GREEN BAY, Wis., Aug. 13, 2013 (GLOBE NEWSWIRE) -- 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 |
Michael B. Wheeler, VP and CFO Tufco Technologies, Inc. P. O. Box 23500 Green Bay, WI 54305-3500 (920) 336-0054
