Tufco Technologies Inc. (TFCO) filed Quarterly Report for the period ended 2010-03-31.
Tufco Technologies Inc. has a market cap of $16.5 million; its shares were traded at around $3.81 with and P/S ratio of 0.2.
Highlight of Business Operations:Interest expense decreased $12,000 to $57,000 for the first six months of fiscal 2010 when compared to the same period in fiscal 2009 due to lower average debt outstanding and lower interest rates on borrowings.
The Company reported a net loss of $(232,000) [per share: $(0.05) basic and diluted] for the second quarter of fiscal 2010, versus a net loss of $(657,000) [per share: ($0.15) basic and diluted] for the same period in fiscal 2009. For the six months ended March 31, 2010, the net loss was $(383,000) [per share: $(0.09) basic and diluted] compared to a net loss of $(645,000) [per share: $(0.15) basic and diluted] for the first six 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 $0.8 million through the first six months of fiscal 2010, compared to cash provided by operations of $0.9 million for the same period last year. Accounts receivable increased $1.6 million, resulting from increased revenues. Accounts payable increased $2.0 million in the first six months of fiscal 2010 compared to the same period last year, primarily due to an increase in materials purchased. Inventories increased $2.0 million, primarily as a result of inventory buildups associated with new sales and in anticipation of significant raw material price increases. Depreciation was $1.4 million for the first six months of fiscal 2010.
Net cash used in investing activities was $1.5 million for the first six months of fiscal 2010, primarily related to the purchase of a W&H 8-color press for $0.8 million, previously accounted for as an operating lease. The balance was related to capital expenditures to support ongoing operational needs.
As of May 13, 2010, the Company had approximately $3.0 million available and $5.0 million outstanding under its revolving credit line pursuant to its credit agreement.
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