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Tufco Technologies, Inc. Announces Fiscal Year 2013 Second Quarter And First Six Months Results

GREEN BAY, Wis., May 14, 2013 (GLOBE NEWSWIRE) -- Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of branded 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 second quarter sales were $24,167,000, compared to $24,139,000 for 2012 second quarter sales. For the first six months of fiscal 2013, sales were $52,515,000, compared to $49,816,000 for the first six months of fiscal 2012, an increase of 5%.

Net income per diluted share for the second quarter of fiscal 2013 was $0.04 compared to a net loss of $0.12 per diluted share for the second quarter of fiscal 2012. For the first six months of fiscal 2013, net income per diluted share was $0.21 compared to a net loss per diluted share of $0.26 for the first six months of fiscal 2012, an improvement per diluted share of $0.47.

In commenting on the results, Jim Robinson, Tufco's President and CEO said, "The Company has increased sales volumes at Green Bay in the second quarter and first six months of fiscal 2013 compared to the same periods of fiscal 2012 which, in combination with our focus on reducing operating costs, contributed to increased earnings. Our Newton operation has shown consistent improved gross profit."

"Additionally, during the second quarter we reduced borrowings under our credit facility by almost $600,000 to $4,100,000," 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 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.
TUFCO TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(Amounts in 000's)
     
  March 31, 2013 September 30,  2012
     
ASSETS    
     
Cash  $ 8  $ 8
Accounts Receivable - Net  13,223  16,457
Inventories - Net  14,888  17,450
Other Current Assets  872  551
Total Current Assets  28,991  34,466
     
Property, Plant and Equipment - Net  15,583  15,848
Goodwill   7,212  7,212
Other Assets - Net  134  130
Total  $ 51,920  $ 57,656
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Revolving Line of Credit  $ 4,128  $ 7,280
Current Portion of Note Payable  282  274
Accounts Payable  6,933  10,618
Accrued Liabilities  636  615
Other Current Liabilities  614  670
Total Current Liabilities  12,593  19,457
     
Long-Term Debt   351  494
Deferred Income Taxes  2,350  1,989
     
Common Stock and Paid-in Capital  25,674  25,655
Retained Earnings  13,109  12,218
Treasury Stock   (2,157)  (2,157)
Total Stockholders' Equity  36,626  35,716
     
 Total  $ 51,920  $ 57,656
 
 
TUFCO TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Amounts in 000's except share and per share data)
 
  Three Months Ended March 31,  Six Months Ended March 31, 
  2013 2012 2013 2012
          
Net Sales  $ 24,167  $ 24,139  $ 52,515  $ 49,816
         
Cost of Sales  22,308  23,416  48,163  48,659
         
Gross Profit  1,859  723  4,352  1,157
         
SG&A Expense  1,570  1,444  2,832  2,791
Gain on Asset Sales  --  --  --  --
Operating Income (Loss)   289  (721)  1,520  (1,634)
         
Interest Expense   48  70  108  137
Interest Income and Other Income  --  --  (9)  (8)
Income (Loss) Before Income Taxes  241  (791)  1,421  (1,763)
         
Income Tax Expense (Benefit)   90  (295)  530  (657)
         
Net Income (Loss)   $ 151  $ (496)  $ 891  $ (1,106)
         
Net Income (Loss) Per Share:        
Basic  $ 0.04  $ (0.12)  $ 0.21  $ (0.26)
Diluted  $ 0.04  $ (0.12)  $ 0.21  $ (0.26)
         
Weighted Average Common Shares Outstanding:        
Basic  4,308,947  4,308,947  4,308,947  4,308,947
Diluted  4,319,933  4,308,947  4,317,903  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

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