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Tufco Technologies, Inc. Announces Fiscal Year 2013 First Quarter Earnings

GREEN BAY, Wis., Feb. 13, 2013 (GLOBE NEWSWIRE) -- Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of contract converting, printing, laminating and business imaging products, today announced that for the first quarter of fiscal year 2013, sales were $28,348,000, an increase of 10% from the first quarter of fiscal year 2012 sales of $25,677,000. Net income was $740,000 or $0.17 per diluted share, for the first quarter of fiscal 2013 compared to a net loss of $609,000 or $0.14 per diluted share, for the first quarter of fiscal 2012, an improvement of $1,350,000 or $0.31 per share.

In commenting on the results, Jim Robinson, Tufco's CEO and President, said, "The Company saw increased sales volumes at Green Bay in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012, which in combination with our focus on reducing operating costs contributed to increased earnings. While we will not likely see similar sales volumes in the second quarter, we remain focused on increasing sales and reducing costs. Our Newton operation showed profit improvement over the first quarter of fiscal 2012."

"Additionally, during the fiscal first quarter we reduced our borrowings under our credit facility by almost $2,600,000 down to $4,700,000," 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 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, including the slow economic recovery from the continuing economic downturn, 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.
Condensed Consolidated Balance Sheets
(Amounts in 000's)
  December 31,  2012 September 30,  2012
Cash  $ 9  $ 8
Accounts Receivable - Net  11,876  16,457
Inventories - Net  16,912  17,450
Other Current Assets  791  551
 Total Current Assets  29,588  34,466
Property, Plant and Equipment - Net  15,868  15,848
Goodwill   7,212  7,212
Other Assets - Net  132  130
 Total  $ 52,800  $ 57,656
Revolving Line of Credit  $ 4,688  $ 7,280
Current Portion of Note Payable  278  274
Accounts Payable  7,418  10,618
Accrued Liabilities  554  615
Other Current Liabilities  547  670
 Total Current Liabilities  13,485  19,457
Long-Term Debt   423  494
Deferred Income Taxes  2,427  1,989
Common Stock and Paid-in Capital  25,664  25,655
Retained Earnings  12,958  12,218
Treasury Stock   (2,157)  (2,157)
Total Stockholders' Equity  36,465  35,716
 Total  $ 52,800  $ 57,656
Condensed Consolidated Statements of Operations
(Amounts in 000's except share and per share data)
  Three Months Ended December 31, 
  2012 2011
Net Sales  $ 28,348  $ 25,677
Cost of Sales  25,855  25,242
Gross Profit  2,493  435
SG&A Expense  1,262  1,347
Gain on Asset Sales  --  --
Operating Income (Loss)   1,231  (912)
Interest Expense   60  68
Interest Income and Other Income  (9)  (8)
Income (Loss) Before Income Taxes  1,180  (972)
Income Tax Expense (Benefit)   440  (363)
Net Income (Loss)   $ 740  $ (609)
Net Income (Loss) Per Share:    
Basic  $ 0.17  $ (0.14)
Diluted  $ 0.17  $ (0.14)
Weighted Average Common Shares Outstanding:  
Basic  4,308,947  4,308,947
Diluted  4,315,872  4,308,947
CONTACT: Michael B. Wheeler, VP and CFO
         Tufco Technologies, Inc.
         P. O. Box 23500
         Green Bay, WI 54305-3500
         (920) 336-0054
         (920) 338-2711 (Fax)

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