INTERTAPE POLYMER GROUP INC.
NYSE : ITP
TSX : ITP

INTERTAPE POLYMER GROUP INC.

August 14, 2008 06:00 ET

Intertape Polymer Group Reports Strong Second Quarter Results

- Net earnings reach $0.08 per share - Sales increase 5.6% to $197.5 million - Higher selling prices implemented for majority of Intertape's products

MONTREAL, QUEBEC AND BRADENTON, FLORIDA--(Marketwire - Aug. 14, 2008) - Intertape Polymer Group Inc. (TSX:ITP)(NYSE:ITP) ("Intertape" or the "Company") today released results for the second quarter and six months ended June 30, 2008. All dollar amounts are US denominated unless otherwise indicated.

Intertape Executive Director, Melbourne F. Yull stated: "Intertape has posted strong second quarter results, despite the current difficult North American economic environment and unprecedented increases in commodity prices. Since the beginning of the year, resin-based raw material prices alone have increased the Company's cost of goods sold by approximately $6.2 million. Higher prices for oil and natural gas have resulted in increased energy and transportation expenditures and cost the Company an additional $2.8 million during the first six months. The Company has been successful in recovering much of these increases through a disciplined approach to instituting higher selling prices for its tape and engineered coated products, which comprise the majority of our revenues. Market conditions have limited our ability to recover cost increases for film products. In addition, a reduction in finished goods inventories resulted in significantly higher than the norm unabsorbed manufacturing costs being expensed during the quarter."

Earnings

Net earnings for the second quarter of 2008 were $4.6 million or $0.08 per share. This compares with a net loss of $8.1 million or $0.20 per share, and on an adjusted basis, a net loss of $4.3 million, or $0.10 per share for the second quarter of 2007.

Net earnings for the six months of 2008 totaled $2.8 million or $0.05 per share compared to a net loss of $8.6 million or $0.21 per share for the corresponding period in 2007.

Sales

Second quarter sales increased 5.6% to $197.5 million from $187.1 million for the same quarter last year, and improved 7.1% over first quarter 2008 sales of $184.5 million. Year-over-year sales volume (units) was down 2.5% due to a decline in commercial activity within key markets of the Company's Engineered Coated Products (ECP) Division, but were up 6.8% over the first quarter this year.

Six month sales totaled $382.0 million compared to $373.9 million for the same period in 2007, an increase of 2.2%. First half sales volume (units) decreased 4.6%. The year-over-year revenue increase for the first six months is due to increased selling prices in response to rising resin-based raw material costs, offset in part by declines in demand within key markets of the Company's ECP Division and overall slower economic growth in the first half of 2008.

Gross profit and gross margin

Gross profit for the second quarter was $26.4 million at a gross margin of 13.3%, compared to gross profit of $28.8 million for the second quarter of 2007 at a gross margin of 15.4%. Gross profit for the first quarter this year was $28.2 million at a gross margin of 15.3%. Margins declined in the second quarter due to rising resin-based raw material costs and competitive pressures in key markets for the Company's film products which limited its ability to recover the cost increases through higher selling prices. Second quarter gross margins were also impacted by a reduction in finished goods inventories, resulting in higher unabsorbed manufacturing costs being expensed. Competitive pressures on pricing for film products were less restrictive in the first quarter than they were in the second quarter. Additionally, the Company's unabsorbed manufacturing expenses were lower in the first quarter as the Company increased finished goods inventories during the period.

The gross profit and gross margin for the first six months of 2008 were $54.5 million and 14.3% respectively, compared to $56.7 million and 15.2% for the first six months of 2007.

SG&A expenses

Second quarter selling, general and administrative expenses (SG&A) were $17.2 million (8.7% of sales), compared to $16.7 million for the second quarter of 2007 (8.9% of sales). For the six month period, SG&A expenses were $34.8 million (9.1% of sales), unchanged despite slightly higher sales, compared to $35.0 million (9.4% of sales) for the same period in 2007.

Total interest expense for the second quarter was $4.3 million compared to $6.1 million for the second quarter last year.

EBITDA

The Company's EBITDA in the second quarter 2008 totaled $16.0 million compared to $14.4 million in the second quarter last year and for the first six months $33.5 million and $28.9 million respectively.

Segmented Information

Tapes & Films Division

Sales for the Tapes and Films (T&F) Division for the second quarter totalled $159.5 million, an 8.5% increase compared to $147.0 million for the second quarter of 2007 and were up 7.3% over the first quarter this year. Second quarter sales volumes (units) increased 0.9% compared to the second quarter of 2007 and 7.4% compared to the first quarter of 2008. The second quarter results are attributable to stronger sales demand compared to the first quarter. The T&F Division was successful in implementing selling price increases for tape products but competitive pressures limited its ability to increase selling prices for film products.

Six month sales were $308.2 million compared to $298.1 million for the first six months of 2007, an increase of 3.4%. Sales volumes for the first six months declined 3.2% compared to the first six months of 2007.

Gross profits for the second quarter totalled $22.8 million at a gross margin of 14.3% compared to $25.0 million at a gross margin of 17.0% for the second quarter of 2007 and $23.8 million at a gross margin of 16.0% for the first quarter of 2008. Second quarter gross profit and gross margin declines were due in part to rising resin-based raw material costs as well as higher transportation and energy costs. Finished goods inventory reductions during the second quarter resulted in higher unabsorbed manufacturing costs being expensed during the quarter.

Gross profits and gross margins for the six months compared to the six months a year ago were $46.6 million (15.1%) and $49.6 million (16.6%), respectively. The decrease in gross profits and gross margins for the first six months were primarily due to the decline in sales volume and the resulting decrease in production levels that resulted in increased unabsorbed manufacturing costs. Contributing to the decrease in gross profits and gross margin was the inability to raise selling prices, principally for film products, to a level that would recover the cost increases described above.

The T&F Division's EBITDA for the second quarter was $15.2 million compared to $17.7 million for the second quarter of 2007 and $16.1 million for the first quarter of 2008. EBITDA for the six months of 2008 and 2007 was $31.3 million and $34.5 million, respectively. The declines in reported EBITDA for the second quarter of 2008 and the six months ended June 30, 2008 are attributable to the decreases in gross profits.



Tapes and Films Division EBITDA Reconciliation to Net Earnings
(in millions of US dollars)

Three months Six months
For the periods ended June 30, 2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $

Divisional earnings before
income taxes 8.0 10.6 16.7 19.9
Depreciation and amortization 7.2 7.1 14.6 14.6
--------------------------------------------------------------------------
EBITDA 15.2 17.7 31.3 34.5
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EBITDA margin 9.5% 12.1% 10.1% 11.6%
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Engineered Coated Products Division

Sales for the Engineered Coated Products (ECP) Division for the second quarter were $38.0 million compared to $40.1 million for the second quarter of 2007 and increased 6.1% compared to the first quarter this year. Sales volumes decreased 15.1% for the second quarter compared to the second quarter a year ago and were up 4.0% over the first quarter. The year-over-year unit decline was mitigated by selling price increases and product mix changes. The quarter-over-quarter sales volume increase was primarily due to seasonal improvement in the sale of products to the residential construction and agriculture markets.

Sales for the first six months totalled $73.8 million compared to $75.8 million for the first six months of 2007, a 2.6% decrease. Sales volumes for the first six months declined 10.1% compared to the first six months of 2007. The decline in sales volumes is due to the decline in sales of products to the residential construction market.

ECP Division gross profits for the second quarter totalled $3.5 million at a gross margin of 9.2% compared to $3.9 million at a gross margin of 9.6% for the second quarter of 2007 and $4.4 million at a gross margin of 12.3% for the first quarter of 2008. The second quarter gross profit and gross margin decrease resulted from an increase in unabsorbed manufacturing costs and the cost of relocating the production of some products between manufacturing facilities to improve manufacturing efficiencies.

Gross profits and gross margins for the six months of 2008 and 2007 were $7.9 million (10.7%) and $7.2 million (9.4%) respectively. The gross profit and gross margin improvement for 2008 resulted from increased selling prices and improved product mix. Results for all periods reported reflect the continued softness in the residential construction market.

EBITDA for the second quarter was $1.5 million compared to $2.1 million for the second quarter of 2007 and $2.2 million for the first quarter of 2008. The EBITDA decline in the second quarter is due to the lower gross profits discussed above.

EBITDA for the six months of 2008 and 2007 were $3.7 million and $3.3 million, respectively. The improvement in EBITDA for 2008 is due to increased selling prices and improved product mix.



ECP Division EBITDA Reconciliation to Net Earnings
(in millions of US dollars)

Three months Six months
For the periods ended June 30, 2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $

Divisional earnings before
income taxes 0.1 0.7 0.8 0.7
Depreciation and amortization 1.4 1.4 2.9 2.6
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EBITDA 1.5 2.1 3.7 3.3
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EBITDA margin 3.9% 5.2% 5.1% 4.3%
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Cash flow from operations

Cash from operations before changes in non-cash working capital items was $12.2 million for the second quarter of 2008, compared to $6.0 million for the second quarter of 2007, the result of improved profitability. Included in the second quarter of 2007 is approximately $4.4 million related to the strategic alternatives process and other charges. Changes in non-cash working capital items used $9.9 million in cash flows for the three months ended June 30, 2008 compared to using $0.1 million during the same period in 2007. This quarter's greater use of cash flows stems from increased trade receivables and inventories slightly mitigated by increased accounts payable and accrued liabilities. As a result, operating activities in the second quarter of 2008 provided cash of $2.3 million compared to $5.9 million a year earlier.

For the first six months of 2008, cash from operations before changes in non-cash working capital items was $21.7 million compared to $13.8 million a year prior. Changes in non-cash working capital items used $22.3 million in cash flows compared to using $1.6 million in cash in 2007. As a result, operating activities in the first half of 2008 used cash of $0.6 million compared to providing $12.2 million in 2007.

Income taxes

In the second quarter of 2007, the Company recorded a $6.3 million increase to its income tax asset valuation allowance reflecting the expectation that certain Canadian net operating losses expiring in 2008 would not be realized. Due to improvement in the financial performance of the Company's ECP business based in Truro, Nova Scotia, the Company expects to be able to take advantage of certain income tax planning strategies. This will allow Intertape to retain a portion of the value of the expiring losses. Accordingly, an initial $2.0 million reduction in the Company's income tax asset valuation allowance is included in earnings for the second quarter of 2008.

Outlook

"Cost reduction programs such as direct shipments to customers and improvements in product conversion costs have mitigated the adverse impact of unrecovered raw material price increases and higher energy and transportation costs on the Company's gross profits during the first half. We will continue to be vigilant in these areas as further increases are likely. Intertape will also continue its disciplined approach to selling price increases. Further, the Company is implementing certain initiatives which should benefit our profitability going forward," stated Mr. Yull.

Non-GAAP information

This release contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA and Adjusted net earnings. The Company believes the inclusion of such non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results from its core business operations by excluding the impact of items not related to the Company's ongoing core business operations, improve the period-to-period comparability of the Company's results from its core business operations, and are used by management and the Company's investors in evaluating the financial measures to the most directly comparable GAAP measures.

"Adjusted net earnings" is a non-GAAP financial measure that the Company is including as management believes it provides a better comparison of results for the periods presented since it does not take into account non-recurring items and manufacturing facility closures, restructuring, strategic alternatives and other charges in each period. Adjusted net earnings does not have any standardized meaning prescribed by GAAP in Canada or the United States and is therefore unlikely to be comparable to similar measures presented by other issuers. A reconciliation of the Company's adjusted net earnings to net earnings is set out in the table below:



Reconciliation of Net Earnings to Adjusted Net Earnings
(in millions of US dollars)

Three months Six months
For the periods ended June 30, 2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $

Net earnings (loss)
- as reported 4.6 (8.1) 2.8 (8.6)
Add back:
Manufacturing facility
closures, strategic
alternatives and other
charges (net of tax) 3.8 5.3
Refinancing expense
(net of tax) 3.8
--------------------------------------------------------------------------
Adjusted Net Earnings 4.6 (4.3) 6.6 (3.3)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Earnings (loss) per share:
Basic - as reported 0.08 (0.20) 0.05 (0.21)
Basic - adjusted 0.08 (0.10) 0.11 (0.08)
Diluted - as reported 0.08 (0.20) 0.05 (0.21)
Diluted - adjusted 0.08 (0.10) 0.11 (0.08)


A reconciliation of the Company's EBITDA and adjusted EBITDA, both non-GAAP financial measures, to GAAP net earnings (loss) is set out in the EBITDA reconciliation table below. EBITDA should not be construed as earnings (loss) before income taxes, net earnings (loss) or cash from operating activities as determined by GAAP. The Company defines EBITDA as net earnings (loss) before (i) income taxes (recovery); (ii) financial expenses, net of amortization; (iii) refinancing expense, net of amortization; (iv) amortization of other intangibles and capitalized software costs; and (v) depreciation. The Company defines adjusted EBITDA as EBITDA before manufacturing facility closures, restructuring, strategic alternatives and other charges. Other companies in our industry may calculate EBITDA and adjusted EBITDA differently than we do.

EBITDA and adjusted EBITDA are not measurements of financial performance under GAAP and should not be considered as alternatives to cash flow from operating activities or as alternatives to net earnings (loss) as indicators of the Company's operating performance or any other measures of performance derived in accordance with GAAP. The Company has included these non-GAAP financial measures because they permit investors to make a more meaningful comparison of the Company's performance between the periods presented. In addition, EBITDA and adjusted EBITDA are used by management in evaluating the Company's performance.



EBITDA Reconciliation to Net Earnings
(in millions of US dollars)

Three months Six months
For the periods ended June 30, 2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $

Net earnings (loss)
- as reported 4.6 (8.1) 2.8 (8.6)
Add back (deduct):
Financial expenses,
net of amortization 3.4 5.9 8.3 12.4
Refinancing expense,
net of amortization 2.9
Income taxes (recovery) (1.0) 7.8 (1.8) 7.3
Depreciation and amortization 9.0 8.8 21.3 17.8
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EBITDA 16.0 14.4 33.5 28.9
Manufacturing facility
closures, strategic
alternatives and
other charges 4.4 6.8
--------------------------------------------------------------------------
Adjusted EBITDA 16.0 18.8 33.5 35.7
--------------------------------------------------------------------------
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Conference Call

A conference call to discuss Intertape's 2008 second quarter results will be held later this morning at 10 A.M. Eastern Time. Participants may dial 1-800-762-4717 (U.S. and Canada) and 1-480-629-9024 (International).

You may access a replay of the call by dialing 1-800-475-6701 (U.S. and Canada), or 1-320-365-3844 (International), and entering the Access Code 957164. The recording will be available from Thursday, August 14, 2008 at 12:00 P.M. until Friday, September 12, 2008 at 11:59 P.M., Eastern Time.

About Intertape Polymer Group

Intertape Polymer Group is a recognized leader in the development and manufacture of specialized polyolefin plastic and paper based packaging products and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida, the Company employs approximately 2,100 employees with operations in 17 locations, including 13 manufacturing facilities in North America and one in Europe.

Safe Harbor Statement

Certain statements and information included in this press release constitute forward-looking information within the meaning of applicable Canadian securities legislation and the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to the Company's future outlook and anticipated events, the Company's business, its operations, its financial condition or its results. Particularly, statements about the Company's objectives and strategies to achieve those objectives are forward-looking statements. While these statements are based on certain factors and assumptions which management considers to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. The risks include, but are not limited to, the factors contained in the Company's filings with the Canadian securities regulators and the U.S. Securities and Exchange Commission. While the Company may elect to, it is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time. This press release contains certain non-GAAP financial measures as defined under SEC rules, including adjusted net earnings, EBITDA, Adjusted EBITDA, and operating profit. The Company believes such non-GAAP financial measures improve the transparency of the Company's disclosures, provide a meaningful presentation of the Company's results from its core business operations by excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations. As required by SEC rules, the Company has provided reconciliations of those measures to the most directly comparable GAAP measures.



Intertape Polymer Group Inc.
Consolidated Earnings
Periods ended June 30,
(In thousands of US dollars, except per share amounts)
(Unaudited)
--------------------------------------------------------------------------
Three months Six months
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $

Sales 197,534 187,109 382,035 373,944
Cost of sales 171,184 158,279 327,508 317,235
--------------------------------------------------------------------------
Gross profit 26,350 28,830 54,527 56,709
--------------------------------------------------------------------------

Selling, general and
administrative expenses 17,196 16,676 34,825 34,997
Stock-based compensation
expense 329 533 750 987
Research and development
expenses 1,528 1,161 2,969 2,186
Financial expenses
Interest 4,339 6,453 10,323 13,158
Other (681) (98) (1,329) (95)
Refinancing 6,031
Manufacturing facility
closures, restructuring,
strategic alternatives, and
other charges 4,415 6,784
--------------------------------------------------------------------------
22,711 29,140 53,569 58,017
--------------------------------------------------------------------------
Income (loss) before income
taxes (recovery) 3,639 (310) 958 (1,308)
Income taxes (recovery) (999) 7,768 (1,817) 7,340
--------------------------------------------------------------------------
Net income (loss) 4,638 (8,078) 2,775 (8,648)
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--------------------------------------------------------------------------

Earnings (loss) per share
Basic 0.08 (0.20) 0.05 (0.21)
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Diluted 0.08 (0.20) 0.05 (0.21)
--------------------------------------------------------------------------
--------------------------------------------------------------------------



Consolidated Deficit
Periods ended June 30,
(In thousands of US dollars)
(Unaudited)
--------------------------------------------------------------------------
Three months Six months
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $
Balance, beginning of
period (69,597) (59,659) (67,482) (59,532)
Cummulative impact of
accounting changes
related to financial
instruments, hedges,
and inventories (252) 443
--------------------------------------------------------------------------
Balance, beginning of
period, as restated (69,597) (59,659) (67,734) (59,089)
Net income (loss) 4,638 (8,078) 2,775 (8,648)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Balance, end of period (64,959) (67,737) (64,959) (67,737)
--------------------------------------------------------------------------
--------------------------------------------------------------------------

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Weighted average number
of common shares
outstanding

Basic 58,956,350 40,986,940 58,956,350 40,986,940
Diluted 58,956,350 40,986,940 58,956,350 40,986,940



Consolidated Comprehensive Income (Loss)
Periods ended June 30,
(In thousands of US dollars)
(Unaudited)
--------------------------------------------------------------------------
Three months Six months
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $

Net income (loss) 4,638 (8,078) 2,775 (8,648)
--------------------------------------------------------------------------
Other comprehensive
income:
Change in fair value of
interest rate swap
agreements, designed
as a cash flow hedge
(net of income tax
expense of $785 and
$130 for the three
months ended June 30,
2008 and 2007,
respectively, and net
of income tax recovery
of $31 for the six
months ended June 30,
2007) 504 (1,337) 230
Settlement of interest
rate swap agreements,
recorded in consolidated
earnings (net of future
income taxes of $1,080
for the six months ended
June 30, 2008) 1,840
Reduction in the net
investment in a
subsidiary (1,143) (1,143)
Change in accumulated
currency translation
adjustments 1,340 13,872 (2,955) 16,002
--------------------------------------------------------------------------
Other comprehensive income
(loss) 197 14,376 (3,595) 16,232
--------------------------------------------------------------------------
Comprehensive income (loss) 4,835 6,298 (820) 7,584
--------------------------------------------------------------------------
--------------------------------------------------------------------------



Consolidated Balance Sheets
As at
(In thousands of US dollars)
--------------------------------------------------------------------------

June 30, 2008 December 31, 2007
(Unaudited) (Audited)
--------------------------------------------------------------------------
$ $
ASSETS
Current assets
Cash and cash equivalents 10,793 15,529
Trade receivables 104,757 91,427
Other receivables 3,597 2,970
Inventories 109,493 99,482
Parts and supplies 13,621 13,356
Prepaid expenses 3,204 3,522
Future income taxes 11,231 11,231
--------------------------------------------------------------------------
256,696 237,517
Property, plant and equipment 308,346 317,866
Other assets 23,311 23,176
Future income taxes 55,015 53,990
Goodwill 68,829 70,250
--------------------------------------------------------------------------
712,197 702,799
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 91,798 88,866
Installments on long-term debt 856 3,074
--------------------------------------------------------------------------
92,654 91,940
Long-term debt 250,035 240,285
Pension and post-retirement benefits 9,820 9,765
Deriative financial instruments 799
--------------------------------------------------------------------------
352,509 342,789
--------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock 348,174 348,174
Contributed surplus 12,606 11,856

Deficit (64,959) (67,482)
Accumulated other comprehensive income 63,867 67,462
--------------------------------------------------------------------------
(1,092) (20)
--------------------------------------------------------------------------
359,688 360,010
--------------------------------------------------------------------------
712,197 702,799
--------------------------------------------------------------------------
--------------------------------------------------------------------------



Consolidated Cash Flows
Periods ended June 30,
(In thousands of US dollars)
(Unaudited)
--------------------------------------------------------------------------
Three months Six months
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
$ $ $ $
OPERATING ACTIVITIES
Net income (loss) 4,638 (8,078) 2,775 (8,648)
Non-cash items
Depreciation and
amortization 8,961 8,768 18,225 17,727
Write off of debt issue
expenses 3,111
(Gain) loss on disposal of
property, plant and
equipment 66 93 (97) 152
Future income taxes (1,082) 7,305 (2,143) 6,703
Stock-based compensation
expense 329 533 750 987
Pension and post-retirement
benefits funding in excess
of amounts expensed (701) (2,638) (900) (3,128)
--------------------------------------------------------------------------
Cash flows from operations
before changes in non-cash
working capital items 12,211 5,983 21,721 13,793
--------------------------------------------------------------------------
Changes in non-cash working
capital items
Trade receivables (8,868) 90 (13,249) (7,454)
Other receivables 618 364 (691) 507
Inventories (7,740) (2,206) (11,330) (9,402)
Parts and supplies (115) (346) (355) (573)
Prepaid expenses 96 (144) 287 320
Accounts payable and
accrued liabilities 6,079 2,145 3,060 15,039
--------------------------------------------------------------------------
(9,930) (97) (22,278) (1,563)
--------------------------------------------------------------------------
Cash flows from operating
activities 2,281 5,886 (557) 12,230
--------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and
equipment (4,744) (3,471) (8,992) (8,937)
Proceeds on sale of
property, plant and
equipment 866 3,114 876
Other assets (317) (423) (424) 150
Goodwill (300)
--------------------------------------------------------------------------
Cash flows from investing
activities (5,061) (3,028) (6,302) (8,211)
--------------------------------------------------------------------------
FINANCING ACTIVITIES
Net change in bank
indebtedness 1,829 5,000
Long-term debt 7,822 10 126,589 187
Debt issue expenses (478) (2,643)
Repayment of long-term
debt (4,688) (230) (121,812) (17,651)
--------------------------------------------------------------------------
Cash flows from financing
activities 2,656 1,609 2,134 (12,464)
--------------------------------------------------------------------------
Net increase (decrease) in
cash and cash equivalents (124) 4,467 (4,725) (8,445)
Effect of currency
translation adjustments 66 468 (11) 500
Cash and cash equivalents,
beginning of period 10,851 4,419 15,529 17,299
--------------------------------------------------------------------------
Cash and cash equivalents,
end of period 10,793 9,354 10,793 9,354
--------------------------------------------------------------------------
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Contact Information

  • MaisonBrison
    Rick Leckner
    514-731-0000