(In U.S. dollars unless noted)
TORONTO, March 28 (Reuters) - Intertape Polymer Group (ITP.TO) ITP.N reported on Friday better numbers for the last quarter of 2007, but the company still closed the year in the red.
The manufacturer of specialized polyolefin plastic and paper-based packaging products said it lost $0.7 million, or 1 cent a share, in the last quarter of 2007, compared with a loss of $15.2 million, or 37 cents per share, in the same period of 2006.
Net loss for 2007 was $8.4 million, or 19 cents per share, compared to a net loss of $166.7 million, or $4.07 per share, in 2006.
“The net loss for 2007 includes $8.1 million of manufacturing facility closures, restructuring, strategic alternatives and other charges, compared to similar charges in 2006 of $76.1 million,” the company said in a statement.
Intertape sales in the fourth-quarter increased 2.2 percent to $191.5 million, from $187.4 million in the last quarter of 2006. But consolidated sales for 2007 decreased by 5.5 percent to $767.3 million, from $812.3 million in previous year.
The company share closed at C$2.65 at the Toronto Stock Exchange on Friday.
$1=$1.02 Canadian Reporting by Renato Andrade; Editing by Gary Hill