Tufco Technologies, Inc. Announces Fiscal Year 2013 First Quarter Earnings
February 13 2013 - 4:05PM
Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of
contract converting, printing, laminating and business imaging
products, today announced that for the first quarter of fiscal year
2013, sales were $28,348,000, an increase of 10% from the first
quarter of fiscal year 2012 sales of $25,677,000. Net income was
$740,000 or $0.17 per diluted share, for the first quarter of
fiscal 2013 compared to a net loss of $609,000 or $0.14 per diluted
share, for the first quarter of fiscal 2012, an improvement of
$1,350,000 or $0.31 per share.
In commenting on the results, Jim Robinson, Tufco's CEO and
President, said, "The Company saw increased sales volumes at Green
Bay in the first quarter of fiscal 2013 compared to the first
quarter of fiscal 2012, which in combination with our focus on
reducing operating costs contributed to increased earnings. While
we will not likely see similar sales volumes in the second quarter,
we remain focused on increasing sales and reducing costs. Our
Newton operation showed profit improvement over the first quarter
of fiscal 2012."
"Additionally, during the fiscal first quarter we reduced our
borrowings under our credit facility by almost $2,600,000 down to
$4,700,000," he concluded.
Tufco, headquartered in Green Bay, Wisconsin, has manufacturing
and warehousing 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 2013 results in comparison to fiscal 2012 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 continuing economic downturn, the Company's inability to
benefit from any general economic improvements, react to material
increases in the cost of raw materials or 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 comply with the financial covenants in its
credit facility, the Company's ability to extend or refinance its
credit facility upon expiration, the Company's ability to sustain
profitable operations, the Company's ability to successfully
attract new customers through its sales initiatives and
strengthening its new business development efforts, the Company's
ability to improve the run rates for its products, and changes to
regulations governing its operations or other factors beyond the
Company's control. 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, 2012 |
September 30, 2012 |
|
|
|
ASSETS |
|
|
|
|
|
Cash |
$ 9 |
$ 8 |
Accounts Receivable - Net |
11,876 |
16,457 |
Inventories - Net |
16,912 |
17,450 |
Other Current Assets |
791 |
551 |
Total Current Assets |
29,588 |
34,466 |
|
|
|
Property, Plant and Equipment - Net |
15,868 |
15,848 |
Goodwill |
7,212 |
7,212 |
Other Assets - Net |
132 |
130 |
Total |
$ 52,800 |
$ 57,656 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Revolving Line of Credit |
$ 4,688 |
$ 7,280 |
Current Portion of Note Payable |
278 |
274 |
Accounts Payable |
7,418 |
10,618 |
Accrued Liabilities |
554 |
615 |
Other Current Liabilities |
547 |
670 |
Total Current Liabilities |
13,485 |
19,457 |
|
|
|
Long-Term Debt |
423 |
494 |
Deferred Income Taxes |
2,427 |
1,989 |
|
|
|
Common Stock and Paid-in Capital |
25,664 |
25,655 |
Retained Earnings |
12,958 |
12,218 |
Treasury Stock |
(2,157) |
(2,157) |
Total Stockholders' Equity |
36,465 |
35,716 |
|
|
|
Total |
$ 52,800 |
$ 57,656 |
|
|
TUFCO TECHNOLOGIES,
INC. |
Condensed Consolidated
Statements of Operations |
(Amounts in 000's except share
and per share data) |
|
|
|
|
|
|
|
Three Months Ended December
31, |
|
2012 |
2011 |
|
|
|
Net Sales |
$ 28,348 |
$ 25,677 |
|
|
|
Cost of Sales |
25,855 |
25,242 |
|
|
|
Gross Profit |
2,493 |
435 |
|
|
|
SG&A Expense |
1,262 |
1,347 |
Gain on Asset Sales |
-- |
-- |
Operating Income (Loss) |
1,231 |
(912) |
|
|
|
Interest Expense |
60 |
68 |
Interest Income and Other Income |
(9) |
(8) |
Income (Loss) Before Income Taxes |
1,180 |
(972) |
|
|
|
Income Tax Expense (Benefit) |
440 |
(363) |
|
|
|
Net Income (Loss) |
$ 740 |
$ (609) |
|
|
|
Net Income (Loss) Per Share: |
|
|
Basic |
$ 0.17 |
$ (0.14) |
Diluted |
$ 0.17 |
$ (0.14) |
|
|
|
Weighted Average Common Shares
Outstanding: |
|
Basic |
4,308,947 |
4,308,947 |
Diluted |
4,315,872 |
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) 338-2711 (Fax)
Tufco Technologies, Inc. (MM) (NASDAQ:TFCO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tufco Technologies, Inc. (MM) (NASDAQ:TFCO)
Historical Stock Chart
From Apr 2023 to Apr 2024