Group
Intertape Polymer Group is a recognized leader in the development and
manufacture of specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and retail
use. Headquartered in Montreal, Quebec and Sarasota/Bradenton,
Florida, the Company employs approximately 2,600 employees with
operations in 16 locations, including 10 manufacturing facilities
in North America and one in Europe.
Forward-Looking Statements
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied in
such forward-looking statements. Additional discussion of factors that
could cause actual results to differ materially from management's
projections, estimates and expectations is contained in the Company's
SEC filings. The Company undertakes no duty to update its forward-
looking statements, including its earnings outlook.
FOR INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel.: 866-202-4713
E-mail:itp$info@intertapeipg.com
Web: www.intertapepolymer.com