TIS getting hammered today Orchids Paper Products Company Announces 2017 First Quarter Results And Suspends Quarterly Dividend To Preserve Financial Flexibility
2:25 am ET May 1, 2017 (PR Newswire) Print
Orchids Paper Products Company (NYSE MKT: TIS) today reported results for the quarter ended March 31, 2017. The following tables provide selected financial results for first quarter 2017 compared to first quarter 2016 and to fourth quarter 2016.
Q1 2017 Q1 2016 Q4 2016
(Dollars in thousands, except per share data) (unaudited)
Net sales:
Converted product $ 32,898 $ 45,252 $ 35,226
Parent rolls 2,456 2,491 2,483
Total net sales $ 35,354 $ 47,743 $ 37,709
Gross profit $ 1,969 $ 11,381 $ 5,680
Net (loss) income $ (860) $ 5,409 $ 2,621
Diluted net (loss) income per share $ (0.08) $ 0.52 $ 0.25
EBITDA $ 2,741 $ 11,497 $ 5,983
Adjusted EBITDA $ 2,811 $ 11,706 $ 6,260
Other Selected Financial Data:
Gross profit margin 5.6% 23.8% 15.1%
EBITDA margin 7.8% 24.1% 15.9%
Adjusted EBITDA margin 8.0% 24.5% 16.6%
Jeff Schoen, President and Chief Executive Officer, stated, "As we expected, the first half of 2017 was going to be a challenging period until the new business awarded started to be produced and shipped. Sales were negatively impacted in January and February by one-time inventory reductions in preparation for a restage of private label programs that started to ship in March. Costs were negatively impacted by the continued effect of start-up costs for our Barnwell, South Carolina plant. Looking to the second quarter, production of the new volume that we announced in January, representing 3.0MM cases or more of new business, has begun, which we expect to be fully implemented by the beginning of third quarter. As previously stated, we expect the new volume to generate in the area of $15 million to $20 million of EBITDA and to attain a run rate of $50 million to $60 million of EBITDA when our new capacity is sold out.
"Operating cash flow less changes in working capital provided $7.4 million in the first quarter of 2017, relative to $6.8 million the fourth
And so we are told this is the golden age
And gold is the reason for the wars we wage U2
