Tufco Technologies, Inc. Announces Fiscal Year 2012 First Quarter Results
February 14 2012 - 4:05PM
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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