Tufco Technologies Inc. (TFCO, Financial) filed Quarterly Report for the period ended 2008-12-31.
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 $20.84 million; its shares were traded at around $3.54 with a P/E ratio of 33 and P/S ratio of 0.19.
Cash flows (used in) operations were $0.6 million through the first three months of fiscal 2009, compared to cash provided by operations of $0.5 million for the same period last year. Cash used in operations for the first three months of fiscal 2009 resulted from an increase in accounts receivable of $0.5 million. Accounts payable decreased $1.0 million in the first three months of fiscal 2009 compared to the same period last year, primarily due to the decrease in materials purchased. Inventories decreased $0.7 million as a result of efforts to reduce average on hand inventory levels for major raw material components and decreases in net sales. Depreciation was $0.6 million for the first three months.
Net cash provided by financing activities was $1.0 million for the first three months of fiscal 2009 as a result of the Company borrowing from its revolving credit line to fund a portion of its increased working capital and equipment needs. In February 2008, the Companys 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 Companys cash and debt position would enable these purchases without impairment to the Companys capital. On October 15, 2008, the Companys 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. A total of 160,646 shares were purchased under the plan for an aggregate purchase price of $0.8 million from approval of the plan through December 31, 2008. For the three months ended December 31, 2008, a total of 81,706 shares were purchased under the plan for an aggregate purchase price of $0.3 million. On January 22, 2009 the Companys 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.
The credit agreement governing the Companys revolving credit line, as amended on February 9, 2007 and March 18, 2008, includes a $14.0 million revolving line of credit facility as well as a $1.0 million swing line available for overdrafts and expires on May 18, 2010.
As of February 13, 2008, the Company had approximately $10.8 million available and $4.2 million outstanding under the revolving credit line pursuant to its credit agreement. According to the terms of the credit agreement, the Company is subject to certain financial and operational covenants. As of December 31, 2008, the Company was in compliance with all of its covenants under the credit agreement.
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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 $20.84 million; its shares were traded at around $3.54 with a P/E ratio of 33 and P/S ratio of 0.19.
Highlight of Business Operations:
The Company reported net income of $12,000 (per share: $0.00 basic and diluted) for the first quarter of fiscal 2009, versus net income of $40,000 (per share: $0.01 basic and diluted) for the same period in fiscal 2008.Cash flows (used in) operations were $0.6 million through the first three months of fiscal 2009, compared to cash provided by operations of $0.5 million for the same period last year. Cash used in operations for the first three months of fiscal 2009 resulted from an increase in accounts receivable of $0.5 million. Accounts payable decreased $1.0 million in the first three months of fiscal 2009 compared to the same period last year, primarily due to the decrease in materials purchased. Inventories decreased $0.7 million as a result of efforts to reduce average on hand inventory levels for major raw material components and decreases in net sales. Depreciation was $0.6 million for the first three months.
Net cash provided by financing activities was $1.0 million for the first three months of fiscal 2009 as a result of the Company borrowing from its revolving credit line to fund a portion of its increased working capital and equipment needs. In February 2008, the Companys 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 Companys cash and debt position would enable these purchases without impairment to the Companys capital. On October 15, 2008, the Companys 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. A total of 160,646 shares were purchased under the plan for an aggregate purchase price of $0.8 million from approval of the plan through December 31, 2008. For the three months ended December 31, 2008, a total of 81,706 shares were purchased under the plan for an aggregate purchase price of $0.3 million. On January 22, 2009 the Companys 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.
The credit agreement governing the Companys revolving credit line, as amended on February 9, 2007 and March 18, 2008, includes a $14.0 million revolving line of credit facility as well as a $1.0 million swing line available for overdrafts and expires on May 18, 2010.
As of February 13, 2008, the Company had approximately $10.8 million available and $4.2 million outstanding under the revolving credit line pursuant to its credit agreement. According to the terms of the credit agreement, the Company is subject to certain financial and operational covenants. As of December 31, 2008, the Company was in compliance with all of its covenants under the credit agreement.
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