SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of June, 2004
Commission File Number 1-10928
INTERTAPE POLMER GROUP INC.
110E Montee de Liesse, St. Laurent, Quebec, Canada, H4T 1N4
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F X
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): __________
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): __________
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-______
The Information contained in this Report is incorporated by reference
into Registration Statement No. 333-109944
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
INTERTAPE POLYMER GROUP INC.
Date: June 3, 2004 By: /s/Piero Greco
Piero Greco, Treasruer
NYSE SYMBOL: ITP
TSX SYMBOL: ITP
Intertape Polymer Group Inc. Expects An Even Better Year in 2004,
Targeting 10% annual revenue growth
Montreal, Quebec and Bradenton, Florida - June 2, 2004 - Following an excellent
year in 2003, the Intertape Polymer Group Inc. (NYSE, TSX: ITP) is looking
forward to an even better year in 2004. Intertape Polymer Group Inc. (IPG)
Chairman and Chief Executive Officer, Melbourne F. Yull told shareholders
today that late in the first quarter the Company began to see some momentum
build in its sales. "Sales growth in the first quarter was 5.5%, compared
to the same quarter last year, but we expect sales in the second quarter
to be 5-6% higher compared to the first quarter of this year, and about
13-15% higher compared to the second quarter of last year," said Mr. Yull.
For the year, the Company is targeting revenue growth of 10%.
The Company concentrated its efforts on three key elements of its strategy
in 2003: revenue growth, cost reductions and debt reductions. The outcome
was that revenues grew by $18 million, about $7 million of costs were
eliminated or saved, and debt was reduced by $55 million.
"I believe that what we achieved in 2003 reflected a rapid and accurate
response to the changes in market conditions that we have been facing
over the past few years, and that we should see further improvements as
we continue down this path in 2004," noted Mr. Yull. The Company's share
price over the course of 2003 more than tripled, while the Dow Jones
Industrial and S&P 500 Indexes were up by around 25%.
There were four major achievements in 2003. First of all, the Company
acquired its partner's 50% interest in the Portuguese operation Fibope
which is important in that IPG now has a platform that it fully controls
and can utilize to execute its European strategy. Secondly, the creation
of a new regional distribution center in Danville, Virginia not only
allows IPG to reduce supply chain costs, but also enhances its customer
service abilities. The cutover to this new center, which now handles about
30% of all the Company's volumes, was done without missing a beat.
Thirdly, the consolidation of two water-activated tape operations of similar
size into the Menasha, Wisconsin plant was essentially done without a hitch,
within three months, and in a manner that was totally transparent to the
customers. Lastly, the acquisition of certain assets from tesa tape inc.,
which was announced in December, along with the assumption of certain supply
arrangements for their existing customers, has not only enabled IPG to bring
in new volumes that can help fill the pipeline in its Columbia, South
Carolina plant, but also gives IPG exposure to some new clients, clients to
whom the Company hopes it will be able some of its complementary products.
Although first quarter 2004 sales were up 5.5%, gross margin and net
earnings were down, primarily because of delays in passing raw material
cost increases through as price increases and higher manufacturing costs
due to operational issues at certain plants. "The first quarter's bottom
line results were disappointing," said Mr. Yull. "However, we believe
that this is just a bump in the road. The operational issues that impacted
the first quarter results have been resolved and are behind us now."
"Based on what we have accomplished so far and our current view of the
world, we are targeting to achieve a 10% increase in sales, compounded
annually over the next 3 years, as well as $25 million in cost
reductions over the same period," commented Mr. Yull. "If we achieve
these objectives, it will naturally result in a much stronger bottom
line."
(All figures in U.S. dollars, unless otherwise stated.)
Annual General Meeting Webcast
The Annual General Meeting will be simultaneously webcast on the
Company's website at http://www.intertapepolymer.com.
About Intertape Polymer Group
Intertape Polymer Group is a recognized leader in the development
and manufacture of specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for industrial
and retail use. Headquartered in Montreal, Quebec and Sarasota/Bradenton,
Florida, the Company employs approximately 2,600 employees with operations
in 16 locations, including 12 manufacturing facilities in North America
and one in Europe.
Forward-Looking Statements
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied in such forward-looking
statements. Additional discussion of factors that could cause actual
results to differ materially from management's projections, estimates
and expectations is contained in the Company's SEC filings. The Company
undertakes no duty to update its forward-looking statements, including
its earnings outlook.
FOR INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel.: 866-202-4713
E-mail:itp$info@intertapeipg.com
Web: www.intertapepolymer.com