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Tufco Technologies, Inc. Announces Fiscal Year 2010 Fourth Quarter And Fiscal Year 2010 Results; Comments On Outlook

GREEN BAY, Wis., Dec. 14, 2010 (GLOBE NEWSWIRE) -- Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of branded contract wet and dry wipes converting in North America and a leader in specialty printing services and business imaging products, today announced that for the fourth quarter of fiscal year 2010, sales were $25,342,000, an increase of 15% from the fourth quarter of fiscal year 2009. For fiscal year 2010, sales were $90,614,000, an increase of 4% from fiscal year 2009 sales. Net income per diluted share for the fourth quarter of fiscal 2010 was $0.01 compared to $0.04 net loss per diluted share for the fourth quarter of fiscal 2009. For fiscal year 2010, net loss was $0.10 per diluted share, compared to net loss of $0.20 per diluted share for fiscal year 2009.

Tufco President and CEO Louis LeCalsey offered these comments on the year and the outlook for fiscal 2011: "Although we improved year over year, both Tufco's Contract Manufacturing and Business Imaging operations experienced an extremely challenging economic environment throughout fiscal year 2010." 

"In Contract Manufacturing, Tufco has reacted to this challenge by expanding its product offerings and moving into other market channels. Our penetration into these new channels is showing some results and we are continuing these programs in fiscal 2011."

"Our Business Imaging operation was likewise hard hit in fiscal year 2010 by a very competitive marketplace, including significant price competition due to recession weakened demand. However, as a result of expense reductions and the addition of new customers, Business Imaging showed improvement during the last six months of fiscal 2010 as compared to the first six months of fiscal year 2010. Further increases in operating income in fiscal year 2011 will depend on additional increases in sales volume and continued cost reductions," concluded LeCalsey.

Tufco, headquartered in Green Bay, Wisconsin, has manufacturing operations in Wisconsin and North Carolina, and warehousing operations in Wisconsin, North Carolina and Nevada.

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