This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

MOD-PAC CORP. Reports Record Quarterly Product Sales And 43% Increase In Net Income For The Third Quarter Of 2012

Stocks in this article: MPAC

MOD-PAC CORP. (NASDAQ: MPAC) (the “Company”), a high value-added, on-demand print services firm that designs and manufactures custom and stock folding cartons, reported total revenue of $15.4 million for the third quarter of 2012, which ended September 29, 2012, compared with $14.4 million for the third quarter of 2011. The 7.1% increase reflects higher custom folding carton sales, partially offset by lower waste paperboard sales. Net income for the third quarter of 2012 was up sharply to $0.9 million, or $0.27 per diluted share, from net income of $0.6 million, or $0.18 per diluted share, in the third quarter of 2011.

Daniel G. Keane, President and CEO, commented, “We had a strong third quarter, achieving record quarterly product sales on continued growth in our custom folding carton business. The growth in this line demonstrates the success of our sales and marketing initiatives as we increased the amount of business from several established accounts and added a number of new smaller accounts. We continue to anticipate solid product demand for the remaining part of 2012.”

Record Third-Quarter Product Sales Highlighted by Custom Folding Carton Growth

  • Sales of custom folding cartons reached a quarterly record of $12.3 million, up 9.5% from $11.2 million in the third quarter of 2011. The increase was primarily due to additional business from several existing customers, the ramp-up of sales from some large customers whose business was earned last year and, to a lesser extent, augmented by new smaller customers. Partially offsetting the growth was lower waste paperboard sales.
  • Stock packaging sales remained relatively consistent at $2.3 million in the third quarter.
  • Personalized print sales were $0.7 million in the third quarter of 2012, down slightly from the prior-year period.

David B. Lupp, Chief Operating Officer and Chief Financial Officer, stated, “The combination of higher revenue, stability in the paperboard market and a continued focus on cost management were the main contributors to the margin expansion realized in the quarter. While these results are going in the right direction, we are continually working to improve the leverage within our business.”

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs