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.
