Tufco Technologies Inc. (TFCO, Financial) filed Quarterly Report for the period ended 2010-06-30.
Tufco Technologies Inc. has a market cap of $14.48 million; its shares were traded at around $3.36 with and P/S ratio of 0.17.
The Company reported a net loss of $(87,000) [per share: $(0.02) basic and diluted] for the third quarter of fiscal 2010, versus a net loss of $(14,000) [per share: $(0.00) basic and diluted] for the same period in fiscal 2009. For the nine months ended June 30, 2010, the net loss was $(470,000) [per share: $(0.11) basic and diluted] compared to a net loss of $(660,000) [per share: $(0.15) basic and diluted] for the first nine months of fiscal 2009. The income tax benefit represents a net operating loss carryforward that the Company expects to realize in the future.
Cash flows used in operations were $2.6 million through the first nine months of fiscal 2010, compared to cash provided by operations of $4.0 million for the same period last year. Accounts receivable increased $2.7 million, primarily as a result of increased revenues. Accounts payable increased $1.7 million in the first nine months of fiscal 2010 compared to the same period last year, largely due to an increase in materials purchased. Inventories increased $3.1 million, primarily as a result of new customer inventories and a build up of appropriate safety stock levels for printing sales that moved into commercial production at the start of the third quarter of fiscal 2010. Depreciation was $2.0 million for the first nine months of fiscal 2010.
In June, 2010, the Company entered into a long-term note for the purchase of a second W&H 8-color press for $1.3 million, previously accounted for as an operating lease, which is being shown as a supplemental non-cash acquisition in the statement of cash flows. The note which has a five-year term, bears interest at a rate of 5.75% per annum with payments, including principal and interest, of approximately $26,000 per month. The note is secured by the press.
Net cash provided by financing activities was $4.3 million for the first nine months of fiscal 2010, consisting of $4.4 million related to the Company borrowing from its revolving credit line to fund a portion of its increased working capital and equipment needs.
As of August 13, 2010, the Company had approximately $2.6 million available and $5.4 million outstanding under its revolving credit line pursuant to its credit agreement.
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Tufco Technologies Inc. has a market cap of $14.48 million; its shares were traded at around $3.36 with and P/S ratio of 0.17.
Highlight of Business Operations:
Interest expense increased $26,000 to $49,000 for the third quarter of fiscal 2010 compared to the same period in fiscal 2009 and increased $13,000 to $105,000 for the first nine months of fiscal 2010 compared to the same period of fiscal 2009 due to higher average debt outstanding as a result of the Company borrowing from its revolving credit line to fund a portion of its increased working capital and equipment needs.The Company reported a net loss of $(87,000) [per share: $(0.02) basic and diluted] for the third quarter of fiscal 2010, versus a net loss of $(14,000) [per share: $(0.00) basic and diluted] for the same period in fiscal 2009. For the nine months ended June 30, 2010, the net loss was $(470,000) [per share: $(0.11) basic and diluted] compared to a net loss of $(660,000) [per share: $(0.15) basic and diluted] for the first nine months of fiscal 2009. The income tax benefit represents a net operating loss carryforward that the Company expects to realize in the future.
Cash flows used in operations were $2.6 million through the first nine months of fiscal 2010, compared to cash provided by operations of $4.0 million for the same period last year. Accounts receivable increased $2.7 million, primarily as a result of increased revenues. Accounts payable increased $1.7 million in the first nine months of fiscal 2010 compared to the same period last year, largely due to an increase in materials purchased. Inventories increased $3.1 million, primarily as a result of new customer inventories and a build up of appropriate safety stock levels for printing sales that moved into commercial production at the start of the third quarter of fiscal 2010. Depreciation was $2.0 million for the first nine months of fiscal 2010.
In June, 2010, the Company entered into a long-term note for the purchase of a second W&H 8-color press for $1.3 million, previously accounted for as an operating lease, which is being shown as a supplemental non-cash acquisition in the statement of cash flows. The note which has a five-year term, bears interest at a rate of 5.75% per annum with payments, including principal and interest, of approximately $26,000 per month. The note is secured by the press.
Net cash provided by financing activities was $4.3 million for the first nine months of fiscal 2010, consisting of $4.4 million related to the Company borrowing from its revolving credit line to fund a portion of its increased working capital and equipment needs.
As of August 13, 2010, the Company had approximately $2.6 million available and $5.4 million outstanding under its revolving credit line pursuant to its credit agreement.
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