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Tufco Technologies, Inc. Announces Fiscal Year 2012 First Quarter Results

Date : 02/14/2012 @ 4:05PM
Source : GlobeNewswire Inc.
Stock : Tufco Technologies, Inc. (MM) (TFCO)
Quote : 6.07  0.0 (0.00%) @ 2:05AM
Tufco Technologies, Inc. (MM) share price Chart

Tufco Technologies, Inc. Announces Fiscal Year 2012 First Quarter Results

Tufco Technologies, Inc. (MM) (NASDAQ:TFCO)
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Tufco Technologies, Inc. (Nasdaq:TFCO), a leading North American manufacturer of wet and dry wipes, and provider of specialty printing services and business imaging products, today announced that its sales for the first quarter of fiscal year 2012, which ended December 31, 2011, were $25,676,600, up 6% from sales for the first quarter of fiscal year 2011. Net loss per diluted share for the first quarter of fiscal 2012 was $0.14 compared to $0.04 net loss per diluted share for the first quarter of fiscal 2011.

In commenting on the results, Jim Robinson, Tufco's President and CEO said, "The major contributor to our sales growth was increased seasonal demand within our Newton Business Imaging segment. However, this segment has experienced escalating paper and operating costs, which resulted in reduced gross margin. At Green Bay, reduced sales volume and shifts in our product sales mix and related operating inefficiencies resulted in reduced gross margin. Also, Green Bay relocated its warehouse operation from a third party warehouse to a self-operated warehouse. Savings from this move will begin in the second quarter and continue thereafter."

"We are focused on increasing sales volume, improving sales product mix, new product development and cost reduction activities. Some activities will result in one-time expenses, but increased profitability in the long-term," he concluded.

Tufco, headquartered in Green Bay, Wisconsin, has manufacturing operations in Wisconsin and North Carolina.

Information about the results reported herein, or copies of the Company's Quarterly Reports, may be obtained by calling the contact person listed below.

This press release, including the discussion of the Company's fiscal 2012 results in comparison to fiscal 2011 contains forward-looking statements regarding current expectations, risks and uncertainties for future periods. The actual results could differ materially from those discussed herein due to a variety of factors such as the Company's ability to increase sales, changes in customer demand for its products, cancellation of production agreements by significant customers including two Contract Manufacturing customers it depends upon for a significant portion of its business, its ability to meet competitors' prices on products to be sold under these production agreements, the effects of the economy in general, including the [slow economic recovery from the recent] economic downturn, the Company's ability to comply with the financial covenants in its credit facility, the Company's inability to benefit from any general economic improvements, material increases in the cost of raw materials, competition in the Company's product areas, the ability of management to successfully reduce operating expenses, the Company's ability to increase sales and earnings as a result of new projects and services, the Company's ability to successfully install new equipment on a timely basis and to improve productivity through equipment upgrades, the Company's ability to continue to produce new products, the Company's ability to return to profitability and then continue to improve profitability, the Company's ability to successfully attract new customers through its sales initiatives and strengthening its new business development efforts, and the Company's ability to improve the run rates for its products. Therefore, the financial data for the periods presented may not be indicative of the Company's future financial condition or results of operations. The Company assumes no responsibility to update the forward-looking statements contained in this press release.

TUFCO TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(Amounts in 000's)
     
  December 31, 2011 September 30,  2011
     
ASSETS    
     
Cash  $ 10  $ 8
Accounts Receivable - Net  13,598  15,363
Inventories - Net  17,766  14,200
Other Current Assets  1,472  1,335
Total Current Assets  32,846  30,906
     
Property, Plant and Equipment - Net  16,878  17,027
Goodwill - Net  7,212  7,212
Other Assets  134  136
Total  $ 57,070  $ 55,281
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Revolving Line of Credit  $ 6,500  $ 6,449
Current Portion of Note Payable  263  259
Accounts Payable  11,905  8,968
Accrued Liabilities  545  572
Other Current Liabilities  326  470
Total Current Liabilities  19,539  16,718
     
Long-Term Debt   701  768
Deferred Income Taxes  1,721  2,085
     
Common Stock and Paid-in Capital  25,605  25,596
Retained Earnings  11,661  12,271
Treasury Stock   (2,157)  (2,157)
Total Stockholders' Equity  35,109  35,710
     
Total  $ 57,070  $ 55,281
 
 
TUFCO TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Amounts in 000's except share and per share data)
     
   
  Three Months Ended December 31, 
  2011 2010
     
Net Sales  $ 25,677  $ 24,161
     
Cost of Sales  25,242  23,058
     
Gross Profit  435  1,103
     
SG&A Expense  1,347  1,340
Operating Loss  (912)  (237)
     
Interest Expense   68  64
Interest Income and Other Income  (8)  (17)
Loss Before Income Taxes  (972)  (284)
     
Income Tax Benefit  (363)  (106)
     
Net Loss  $ (609)  $ (178)
     
Net Loss Per Share:    
Basic  $ (0.14)  $ (0.04)
Diluted  $ (0.14)  $ (0.04)
     
Weighted Average Common Shares Outstanding:    
Basic  4,308,947  4,308,947
Diluted  4,308,947  4,308,947
CONTACT: Michael B. Wheeler, VP and CFO
         Tufco Technologies, Inc.
         P. O. Box 23500
         Green Bay, WI 54305-3500
         (920) 336-0054
         (920) 336-9041 (Fax)


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