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Tufco Technologies, Inc. Announces Fiscal Year 2012 Fourth Quarter and Fiscal Year 2012 Results; Comments on Outlook

GREEN BAY, Wis., Dec. 18, 2012 (GLOBE NEWSWIRE) -- Tufco Technologies, Inc. (Nasdaq:TFCO), a leading provider of contract converting, printing, laminating and business imaging products, today announced that for the fourth quarter of fiscal year 2012, sales were $28,698,000, a decrease of 2% from the fourth quarter of fiscal year 2011. For fiscal year 2012, sales were $107,042,000 a decrease of 3% from fiscal year 2011 sales. Net income per diluted share for the fourth quarter was $0.09 compared to $0.08 net loss per diluted share for the fourth quarter of fiscal 2011. For full fiscal year 2012, net loss was $0.01 per diluted share, compared to net loss of $0.10 per diluted share for fiscal year 2011.

The fourth quarter of fiscal year 2012 generated improved profitability at both operations. Green Bay operations benefitted from improved operating costs. "Management of both the Green Bay and Newton operations remain focused on increasing sales, reducing costs and continuing to improve profitability," said Jim Robinson, Tufco's President and CEO.

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 2012 results in comparison to fiscal 2011 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 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, including the slow economic recovery from the continuing economic downturn, 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)
September 30, September 30,
2012 2011
ASSETS
Cash $ 8 $ 8
Accounts Receivable - Net 16,457 15,363
Inventories - Net 17,450 14,200
Other Current Assets 551 1,335
Total Current Assets 34,466 30,906
Property, Plant and Equipment - Net 15,848 17,027
Goodwill 7,212 7,212
Other Assets - Net 130 136
Total $ 57,656 $ 55,281
LIABILITIES AND STOCKHOLDERS' EQUITY
Revolving Line of Credit $ 7,280 $ 6,449
Current Portion of Note Payable 274 259
Accounts Payable 10,618 8,968
Accrued Liabilities 615 572
Other Current Liabilities 670 470
Total Current Liabilities 19,457 16,718
Long-Term Debt 494 768
Deferred Income Taxes 1,989 2,085
Common Stock and Paid-in Capital 25,655 25,596
Retained Earnings 12,218 12,271
Treasury Stock (2,157) (2,157)
Total Stockholders' Equity 35,716 35,710
Total $ 57,656 $ 55,281
TUFCO TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Amounts in 000's except share and per share data)
Three Months Ended Twelve Months Ended
September 30, September 30,
2012 2011 2012 2011
Net Sales $ 28,698 $ 29,148 $ 107,042 $ 109,906
Cost of Sales 26,624 28,127 101,238 104,662
Gross Profit 2,074 1,021 5,804 5,244
SG&A Expense 1,427 1,465 5,690 5,731
Gain on Asset Sales (66) -- (66) --
Operating Income (Loss) 713 (444) 180 (487)
Interest Expense 66 77 272 276
Interest Income and Other Income -- -- (8) (50)
Income (Loss) Before Income Taxes 647 (521) (84) (713)
Income Tax Expense (Benefit) 241 (194) (31) (266)
Net Income (Loss) $ 406 $ (327) $ (53) $ (447)
Net Income (Loss) Per Share:
Basic $ 0.09 $ (0.08) $ (0.01) $ (0.10)
Diluted $ 0.09 $ (0.08) $ (0.01) $ (0.10)
Weighted Average Common Shares Outstanding:
Basic 4,308,947 4,308,947 4,308,947 4,308,947
Diluted 4,312,327 4,308,947 4,308,947 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 (920) 336-9041 (Fax)Source:Tufco Technologies, Inc.