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Tufco Technologies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 14, 2009 04:26PM

Tufco Technologies Inc. (TFCO) filed Quarterly Report for the period ended 2009-06-30. TUFCO TECHNOLOGIES INC. provides custom converting and specialty printing and packaging services and manufactures and distributes consumer disposable products used in home improvement and print retailing industries. Tufco Technologies Inc. has a market cap of $13.4 million; its shares were traded at around $3.12 with and P/S ratio of 0.1.

Highlight of Business Operations:

Interest expense decreased $27,000 to $23,000 for the third quarter of fiscal 2009 compared to the same period in fiscal 2008 and decreased $127,000 in comparing the nine months due to lower average debt outstanding and lower interest rates on borrowings.

The Company reported a net loss of ($14,000) [per share: $0.00 basic and diluted] for the third quarter of fiscal 2009, versus net income of $331,000 [per share: $0.07 basic and diluted] for the same period in fiscal 2008. For the nine months ended June 30, 2009, the net loss was $(660,000) [per share: $(0.15) basic and diluted] compared to net income of $562,000 [per share: $0.12 basic and diluted] for the first nine months of fiscal 2008.

Cash flows provided by operations were $4.0 million through the first nine months of fiscal 2009, compared to cash provided by operations of $3.9 million for the same period last year. Cash provided by operations for the first nine months of fiscal 2009 resulted from a decrease in accounts receivable of $0.9 million. Accounts payable decreased $1.0 million in the first nine months of fiscal 2009 compared to the same period last year, primarily due to the decrease in materials purchased. Inventories decreased $3.2 million as a result of efforts to reduce average on hand inventory levels for major raw material components in relation to decreases in net sales. Depreciation was $1.8 million for the first nine months.

Net cash used by financing activities was $2.5 million for the first nine months of fiscal 2009, primarily due to the Company paying down its revolving credit line. In February 2008, the Company’s Board of Directors approved a program for open market stock repurchases through December 31, 2008 for up to 100,000 shares of its common stock at prevailing market prices after concluding that the Company’s cash and debt position would enable these purchases without impairment to the Company’s capital. On October 15, 2008, the Company’s Board of Directors approved an extension of its February 2008 stock repurchase program through June 2009 and an increase in the number of shares from 100,000 to 200,000. On January 22, 2009 the Company’s Board of Directors approved a further extension of its February 2008 stock repurchase program through September 2009 and an increase in the number of shares from 200,000 to 300,000. A total of 222,909 shares were purchased under the plan for an aggregate purchase price of $1.0 million from approval of the plan through June 30, 2009. For the three months ended June 30, 2009, a total of 4,187 shares were purchased under the plan for an aggregate purchase price of $15,103. For the nine months ended June 30, 2009 and 2008, a total of 143,969 and 67,000 shares were purchased under the plan for an aggregate purchase price of $0.5 million and $0.4 million, respectively.

As of August 14, 2009, the Company had approximately $9.0 million available and $1.0 million outstanding under the revolving credit line pursuant to its credit agreement.

On February 14, 2008, the Company announced that its Board of Directors had approved a program for open market stock repurchases through December 31, 2008 for up to 100,000 shares of its common stock at prevailing market prices after concluding that the Company’s cash and debt position would enable these purchases without impairment to the Company’s capital. On October 15, 2008, the Company’s Board of Directors approved an extension of its February 2008 stock repurchase program through June 2009 and an increase in the number of shares from 100,000 to 200,000. On January 22, 2009 the Company’s Board of Directors approved a further extension of its February 2008 stock repurchase program through September 2009 and an increase in the number of shares from 200,000 to 300,000. A total of 222,909 shares were purchased under the plan for an aggregate purchase price of $1.0 million from approval of the plan through June 30, 2009. For the three months ended June 30, 2009 a total of 4,187 shares were purchased under the plan for an aggregate purchase price of $15,103.

Read the The complete Report



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