Intertape Polymer Group Inc. (ITP.TO) reported that its fourth-quarter net earnings rose to $5.74 million or $0.09 per share, from $2.34 million or $0.04 per share in the same quarter last year.
Adjusted net earnings were $10.0 million for the fourth quarter of 2012 as compared to adjusted net earnings of $2.9 million for the fourth quarter of 2011. The increase in adjusted net earnings of $7.1 million compared to the fourth quarter of 2011 was primarily due to higher revenue, increased gross profit and reduced interest expense.
Adjusted earnings per share for the fourth quarter was $0.16 compared to $0.05 last year.
Revenue for the fourth quarter increased 3.4% to $189.3 million, compared to $183.0 million in 2011.
Sales volume for the fourth quarter of 2012 increased approximately 6% compared to the fourth quarter of 2011 primarily due to increased demand for tape products.
The company declared a dividend, in the amount of $0.08, under the semi-annual dividend policy adopted in 2012. The dividend will be paid on April 10, 2013 to shareholders of record at the close of business on March 25, 2013.
Revenue for the first quarter of 2013 is expected to be greater than the fourth quarter of 2012, which is reflective of normal seasonality. Revenue is expected to be approximately the same or slightly lower than the first quarter of 2012 due to fewer shipping days.
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