Business
KP Tissue Releases its Financial Results and those of Kruger Products L.P. for the Second Quarter of 2013 and Declares Quarterly Dividend
MISSISSAUGA, ON, Aug. 13, 2013 /CNW Telbec/ - KP Tissue Inc. ("KPT") (TSX: KPT), which ho...
About this update from Kp Tissue, Inc.
[{"type":"text","content":"\n\n\nMISSISSAUGA, ON, Aug. 13, 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 second quarter of 2013. KPLP is Canada's leading manufacturer\n of 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 June 30, 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 second 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 July 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 16.8% interest in KPLP.\n\n\nKPLP Highlights\n\n\nQ2 2013 Highlights\n\n\nRevenue of $246.8 million in Q2 2013, compared to $231.3 million in Q2\n 2012, an increase of 6.7 percent year over year\n\n\nEBITDA of $31.7 million in Q2 2013 (including $2.4 million of TAD\n Project start-up costs) compared to $29.3 million in Q2 2012 (including\n $0.9 million of TAD Project start-up costs), an increase of 8.1 percent\n year over year\n\n\nNet income of $15.4 million in Q2 2013 compared to $15.6 million in Q2\n 2012, a decrease of $0.2 million year over year\n\n\nCash balance of $78.4 million as of June 30, 2013 compared to $92.4\n million as of March 31, 2013\n\n\n\n\n\n\"Our results for the second quarter were very solid, and we are\n particularly pleased that our EBITDA reached $31.7 million. Moreover,\n as we expected, our Canadian branded businesses reported higher sales\n when compared to the first quarter of 2013 due to a shift in\n promotional activities. Our market share increased in all consumer\n product categories. The market's acceptance of our TAD products is as\n we have anticipated, and the start-up phase of our TAD facility is...