Newspaper article Sarasota Herald Tribune

Intertape Polymer Makes $53.6 Million

Newspaper article Sarasota Herald Tribune

Intertape Polymer Makes $53.6 Million

Article excerpt

SARASOTA COUNTY

Intertape Polymer, the packaging company with its executive headquarters based in this region, reported a profit of $53.6 million in the most recent quarter -- boosted by an income tax benefit.

The profit equated to 86 cents per share.

Without the benefit, the company posted a profit of $14 million.

During the same quarter in 2012, the company's profits were $6.2 million, or 9 cents per share.

Revenue in the most recent quarter was $191.5 million, up from $189.3 million during the same quarter a year ago.

For all of 2013, the company posted a profit of $31.5 million, without the income tax benefit, while revenues were down slightly to $781.5 million.

"Despite a slow economic recovery in North America, we achieved adjusted EBITDA of $103.1 million for 2013, which marks the third year of improving performance for the company," said chief executive Greg Yull, referring to the accounting term for earnings before interest, taxes, depreciation and amortization. …

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