Business
KP Tissue Releases its Financial Results and those of Kruger Products L.P. for the First Quarter of 2013 and Declares Quarterly Dividend
MISSISSAUGA, ON, May 14, 2013 /CNW Telbec/ - KP Tissue Inc. ("KPT") (TSX: KPT), which holds a...
About this update from Kp Tissue, Inc.
[{"type":"text","content":"\n\n\n\n\n\nMISSISSAUGA, ON, May 14, 2013 /CNW Telbec/ - KP Tissue Inc. (\"KPT\")\n (TSX: KPT), which holds a limited partnership interest in Kruger\n Products L.P. (\"KPLP\"), releases the financial results for KPT and KPLP\n for the first quarter of 2013. KPLP is Canada's leading manufacturer of\n quality tissue products for household and commercial use.\n\n\nKP Tissue Inc. and Kruger Products L.P.\nKPT was created to acquire, and its business is limited to holding, a\n limited partnership interest in KPLP. As of March 31, 2013, KPT held a\n 16.9% interest in KPLP, accounted for as an investment on the equity\n basis. The financial results presented for KPT represent its holding in\n KPLP during the first quarter of 2013. The following discussion and\n analysis, unless identified specifically as representing the financial\n results of only KPT, relates entirely to the financial results of KPLP.\n Accordingly, the results of KPLP apply to KPT only to the extent of its\n holding in KPLP.\n\n\nOn April 15, 2013, KPLP paid a distribution to its partners. Following\n the reinvestment by the partners of KPLP of a portion of such\n distribution pursuant to KPLP's distribution reinvestment plan, KPT\n held a 16.9% interest in KPLP.\n\n\nKPLP Highlights\n\n\nQ1 2013 Highlights\n\n\n\nRevenue of $221.8 million in Q1 2013, compared to $216.2 million in Q1\n 2012, an increase of 2.6 percent year over year\n\n\nEBITDA of $25.1 million in Q1 2013 (including $1.8 million of TAD\n Project start-up costs) compared to $27.2 million in Q1 2012 (including\n $0.8 million of TAD Project start-up costs), a decrease of 7.8 percent\n year over year\n\n\nNet income of $11.7 million in Q1 2013 compared to $0.4 million in Q1\n 2012, an increase of $11.3 million year over year\n\n\nCash balance of $92.4 million as of March 31, 2013 compared to $121.5\n million as of December 31, 2012\n\n\n\n\n\n\n\"The first quarter of 2013 was highlighted by the completion of the\n construction phase of our TAD Project, and we began our first customer\n deliveries. We are carrying out our strategy to gradually ramp up TAD\n product sales in 2013, which should generate a modest positive\n contribution to EBITDA for the year as a whole, \" said Mario Gosselin,\n CEO of KP Tissue and KPLP.\n\n\n\"Revenue for the first quarter 2013 was $221.8 million, up 2.6% over\n 2012. We...