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Tufco Technologies, Inc. Announces Fiscal Year 2013 Fourth Quarter And Fiscal Year 2013 Results

Stocks in this article: TFCO

GREEN BAY, Wis., Dec. 31, 2013 (GLOBE NEWSWIRE) -- Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of 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 fourth quarter sales were $21,952,000, compared to $28,698,000 for fiscal year 2012 fourth quarter sales. For the fiscal year 2013, sales were $99,287,000, compared to $107,042,000 for the fiscal year 2012.

On December 20, 2013 the Company announced that it had signed a definitive merger agreement with affiliates of Griffon Holdings, LLC at a price of $6.07 per share. The transaction is to be effected by a tender offer followed by a second step merger. The transaction is subject to customary closing conditions and there can be no assurance that the transaction will be consummated. Because the price paid pursuant to the merger agreement is less than the book value of the Company's assets, the Company has estimated a goodwill impairment of $7,211,575 for the fourth quarter of fiscal year 2013.

Net loss for the fourth quarter of fiscal 2013 was $5,717,000 or $1.33 per diluted share (net income of $401,000 or $.09 per diluted share before the non-cash goodwill impairment) compared to net income of $405,000 or $0.09 per diluted share for the fourth quarter of fiscal 2012. For the fiscal year 2013, net loss was $3,981,000 or $.92 per diluted share (net income of $2,138,000 or $.49 per diluted share before the non-cash goodwill impairment) compared to a net loss of $53,000 or $0.01 per diluted share for the fiscal year 2012.

In commenting on the results, Jim Robinson, Tufco's President and CEO said, "The Company reported lower sales volumes in the fourth quarter and fiscal year 2013 compared to the same periods in fiscal year 2012. We achieved improved profitability, before the non-cash goodwill impairment, in fiscal year 2013 over fiscal year 2012 despite the lower sales volume. Overall operational improvements contributed to the increased profitability, before the non-cash goodwill impairment. Additionally, we continue to reduce borrowings under our credit facility and have reduced bank debt by over $6,000,000 during fiscal year 2013," he concluded.

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