Tufco Technologies, Inc. Announces Fiscal Year 2013 Fourth Quarter and Fiscal Year 2013 Results
31 Décembre 2013 - 4:00PM
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.
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 SEC filings, 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, 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
on December 31,2014, 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.
Further, all statements regarding the timing and the closing of
the Offer and Merger transactions; the ability of Parent to
complete the transactions considering the various closing
conditions; and any assumptions underlying any of the foregoing,
are forward looking statements. These intentions, expectations, or
results may not be achieved in the future and various important
factors could cause actual results or events to differ materially
from the forward-looking statements that the Company makes,
including uncertainties as to the timing of the Offer and Merger;
uncertainties as to how many of the Company's stockholders will
tender their stock in the Offer; the possibility that competing
offers may be made; the possibility that various closing conditions
to the transactions may not be satisfied or waived, including that
a governmental entity may prohibit or delay the consummation of the
transaction; that Parent or Sub do not receive the proceeds of the
financing; or that there is a material adverse change of the
Company.
TUFCO TECHNOLOGIES,
INC. |
Condensed Consolidated Balance
Sheets |
(Amounts in 000's) |
|
|
|
|
September 30, |
September 30, |
|
2013 |
2012 |
|
|
|
ASSETS |
|
|
|
|
|
Cash |
$ 8 |
$ 8 |
Accounts Receivable - Net |
11,096 |
16,457 |
Inventories - Net |
14,873 |
17,450 |
Other Current Assets |
959 |
551 |
Total Current Assets |
26,936 |
34,466 |
|
|
|
Property, Plant and Equipment - Net |
14,790 |
15,848 |
Goodwill |
-- |
7,212 |
Other Assets - Net |
138 |
130 |
Total |
$ 41,864 |
$ 57,656 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Revolving Line of Credit |
$ 1,167 |
$ 7,280 |
Current Portion of Note Payable |
290 |
274 |
Accounts Payable |
5,094 |
10,618 |
Accrued Liabilities |
755 |
615 |
Other Current Liabilities |
780 |
670 |
Total Current
Liabilities |
8,086 |
19,457 |
|
|
|
Long-Term Debt |
203 |
494 |
Deferred Income Taxes |
1,782 |
1,989 |
|
|
|
Common Stock and Paid-in Capital |
25,713 |
25,655 |
Retained Earnings |
8,237 |
12,218 |
Treasury Stock |
(2,157) |
(2,157) |
Total Stockholders' Equity |
31,793 |
35,716 |
|
|
|
Total |
$ 41,864 |
$ 57,656 |
|
|
|
|
TUFCO TECHNOLOGIES,
INC. |
Condensed Consolidated
Statements of Operations |
(Amounts in 000's except share
and per share data) |
|
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
September 30, |
September 30, |
|
|
|
|
|
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Net Sales |
$ 21,952 |
$ 28,698 |
$ 99,287 |
$ 107,042 |
|
|
|
|
|
Cost of Sales |
19,827 |
26,625 |
89,976 |
101,238 |
|
|
|
|
|
Gross Profit |
2,125 |
2,073 |
9,311 |
5,804 |
|
|
|
|
|
SG&A Expense |
1,891 |
1,426 |
6,188 |
5,690 |
Goodwill Impairment |
7,212 |
-- |
7,212 |
-- |
Gain on Asset Sales |
-- |
(66) |
(16) |
(66) |
Operating (Loss) Income |
(6,978) |
713 |
(4,073) |
180 |
|
|
|
|
|
Interest Expense |
29 |
66 |
173 |
272 |
Interest Income and Other Income |
(1) |
-- |
(10) |
(8) |
(Loss) Income Before Income Taxes |
(7,006) |
647 |
(4,236) |
(84) |
|
|
|
|
|
Income Tax (Benefit) Expense |
(1,289) |
242 |
(255) |
(31) |
|
|
|
|
|
Net (Loss) Income |
$ (5,717) |
$ 405 |
$ (3,981) |
$ (53) |
|
|
|
|
|
Net (Loss) Income Per Share: |
|
|
|
Basic |
$ (1.33) |
$ 0.09 |
$ (0.92) |
$ (0.01) |
Diluted |
$ (1.33) |
$ 0.09 |
$ (0.92) |
$ (0.01) |
|
|
|
|
|
Weighted Average Common Shares
Outstanding: |
|
|
Basic |
4,308,947 |
4,308,947 |
4,308,947 |
4,308,947 |
Diluted |
4,308,947 |
4,312,327 |
4,308,947 |
4,308,947 |
|
|
|
|
|
CONTACT: Tim Splittgerber, CFO
Tufco Technologies, Inc.
P. O. Box 23500
Green Bay, WI 54305-3500
(920) 336-0054
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