MONTREAL, QUEBEC and SARASOTA, FLORIDA--(Marketwired - June 21, 2016) - Intertape Polymer Group Inc.
(TSX:ITP) (the "Company") today announces some key long-term financial objectives during its Investor Day being held at the new
Blythewood, South Carolina facility. Based on a combination of anticipated acquisitions, internal growth initiatives and a more
comprehensive capital expenditures program to upgrade existing manufacturing capabilities and capacity, the Company's objective
is to reach approximately $1.5 billion in revenue with at least a 15% Adjusted EBITDA margin* in the next five to seven
years.
"Today, we are proud to showcase our new state-of-the-art Blythewood facility to the financial community, a project that
started almost three years ago and that required investments of approximately $60 million. There have been significant execution
hurdles in that this project involved the implementation of new, more efficient and more environmentally friendly technology.
Despite on-going challenges in optimizing the efficiency of the new production processes, we still believe that we are on track
to realize expected cost savings of approximately $13 million by the beginning of fiscal 2017," said Greg Yull, President and
CEO.
"We are also providing some clear long-term financial objectives and our vision of the future. In order to achieve these
objectives, we believe we will need to execute successfully on accretive mergers and acquisitions as well as capital projects
intended to expand our capacity, add new products to our portfolio and achieve our goal of being a low cost manufacturer with
world class assets. Furthermore, we are actively looking to expand our footprint beyond North America to become a global
player who can leverage foreign growth opportunities as well as low cost production in new jurisdictions. We are very excited by
the opportunities we see in growing the Company's top and bottom line, and we believe we have the people and motivation to
successfully achieve our long term objectives," concluded Mr. Yull.
* Non-GAAP financial measure. For definitions and a reconciliation of non-GAAP financial measures to their most directly
comparable GAAP financial measures, see "Non-GAAP Financial Measures" below.
Conference Call
An Investor Day conference call will be held Tuesday, June 21, 2016, at 8:30 A.M. Eastern Time. Participants may dial
877-223-4471 (USA & Canada) and 647-788-4922 (International).
AN ACCOMPANYING PRESENTATION WILL ALSO BE AVAILABLE. PLEASE CLICK THE LINK OR TYPE INTO YOUR BROWSER TO
ACCESS:
http://www.itape.com/investor-relations/events%20and%20presentations/investor%20presentations
You may access a replay of the call by dialing 800-585-8367 (USA & Canada) or 416-621-4642 (International) and entering Access
Code 29317505. The recording will be available from June 21, 2016 at 12:00 P.M. until July 21, 2016 at 11:59 P.M. Eastern
Time.
About Intertape Polymer Group Inc.
Intertape Polymer Group Inc. is a recognized leader in the development, manufacture and sale of a variety of paper and film
based pressure sensitive and water activated tapes, polyethylene and specialized polyolefin films, woven coated fabrics and
complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota, Florida, the
Company employs approximately 2,000 employees with operations in 17 locations, including 12 manufacturing facilities in North
America and one in Europe.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (collectively, "forward-looking statements"), which are made in reliance upon the
protections provided by such legislation for forward-looking statements. All statements other than statements of historical facts
included in this press release, including statements regarding the Company's financial objectives, including the Company's
actions to achieve such objectives and the timing for achieving such objectives, the expected amount of costs savings, as well as
the expected timing for the realization of such cost savings, from the new Blythewood, South Carolina facility, and the
achievement of the long term objectives, may constitute forward-looking statements. These forward-looking statements are based on
current beliefs, assumptions, expectations, estimates, forecasts and projections made by the Company's management. Words such as
"may," "will," "should," "expect," "continue," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "seek" or the
negatives of these terms or variations of them or similar terminology are intended to identify such forward-looking statements.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these
statements, by their nature, involve risks and uncertainties and are not guarantees of future performance. Such statements are
also subject to assumptions concerning, among other things: business conditions and growth or declines in the Company's industry,
the Company's customers' industries and the general economy; the anticipated benefits from the Company's capital expenditure
initiatives and acquisitions; the quality, and market reception, of the Company's products; the Company's anticipated business
strategies; risks and costs inherent in litigation; the Company's ability to maintain and improve quality and customer service;
anticipated trends in the Company's business; anticipated cash flows from the Company's operations; availability of funds under
the Company's Revolving Credit Facility; and the Company's ability to continue to control costs.
The Company can give no assurance that these estimates and expectations will prove to have been correct. Actual outcomes and
results may, and often do, differ from what is expressed, implied or projected in such forward-looking statements, and such
differences may be material. Readers are cautioned not to place undue reliance on any forward-looking statement. For additional
information regarding important factors that could cause actual results to differ materially from those expressed in these
forward-looking statements and other risks and uncertainties, and the assumptions underlying the forward-looking statements, you
are encouraged to read "Item 3 Key Information - Risk Factors", "Item 5 Operating and Financial Review and Prospects
(Management's Discussion & Analysis)" and statements located elsewhere in the Company's annual report on Form 20-F for the year
ended December 31, 2015 and the other statements and factors contained in the Company's filings with the Canadian securities
regulators and the US Securities and Exchange Commission. Each of these forward-looking statements speaks only as of the date of
this press release. The Company will not update these statements unless applicable securities laws require it to do so.
Non-GAAP Financial Measures
This press release contains adjusted EBITDA margin, a non-GAAP financial measures as defined under applicable securities
legislation. The Company believes such non-GAAP financial measures improve the period-to-period comparability of the Company's
results by excluding certain non-operating expenses, as well as certain non-cash expenses and non-recurring expenses, providing
more insight into the performance of ongoing core business operations. In addition, for these reasons, non-GAAP financial
measures are used by management and the Company's lenders in evaluating the Company's performance.
As required by applicable securities legislation, the Company has provided a definition of this measure. Investors and other
readers are encouraged to review the related GAAP financial measures and should consider non-GAAP financial measures only as a
supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance
with GAAP.
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
EBITDA should not be construed as earnings (loss) before income taxes, net earnings (loss) or cash flows from operating
activities as determined by GAAP. The Company defines EBITDA as net earnings (loss) before (i) interest and other finance costs;
(ii) income tax expense (benefit); (iii) amortization of intangible assets; and (iv) depreciation of property, plant and
equipment. Adjusted EBITDA is defined as EBITDA before (i) manufacturing facility closures, restructuring and other related
charges; (ii) stock-based compensation expense (benefit); (iii) impairment of goodwill; (iv) impairment of long-lived assets and
other assets; (v) write-down on assets classified as held-for-sale; (vi) (gain) loss on disposal of property, plant and
equipment; and (vii) other discrete items. The Company defines adjusted EBITDA margin as adjusted EBITDA as a percentage of
revenue. The terms "EBITDA", "adjusted EBITDA" and "adjusted EBITDA margin" do not have any standardized meanings prescribed by
GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA, adjusted EBITDA and
adjusted EBITDA margin are not measurements of financial performance under GAAP and should not be considered as alternatives to
cash flows 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.