This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MOD-PAC CORP. Reports 2010 Diluted EPS Of $0.37

MOD-PAC CORP. (NASDAQ: MPAC) (the “Company”), a manufacturer of custom and stock paper board packaging and provider of personalized print products, today announced financial results for its fourth quarter and year ended December 31, 2010.

Daniel G. Keane, President and CEO, commented, “As a direct result of successfully implementing our focused strategies over the last two years, we delivered solid results in 2010, led by our market-share gains in custom folding cartons and a rebound in our stock packaging business line. During the year, we also generated strong cash from operations, strengthened our balance sheet, and continued to return more capital to our shareholders through share repurchases.”

David B. Lupp, Chief Operating Officer and Chief Financial Officer, noted, “This was our sixth consecutive quarter of profitability. And even though our fourth-quarter earnings were impacted by the write-down of the remaining held-for-sale Specialty Print and Direct Mail assets and a software system no longer being used, together with higher-than-expected repair and maintenance costs, our 2010 results clearly demonstrate that our restructured and refocused business platform has enhanced our ability to achieve our long-term growth and profitability goals.”

Total revenue for the fourth quarter of 2010 was $12.80 million, a slight increase from total revenue of $12.77 million in the 2009 fourth quarter. Net income was $240 thousand, or $0.07 per diluted share, compared with net income of $1.26 million, or $0.36 per diluted share, in the fourth quarter of 2009. The change in net income was primarily due to higher repair and maintenance costs, pricing pressure, product mix, and a $178 thousand, or $0.05 per diluted share, charge for impaired asset write-downs. On an adjusted basis, fourth quarter net income was $418 thousand, or $0.12 per diluted share, compared with $1.23 million, or $0.35 per diluted share, for the same period last year. Reconciliation of GAAP net income to adjusted net income and diluted earnings per share is summarized in the following table:
    Three Months Ended




(in thousands) (diluted earnings per share)
Net Income








Net write-down (write-up) of impaired assets     178       (36 )       0.05       (0.01 )
Total one-time charges 178 (36 ) 0.05 (0.01 )
Adjusted Net Income    









Total revenue for 2010 was $48.7 million compared with $48.9 million in the prior year period. Excluding 2009 specialty print and direct mail sales, which was rationalized in the second quarter of 2009, total revenue grew $1.34 million, or 2.8%, compared with 2009, reflecting higher folding carton sales and improved waste sales due to a recovery in the recycling market.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.08 0.55%
GOOG $695.81 0.50%
TSLA $234.18 0.80%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs