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ipg intertape polymer group® NEWS RELEASE FOR IMMEDIATE DISTRIBUTION Intertape Polymer Group Reports 2021 First Quarter Results • Quarterly revenue increased 24 % to $ 345.6 million • Quarterly IPG Net Earnings increased 33 % to $ 19.1 million • Quarterly IPG Adjusted Net Earnings ( 1 ) increased 121 % to $ 28.8 million Quarterly adjusted EBITDA ( 1 ) increased 59 % to $ 60.3 million MONTREAL , QUEBEC and SARASOTA , FLORIDA - May 12 , 2021 - Intertape Polymer Group Inc. ( TSX : ITP ) ( " IPG " or the " Company " ) today released results for its first quarter ended March 31 , 2021. All amounts in this press release are denominated in US dollars ( " USD " ) unless otherwise indicated and all percentages are calculated on unrounded numbers . For more information , refer to the Company's management's discussion and analysis ( " MD & A " ) and unaudited interim condensed consolidated financial statements and notes thereto as of and for the three months ended March 31 , 2021 . " We continued to experience strong demand through the course of the first quarter and that momentum has carried over into the second quarter with a strong order book in place . All major products demonstrated growth on a year - over - year basis in the first quarter which drove record revenue , up more than 24 % , and strong net earnings and adjusted EBITDA performance , ” said Greg Yull , President and CEO of IPG . “ Our ability to retain spread on a dollar contribution basis , despite the recent price increases in raw materials and freight is proven out in our 17.4 % Adjusted EBITDA margin , which is well above historical levels for IPG . The big drivers of the margin improvement over those historical levels are the leverage from our asset utilization and our past investments in our highest growth product categories like water - activated tapes , films and wovens . With our previously announced investments for 2021 in high return , near - term projects , we are well positioned to meet customer demand with our diverse product bundle and world - class , low cost manufacturing base . ” First Quarter 2021 Highlights ( as compared to first quarter 2020 ) : • • • • Revenue increased 24.2 % to $ 345.6 million primarily due to an increase in demand for products with significant e- commerce end - market exposure , including water - activated tape and protective packaging , combined with an increase in demand for certain film and woven products . Gross margin increased to 23.9 % from 21.2 % primarily due to favourable plant performance driven by increased scale providing leverage on both fixed costs and recent investments , a favourable product mix , and an increase in spread between selling prices and combined raw material and freight costs . Net earnings attributable to the Company shareholders ( " IPG Net Earnings " ) increased $ 4.7 million to $ 19.1 million ( $ 0.32 basic and diluted earnings per share ) primarily due to an increase in gross profit , partially offset by an increase in selling , general and administrative expenses mainly due to an increase in the fair value of cash - settled share - based compensation and an increase in income tax expense mainly driven by improved profitability in the first quarter of 2021 . Adjusted net earnings increased $ 15.8 million to $ 28.8 million ( $ 0.49 basic adjusted earnings per share and $ 0.48 diluted adjusted earnings per share ) ( ¹ ) primarily due to an increase in gross profit , partially offset by an increase in income tax expense . Adjusted EBITDA increased 58.7 % to $ 60.3 million from $ 38.0 million primarily due to an increase in gross profit . Cash flows from operating activities decreased $ 11.8 million to an outflow of $ 28.9 million primarily due to an increase in cash used for working capital items and an increase in federal income taxes paid , partially offset by an increase in gross profit . 1