Intertape Polymer’s revenue up 16%

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Intertape Polymer’s revenue up 16%
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Tuesday, August 16, 2011
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Montreal, Quebec and Bradenton, FL - Intertape Polymer Group reported second quarter revenue increased 16.3% to $209.7 million, compared to $180.3 million for the second quarter of 2010 and was up 8.9% sequentially from $192.6 million for the first quarter of 2011. Sales volume increased by approximately 2% over the second quarter of 2010 and selling prices for the same period increased by approximately 14%. Excluding revenue and sales volume related to products manufactured at the Brantford facility that will no longer be sold, revenue for the second quarter would have been $207.6 million, an increase of 17.1% compared to $177.3 million for the same period last year. Gross profit for the second quarter totalled $32.7 million, compared to $22.2 million a year ago and $23.8 million for the first quarter of 2011. Second quarter gross margin was 15.6% compared to 12.3% for the prior year and 12.4% for the first quarter of 2011. When compared to the second quarter of 2010 and sequentially, gross profit and gross margin were higher due to higher selling prices and improved product mix. Selling prices increased more than conversion costs and slightly more than raw material costs. Sales volume increased approximately 2% from the second quarter of 2010 which further contributed to the increase in gross profit and gross margin. The spread between selling prices and raw material costs is still compressed when compared to periods prior to 2010.