Bradenton — Intertape Polymer Group Inc. increased revenue 3.3 percent over last year to $198.9 million, with $32.9 million in total gross profit, according to its first quarter earnings report released Wednesday.
Intertape’s adjusted net earnings were $8.7 million for the first quarter compared to an adjusted net loss of less than $100,000 for the first quarter of 2011 and adjusted net earnings of $2.7 million for the fourth quarter last year.
During the first quarter, the company’s gross margin increased to 16.5 percent from 12.4 percent last year, cash flows from operating activities before changes in working capital increased 78.8 percent to $20.1 million and cash and loan availability was $81.5 million at quarter’s end.
Sales volume decreased about 11 percent compared to the first quarter of 2011 and increased approximately 7 percent over the fourth quarter of last year.
“Our positive results for the first quarter of 2012 reflect a combination of external and internal factors,” Intertape President and CEO Greg Yull said in a statement. “We benefited from a better pricing environment and from several internal initiatives we have highlighted in prior quarters. These initiatives included a continued emphasis on selling higher-margin products, reducing manufacturing costs, and employing a pricing optimization process.”
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.