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 December, 2003
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 cover of Form 20-F or Form 40-F.]
Form 20-F Form 40-F X
[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-______]
The information contained in this Report is incorporated by
reference into Registration Statement No. 333-109944.
SIGNATURES
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, thereunto duly authorized.
INTERTAPE POLYMER GROUP INC.
Date: December 22, 2003 By: /s/Victor DiTommaso, CPA
Vice President, Finance
December 22, 2003 NYSE SYMBOL: ITP
TSX SYMBOL: ITP
INTERTAPE POLYMER GROUP ANNOUNCES
- COMPLETION OF WATER-ACTIVATED TAPE OPERATIONS CONSOLIDATION
- EARLY ADOPTION OF FAIR VALUE METHOD OF ACCOUNTING FOR STOCK-
BASED COMPENSATION
Montreal, Quebec and Bradenton, Florida - December 22, 2003 - Further to its
announcement of October 14, 2003, Intertape Polymer Group Inc.
(NYSE, TSX: ITP) today said that its water-activated tape plant in Green
Bay, Wisconsin has been closed, and the transfer of its water-activated tape
operations to the Menasha, Wisconsin plant has been completed. The Company
intends to sell the facility in Green Bay.
At the same time, the Company also announced that it is adopting the fair
value method of accounting for stock-based compensation and other stock-
based payments for 2003. Under transitional provisions prescribed by the
Canadian Institute of Chartered Accountants ("CICA"), the Company is
prospectively applying the recognition provisions to awards of stock options
issued in 2003 and thereafter. The transitional provisions of the CICA are
similar to those of the Financial Accounting Standards Board.
As a result of adopting the fair value method in 2003, the Company expects
to record a fourth quarter 2003 pre-tax charge of approximately $128,000.
Beginning in the first quarter of 2004 and continuing through to mid-2007,
the Company expects to record a pre-tax charge of approximately $70,000 per
quarter associated with the 2003 stock option grants. As well, future stock
option grants will be accounted for under the fair value method and will
result in additional stock-based compensation expense.
About Intertape Polymer Group
Intertape Polymer Group is a recognized leader in the development and
manufacture of specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and retail
use. Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida,
the Company employs approximately 2,600 employees with operations in
19 locations, including 14 manufacturing facilities in North America
and one in Europe.
Safe Harbor Statement
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied in such forward-looking statements. Additional discussion
of factors that could cause actual results to differ materially from
management's projections, estimates and expectations is contained in the
Company's SEC filings. The Company undertakes no duty to update its
forward-looking statements, including its earnings outlook.
FOR INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel.: 866-202-4713
E-mail:itp$info@intertapeipg.com
Web: www.intertapepolymer.com