Tufco Technologies, Inc. Announces Fiscal Year 2013 Second Quarter and First Six Months Results
May 14 2013 - 4:05PM
Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of
branded contract wet and dry wipes converting in North America and
a provider of specialty printing services and business imaging
products, today announced that fiscal year 2013 second quarter
sales were $24,167,000, compared to $24,139,000 for 2012 second
quarter sales. For the first six months of fiscal 2013, sales were
$52,515,000, compared to $49,816,000 for the first six months of
fiscal 2012, an increase of 5%.
Net income per diluted share for the second quarter of fiscal
2013 was $0.04 compared to a net loss of $0.12 per diluted share
for the second quarter of fiscal 2012. For the first six months of
fiscal 2013, net income per diluted share was $0.21 compared to a
net loss per diluted share of $0.26 for the first six months of
fiscal 2012, an improvement per diluted share of $0.47.
In commenting on the results, Jim Robinson, Tufco's President
and CEO said, "The Company has increased sales volumes at Green Bay
in the second quarter and first six months of fiscal 2013 compared
to the same periods of fiscal 2012 which, in combination with our
focus on reducing operating costs, contributed to increased
earnings. Our Newton operation has shown consistent improved gross
profit."
"Additionally, during the second quarter we reduced borrowings
under our credit facility by almost $600,000 to $4,100,000," 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 or non renewal 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, 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) |
|
|
|
|
March 31, 2013 |
September 30, 2012 |
|
|
|
ASSETS |
|
|
|
|
|
Cash |
$ 8 |
$ 8 |
Accounts Receivable - Net |
13,223 |
16,457 |
Inventories - Net |
14,888 |
17,450 |
Other Current Assets |
872 |
551 |
Total Current Assets |
28,991 |
34,466 |
|
|
|
Property, Plant and Equipment - Net |
15,583 |
15,848 |
Goodwill |
7,212 |
7,212 |
Other Assets - Net |
134 |
130 |
Total |
$ 51,920 |
$ 57,656 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Revolving Line of Credit |
$ 4,128 |
$ 7,280 |
Current Portion of Note Payable |
282 |
274 |
Accounts Payable |
6,933 |
10,618 |
Accrued Liabilities |
636 |
615 |
Other Current Liabilities |
614 |
670 |
Total Current Liabilities |
12,593 |
19,457 |
|
|
|
Long-Term Debt |
351 |
494 |
Deferred Income Taxes |
2,350 |
1,989 |
|
|
|
Common Stock and Paid-in Capital |
25,674 |
25,655 |
Retained Earnings |
13,109 |
12,218 |
Treasury Stock |
(2,157) |
(2,157) |
Total Stockholders' Equity |
36,626 |
35,716 |
|
|
|
Total |
$ 51,920 |
$ 57,656 |
|
TUFCO TECHNOLOGIES,
INC. |
Condensed Consolidated
Statements of Operations |
(Amounts in 000's except share
and per share data) |
|
|
Three Months Ended March
31, |
Six Months Ended March
31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Net Sales |
$ 24,167 |
$ 24,139 |
$ 52,515 |
$ 49,816 |
|
|
|
|
|
Cost of Sales |
22,308 |
23,416 |
48,163 |
48,659 |
|
|
|
|
|
Gross Profit |
1,859 |
723 |
4,352 |
1,157 |
|
|
|
|
|
SG&A Expense |
1,570 |
1,444 |
2,832 |
2,791 |
Gain on Asset Sales |
-- |
-- |
-- |
-- |
Operating Income (Loss) |
289 |
(721) |
1,520 |
(1,634) |
|
|
|
|
|
Interest Expense |
48 |
70 |
108 |
137 |
Interest Income and Other Income |
-- |
-- |
(9) |
(8) |
Income (Loss) Before Income Taxes |
241 |
(791) |
1,421 |
(1,763) |
|
|
|
|
|
Income Tax Expense (Benefit) |
90 |
(295) |
530 |
(657) |
|
|
|
|
|
Net Income (Loss) |
$ 151 |
$ (496) |
$ 891 |
$ (1,106) |
|
|
|
|
|
Net Income (Loss) Per Share: |
|
|
|
|
Basic |
$ 0.04 |
$ (0.12) |
$ 0.21 |
$ (0.26) |
Diluted |
$ 0.04 |
$ (0.12) |
$ 0.21 |
$ (0.26) |
|
|
|
|
|
Weighted Average Common Shares
Outstanding: |
|
|
|
|
Basic |
4,308,947 |
4,308,947 |
4,308,947 |
4,308,947 |
Diluted |
4,319,933 |
4,308,947 |
4,317,903 |
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
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