Attached files

file filename
8-K - FORM 8-K - TUFCO TECHNOLOGIES INCtfco-8k_20130813.htm

Exhibit 99.1

Page 1 of 4

NEWS RELEASE

For Immediate Release

TUFCO TECHNOLOGIES, INC. ANNOUNCES

FISCAL YEAR 2013 THIRD QUARTER AND FIRST NINE MONTHS RESULTS

GREEN BAY, WI (August 13, 2013)—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.


Page 2 of 4

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.

   

 

Contact:

Michael B. Wheeler, VP and CFO

   

   

Tufco Technologies, Inc.

   

   

P. O. Box 23500

   

   

Green Bay, WI 54305-3500

   

   

(920) 336-0054

   

   


Page 3 of 4

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

   


Page 4 of 4

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