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Gross profit for the first quarter totaled $23.8 million, compared to $20.6 million a year ago and $21.2 million for the 2010fourth quarter. First quarter gross margin was 12.4%, compared to 11.9% for the prior year and 11.8% for the fourth quarter of 2010. When compared to the first quarter of 2010, gross profit was higher due to an increase in sales volume, partially offset by rising raw material costs. Gross profit was also higher compared to the fourth quarter of 2010 due to an increase in sales volume and the non-recurrence of an impairment charge related to the write-off of lumber film automatic wrapping machines and related assets.
“The company’s year-over-year performance improved substantially, reflecting the success of aligning our resources to develop and focus on a range of new high-margin products,” said Greg Yull, president and CEO. “While price increases have been achieved, mainly in the industrial segment, cost inflation has temporarily out-paced these gains. To address this situation, we are in the process of implementing additional price increases to our customers. The continued improvement in our top line underscores the market acceptance of Intertape’s high-margin products. This bodes well for continued revenue growth and increased profitability.”
For more information, visit www.intertapepolymer.com.