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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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