Tufco Technologies, Inc. Announces Fiscal Year 2013 Third Quarter and First Nine Months Results

Tufco Technologies, Inc. Announces Fiscal Year 2013 Third Quarter and First
Nine Months Results

GREEN BAY, Wis., Aug. 13, 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 third quarter sales
were $24,820,000, compared to $28,528,000 for 2012 third quarter sales. For
the first nine months of fiscal 2013, sales were $77,335,000, compared to
$78,344,000 for the first nine months of fiscal 2012.

Net income per diluted share for the third quarter of fiscal 2013 was $0.20
per share compared to a net income per diluted share of $0.15 for the third
quarter of fiscal 2012. For the first nine months of fiscal 2013, net income
per diluted share was $0.40 per share compared to a net loss per diluted share
of $0.11 for the first nine months of fiscal 2012.

In commenting on the results, Jim Robinson, Tufco's President and CEO said,
"The Company had lower sales volumes in the third quarter and first nine
months of fiscal 2013 compared to the same periods of fiscal 2012. We achieved
improved profitability in the first nine months of fiscal 2013 over the same
period in fiscal 2012. Management has an ongoing focus to increase sales and
reduce operating costs at both our Green Bay and Newton operations."

"Additionally, we continue to reduce borrowings under our credit facility and
have reduced bank debt by over $5,000,000 in the last nine months," 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)
                                             
                                    June 30,  September 30,
                                     2013      2012
                                             
ASSETS                                        
                                             
Cash                                 $7      $8
Accounts Receivable - Net            13,003   16,457
Inventories - Net                    14,554   17,450
Other Current Assets                 838      551
Total Current Assets                 28,402   34,466
                                             
Property, Plant and Equipment - Net  15,117   15,848
Goodwill                            7,212    7,212
Other Assets - Net                   136      130
Total                                $50,867 $57,656
                                             
LIABILITIES AND STOCKHOLDERS' EQUITY          
                                             
Revolving Line of Credit             $2,160  $7,280
Current Portion of Note Payable      286      274
Accounts Payable                     6,664    10,618
Accrued Liabilities                  495      615
Other Current Liabilities            660      670
Total Current Liabilities            10,265   19,457
                                             
Long-Term Debt                      277      494
Deferred Income Taxes                2,839    1,989
                                             
Common Stock and Paid-in Capital     25,688   25,655
Retained Earnings                    13,955   12,218
Treasury Stock                      (2,157)  (2,157)
Total Stockholders' Equity           37,486   35,716
                                             
Total                                $50,867 $57,656


TUFCO TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Amounts in 000's except share and per share data)

                                  Three Months Ended    Nine Months Ended
                                   June 30,             June 30,
                                  2013       2012       2013       2012
                                                                
Net Sales                          $24,820  $28,528  $77,335  $78,344
                                                                
Cost of Sales                      21,986    25,955    70,150    74,613
                                                                
Gross Profit                       2,834     2,573     7,185     3,731
                                                                
SG&A Expense                       1,449     1,472     4,281     4,264
Gain on Asset Sales                --        --        --        --
Operating Income (Loss)           1,385     1,101     2,904     (533)
                                                                
Interest Expense                  37        69        144       206
Interest Income and Other Income   --        --        (9)       (8)
Income (Loss) Before Income Taxes  1,348     1,032     2,769     (731)
                                                                
Income Tax Expense (Benefit)      503       385       1,033     (273)
                                                                
Net Income (Loss)                 $845     $647     $1,736   $(458)
                                                                
Net Income (Loss) Per Share:                                     
Basic                              $0.20    $0.15    $0.40    $(0.11)
Diluted                            $0.20    $0.15    $0.40    $(0.11)
                                                                
Weighted Average Common Shares                                   
Outstanding:
Basic                              4,308,947 4,308,947 4,308,947 4,308,947
Diluted                            4,328,894 4,309,721 4,321,566 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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