Tufco Technologies, Inc. Announces Fiscal Year 2013 Third Quarter and First Nine Months Results
August 13 2013 - 4:05PM
Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of
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 third quarter sales
were $24,820,000, compared to $28,528,000 for 2012 third quarter
sales. For the first nine months of fiscal 2013, sales were
$77,335,000, compared to $78,344,000 for the first nine months of
fiscal 2012.
Net income per diluted share for the third quarter of fiscal
2013 was $0.20 per share compared to a net income per diluted share
of $0.15 for the third quarter of fiscal 2012. For the first nine
months of fiscal 2013, net income per diluted share was $0.40 per
share compared to a net loss per diluted share of $0.11 for the
first nine months of fiscal 2012.
In commenting on the results, Jim Robinson, Tufco's President
and CEO said, "The Company had lower sales volumes in the third
quarter and first nine months of fiscal 2013 compared to the same
periods of fiscal 2012. We achieved improved profitability in the
first nine months of fiscal 2013 over the same period in fiscal
2012. Management has an ongoing focus to increase sales and reduce
operating costs at both our Green Bay and Newton operations."
"Additionally, we continue to reduce borrowings under our credit
facility and have reduced bank debt by over $5,000,000 in the last
nine months," 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) |
|
|
|
|
June 30, 2013 |
September 30, 2012 |
|
|
|
ASSETS |
|
|
|
|
|
Cash |
$ 7 |
$ 8 |
Accounts Receivable - Net |
13,003 |
16,457 |
Inventories - Net |
14,554 |
17,450 |
Other Current Assets |
838 |
551 |
Total Current Assets |
28,402 |
34,466 |
|
|
|
Property, Plant and Equipment - Net |
15,117 |
15,848 |
Goodwill |
7,212 |
7,212 |
Other Assets - Net |
136 |
130 |
Total |
$ 50,867 |
$ 57,656 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Revolving Line of Credit |
$ 2,160 |
$ 7,280 |
Current Portion of Note Payable |
286 |
274 |
Accounts Payable |
6,664 |
10,618 |
Accrued Liabilities |
495 |
615 |
Other Current Liabilities |
660 |
670 |
Total Current Liabilities |
10,265 |
19,457 |
|
|
|
Long-Term Debt |
277 |
494 |
Deferred Income Taxes |
2,839 |
1,989 |
|
|
|
Common Stock and Paid-in Capital |
25,688 |
25,655 |
Retained Earnings |
13,955 |
12,218 |
Treasury Stock |
(2,157) |
(2,157) |
Total Stockholders' Equity |
37,486 |
35,716 |
|
|
|
Total |
$ 50,867 |
$ 57,656 |
|
TUFCO TECHNOLOGIES,
INC. |
Condensed Consolidated
Statements of Operations |
(Amounts in 000's except share
and per share data) |
|
|
Three Months Ended June
30, |
Nine Months Ended June
30, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Net Sales |
$ 24,820 |
$ 28,528 |
$ 77,335 |
$ 78,344 |
|
|
|
|
|
Cost of Sales |
21,986 |
25,955 |
70,150 |
74,613 |
|
|
|
|
|
Gross Profit |
2,834 |
2,573 |
7,185 |
3,731 |
|
|
|
|
|
SG&A Expense |
1,449 |
1,472 |
4,281 |
4,264 |
Gain on Asset Sales |
-- |
-- |
-- |
-- |
Operating Income (Loss) |
1,385 |
1,101 |
2,904 |
(533) |
|
|
|
|
|
Interest Expense |
37 |
69 |
144 |
206 |
Interest Income and Other Income |
-- |
-- |
(9) |
(8) |
Income (Loss) Before Income Taxes |
1,348 |
1,032 |
2,769 |
(731) |
|
|
|
|
|
Income Tax Expense (Benefit) |
503 |
385 |
1,033 |
(273) |
|
|
|
|
|
Net Income (Loss) |
$ 845 |
$ 647 |
$ 1,736 |
$ (458) |
|
|
|
|
|
Net Income (Loss) Per Share: |
|
|
|
|
Basic |
$ 0.20 |
$ 0.15 |
$ 0.40 |
$ (0.11) |
Diluted |
$ 0.20 |
$ 0.15 |
$ 0.40 |
$ (0.11) |
|
|
|
|
|
Weighted Average Common Shares
Outstanding: |
|
|
|
|
Basic |
4,308,947 |
4,308,947 |
4,308,947 |
4,308,947 |
Diluted |
4,328,894 |
4,309,721 |
4,321,566 |
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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