Bradenton's Intertape posts second quarter loss

August 15, 2012 

BRADENTON — Intertape Polymer Group Inc. posted a $3.4 million loss in the second quarter.

The loss of income is a substantial reversal from the $8.1 million of earnings the company reported during the same three months in 2011, according a filing Wednesday with the SEC.

Intertape attributed the dip to $12.7 million in costs tied to closing manufacturing plants, restructuring and other related charges. Debt also was reduced in the quarter.

Revenue in the second quarter fell 5.7 percent to $197.8 million. Intertape’s adjusted net earnings in the first quarter were $8.7 million.

The company said it anticipates revenues, earnings and gross margin in the third quarter to be similar to that of the second.

Headquartered in Bradenton and Canada, Intertape manufactures a variety of paper and film based pressure sensitive and water activated tapes, specialized polyolefin films, woven fabrics and complementary packaging systems for industrial and retail use.

The company employs about 1,800 workers with operations in 19 locations, including 12 manufacturing facilities in North America and one in Europe.

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