Business
KP Tissue Releases its Financial Results and those of Kruger Products L.P. for the Fourth Quarter of 2013 and Full Year 2013 and Declares Quarterly Dividend
MISSISSAUGA, ON , March 19, 2014 /CNW Telbec/ - KP Tissue Inc. ("KPT") (TSX: KPT), which...
About this update from Kp Tissue, Inc.
[{"type":"text","content":"\n\n\nMISSISSAUGA, ON, March 19, 2014 /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 fourth quarter of 2013 and full year 2013. KPLP is Canada's\n leading manufacturer of quality tissue products for household and\n 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 December 31, 2013, KPT held\n a 16.7% 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 fourth quarter of 2013 and during full year 2013. The\n following discussion and analysis, unless identified specifically as\n representing the financial results of only KPT, relates entirely to the\n financial results of KPLP. Accordingly, the results of KPLP apply to\n KPT only to the extent of its holding in KPLP.\n\n\nOn January 15, 2014, 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 16.7% interest in KPLP.\n\n\nKPLP Highlights\n\n\nQ4 2013 Highlights\n\n\n\nContinued to expand overall market share in Canada and maintained number\n one position\n\n\nRevenue of $242.9 million in Q4 2013, the same as in Q4 2012\n\n\nEBITDA of $28.3 million in Q4 2013 compared to $23.0 million in Q4 2012,\n an increase of 22.5 percent\n\n\nTAD Project progressing well, EBITDA contribution of $4.1 million in Q4\n 2013\n\n\n\nFull Year Highlights\n\n\n\nRevenue of $955.3 million in fiscal 2013, compared to $922.9 million in\n fiscal 2012, an increase of 3.5 percent\n\n\nEBITDA of $116.2 million in fiscal 2013, compared to $110.9 million in\n fiscal 2012, an increase of 4.8 percent\n\n\nNet income of $48.9 million in fiscal 2013 compared to $41.4 million in\n fiscal 2012, an increase of 18.2 percent\n\n\n\n\"In 2013, we realized a number of achievements. First, we completed the\n extensive construction phase of our TAD Project in the U.S. on-time and\n on-budget, and then successfully began the ramp up of the manufacturing\n and sales of our TAD products. In addition, I'm pleased to ...