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[letterhead]
November 5, 1997
Securities & Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
USA
RE: Intertape Polymer Group Inc.
Dear Sir/Madam:
Attached for electronic filing with the Commission are copies of a Form 6-K
Report of Foreign Issuer of Intertape Polymer Group Inc. for the month of
November, 1996 (the "Form 6-K") with respect to our press releases
announcing the September, 1997 third quarter results and the signing of a
definitive agreement to purchase share of American Tape Company.
As set forth in the instructions to Form 6-K, the information and documents
furnished in the Form 6-K shall not be deemed to be "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section.
Please do not hesitate to contact me should you have any questions.
Yours truly
Andrew M. Archibald, C.A.
Vice President Finance and
Chief Financial Officer
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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 1997
Intertape Polymer 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 over Form 20-F or Form 40-F.
Form 20-F X Form 40-F
----- -----
[Indicate by check mark whether the registrant by
furnishing the information contained in this Form 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-
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SIGNATURE
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, hereunto duly authorized.
INTERTAPE POLYMER GROUP INC.
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November 5, 1997 By: /s/ Andrew M. Archibald C.A.
----------------------------
Vice President, Finance &
Chief Financial Officer
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November 5, 1997
AMEX SYMBOL: ITP
T.S.E. SYMBOL: ITP
INTERTAPE POLYMER GROUP INC. ANNOUNCES
AGREEMENT TO PURCHASE SHARES OF
AMERICAN TAPE CORPORATION
Montreal, Quebec, Canada, November 5, 1997 - Intertape Polymer Group
Inc. announced today the signing of a definitive agreement with STC
Corp., to purchase all outstanding shares of American Tape Corporation.
American Tape manufacturers an extensive line of pressure sensitive
tapes and shrink film with facilities located in Michigan and Kentucky.
I.P.G. will pay approximately US$45 million for 100% of the shares and
will re-finance American Tape's long-term debt of approximately US$70
million.
Melbourne F. Yull, Intertape Polymer Group Inc.'s Chairman and Chief
Executive Officer stated that "The acquisition is a major strategic move
in expanding I.P.G.'s existing product lines to provide better service
and increase product supply to its industrial customer base. American
Tape is a leading producer of a full range of masking and filament
pressure sensitive tapes as well as specialty tapes, products that
I.P.G. does not currently manufacture.
In addition, American Tape's 1,000+ customer base will broaden the scope
of potential buyers for Intertape products. There is a minimal
percentage of overlap with current IPG accounts. The acquisition will
facilitate significant cost improvements due to the elimination of
duplicate overhead and staffing, while streamlining distribution assets
and a reduction of manufacturing and raw material costs."
This will provide a substantial opportunity for I.P.G. to increase sales
and enhance its goal to remain a low-cost producer and global
manufacturer. Currently, the combined sales of both companies is thought
to be in excess of CDN$500 million.
Intertape Polymer Group Inc. develops and manufacturers a variety of
specialized polyolefin plastic and paper based packaging products for
industrial uses. The Company is based in Montreal, Quebec with
manufacturing facilities in nine North American and one European
location.
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FOR FURTHER INFORMATION PLEASE CONTACT: Melbourne F. Yull
Chairman & Chief Executive Officer
Intertape Polymer Group Inc.
Tel: (514) 731-0731
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November 5, 1997 AMEX SYMBOL: ITP
T.S.E. SYMBOL: ITP
INTERTAPE POLYMER GROUP INC. ANNOUNCES SEPTEMBER 1997
3RD QUARTER RESULTS
(stated in Canadian dollars)
(reported using Cdn GAAP other than noted)
Montreal, Quebec, Canada, November 5, 1997 -- Intertape Polymer Group
Inc. (AMEX & TSE:ITP) reported financial results for the third quarter
ended September 30, 1997. Sales in the period were $89.2 million, up
from $72.8 million in 1996 representing an increase of $16.4 million or
23%; and for the nine months were $258.2 million an increase of $64.4
million or 33% from 1996 of $193.8 million.
Net income under US GAAP for the three month period ended September,
1997 increased 12% or $.9 million to $8.3 million from $7.4 million; and
under Canadian GAAP increased 12% or $.9 million to $8.3 million from
$7.4 million.
Net income under US GAAP for the nine month period ended September, 1997
increased 11% or $2.3 million to $23.5 million from $21.2 million; and
under Canadian GAAP increased 12% or $2.5 million to $23.4 million from
$20.9 million.
The increased earnings are due to cost reductions, increased
manufacturing efficiencies and increased volume.
The exchange rate at September 30, 1997 was Cdn. $1.3808 = U.S. $1.00.
The Company develops and manufactures a variety of specialized
polyolefin plastic packaging products for industrial uses. Intertape
Polymer Group Inc. is based in Montreal, Canada with manufacturing
facilities in Danville, Virginia; Edmundston, New Brunswick; Evans,
Georgia; Green Bay, Wisconsin; Rayne, Louisiana; St. Laurent, Quebec;
Tampa, Florida; Tremonton, Utah; Truro, Nova Scotia; and Porto, Portugal.
- 30 -
FOR FURTHER INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel: (514) 731-0731
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INTERTAPE POLYMER GROUP INC
SUMMARY CONSOLIDATED FINANCIAL DATA
USING CANADIAN & UNITED STATES
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
(IN THOUSANDS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS
AND # OF SHARES OUTSTANDING)
<TABLE>
<CAPTION>
CANADIAN GAAP U.S. GAAP
9 MONTHS SEPTEMBER 30 9 MONTHS SEPTEMBER 30
1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Sales $258,220 $193,758 $258,220 $193,758
Net Income $23,406 $20,891 $23,541 $21,161
Earnings per share $0.95 $0.86 $0.92 $0.84
Earnings per share
fully diluted $0.91 $0.83 n/a n/a
Weighted average
shares outstanding 24,749,000 24,159,000 25,654,650 25,205,800
</TABLE>
<TABLE>
<CAPTION>
CANADIAN GAAP U.S. GAAP
3 MONTHS SEPTEMBER 30 3 MONTHS SEPTEMBER 30
1997 1996 1997 1996
------------------------ -----------------------
------------------------ -----------------------
<S> <C> <C> <C> <C>
Sales $89,201 $72,790 $89,201 $72,790
Net Income $8,272 $7,355 $8,317 $7,444
Earnings per share $0.33 $0.30 $0.32 $0.29
Earnings per share
fully diluted $0.32 $0.29 n/a n/a
Weighted average
shares outstanding 24,898,000 24,205,900 25,701,250 25,261,000
</TABLE>
