Company insiders, however, think the party isn’t quite over.
On Tuesday, IPG CEO Gregory Yull bought 17,289 shares of his own company in the open market at prices ranging from $6.89 to $7.08. He got a slightly better deal than insider George Bunze, who bought 10,000 shares at $7.41 yesterday.
On August 15th, the Quebec-based company reported Q2, 2012 financials in which it lost $3.4-million on revenue of $197.7-million, down slightly from the 209.7-million it posted in the same period last year.
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Intertape Polymer, which has been around since the early 1980′s, grew rapidly through acquisition in the 1990′s. The company now does nearly $800-million in annual revenues, selling specialty tapes, stretch wrap, shrink films and engineered coated fabrics. Intertape’s stock chart looked like a ski hill for much of the past decade, as it was posting some hefty losses competing with giants like 3M in an inherently low-margin business. But shares of the company have risen following an emphasis on selling higher margins products while reducing operating costs. This continued a larger trend for Intertape, 2011′s adjusted EBITDA of $63.1-million represented an increase of 50.7%.
Now that it is back on terra firma, Intertape Polymer’s board has decided to pay back its shareholders. The company declared a dividend of $0.08 cents per share that will be paid on October 10, 2012 to shareholders of record at the close of September 21, 2012.