BRENTWOOD, Tenn., Aug. 7, 2017 /PRNewswire/ -- Orchids Paper
Products Company (NYSE American: TIS) today reported results for
the quarter ended June 30, 2017. The
following tables provide selected financial results for second
quarter 2017 compared to second quarter 2016 and first quarter
2017.
|
|
Q2
2017
|
Q2
2016
|
|
Q1
2017
|
|
|
(Dollars in
thousands, except per share data)
(unaudited)
|
Net sales:
|
|
|
|
|
|
Converted
product
|
$
|
34,697
|
$
|
39,339
|
|
$
|
32,898
|
|
Parent
rolls
|
|
3,746
|
|
75
|
|
|
2,456
|
|
Total net
sales
|
$
|
38,443
|
$
|
39,414
|
|
$
|
35,354
|
|
|
|
|
|
|
Gross
profit
|
$
|
1,514
|
$
|
6,873
|
|
$
|
1,969
|
Net (loss)
income
|
$
|
(2,047)
|
$
|
2,568
|
|
$
|
(860)
|
Diluted net (loss)
income per share
|
$
|
(0.20)
|
$
|
0.25
|
|
$
|
(0.08)
|
EBITDA
|
$
|
1,557
|
$
|
7,628
|
|
$
|
2,741
|
Adjusted
EBITDA
|
$
|
2,451
|
$
|
8,233
|
|
$
|
3,123
|
|
|
|
|
|
|
Other Selected
Financial Data:
|
|
|
|
|
|
Gross profit
margin
|
3.9%
|
17.4%
|
|
5.6%
|
|
EBITDA
margin
|
4.1%
|
19.4%
|
|
7.8%
|
|
Adjusted EBITDA
margin
|
6.4%
|
20.9%
|
|
8.8%
|
Jeff Schoen, President and Chief
Executive Officer, stated, "As expected, the second quarter was not
a good one, financially speaking. Sales volumes continued at
relatively low historical levels through May, and then in June the
previously announced new business with its resultant revenues
kicked-in. The June sales volume equates to an ongoing annualized
rate in the $180 million to $190
million range and a case sales rate of 12 million to 13
million cases. Effectively, we recovered the sales volumes lost in
2016 to competitors' activity. The challenges for Orchids now are
to sell out the Company's newly increased paper capacity, gained
through the introduction of the Barnwell,
South Carolina, facility and to optimize the Company's total
cost structure. The cost structure will be improved through a
combination of increases in capacity utilization, operating
efficiencies, reassessments and realignments of costs with
production requirements, and specific identified cost reduction
projects."
"The paper machine at Barnwell,
SC, was completed in June and remains on its start-up curve
and meeting quality expectations. Our cost of sales is too high
reflecting, in part, the inefficiencies of starting-up Barnwell; however, we expect, that as sell out
all of the Company's existing capacity, operating costs per ton
will decline significantly. In June we saw the average cost per
unit produced decrease, however the bottom-line impact of this
reduction was offset by a liquidation of older higher-cost
inventory. We expect to optimize both quality and cost by the end
of 2017, which will increase our competitiveness in the
ultra-premium and premium product channels."
"The new capacity at Barnwell
represents about 35,000 tons of ultra-premium and premium tissue
paper. Combined with our existing conventional capacity, the
total available paper capacity for the Company now represents about
135,000 tons. We continue to engage in new private-label bids,
market our new innovative brands, and work toward growing market
share in the premium and ultra-premium segments with new customers
to broaden and diversify our customer base."
Second Quarter 2017, Relative to Second Quarter 2016
Net sales decreased $1.0 million,
or 2%. Major factors include: parent roll sales volume increased
$3.7 million; converted-product sales
volumes declined $2.3 million; and
there was a decrease of $2.3 million
in average converted-product prices, reflecting both the lower
prices associated with new bids which became effective in 2017 and
the product mix sold to a changing mix of customers.
Cost of sales increased $4.4
million, or 13%. Standard cost of sales for parent rolls
increased $2.4 million due to the
much higher number of parent-roll tons sold. This leaves a
$2.0 million, or 7%, increase in cost
of sales that is primarily attributable to converted product sales.
Major contributors to this increase include: start-up costs at
Barnwell including additional
direct labor and overhead, the liquidation of older higher-cost
inventory, fiber and other material cost increases, labor usage,
and health care cost increases. Additionally, the second quarter of
2016 benefited from the recovery of $1.1
million in business interruption insurance proceeds, which
did not reoccur in 2017.
SG&A expenses increased $0.8
million principally due to increased legal and professional
fees and the timing of employee medical claims.
Interest expense increased $0.3
million, or 96%, due principally to increased debt levels.
Our interest rate is also variable and dependent upon our financial
leverage, and was approximately 5.1% at the end of the second
quarter of 2017. Most interest was capitalized to the Barnwell, South Carolina, capital project,
pending its completion.
A tax benefit of $0.4 million was
recognized in the second quarter of 2017 compared to tax expense of
$1.3 million in the second quarter of
2016, reflecting both the decline in pre-tax earnings and the
Company's recognition of tax credits. The effective combined tax
rate estimated in the second quarter of 2017 is 21%, lower than the
statutory rate due principally to Oklahoma tax incentives received that are not
proportional to income.
As a result of the foregoing factors, a net loss of $2.0 million, or ($0.20) per basic share, was recognized in the
second quarter 2017 compared to net income of $2.6 million, or $0.25 per basic share, in the second quarter
2016.
Second Quarter 2017, Relative to First Quarter 2017
Net sales increased $3.1 million,
or 9%, as the previously announced new business began to be
produced and shipped in the second quarter of 2017. Converted
product revenues increased $1.8
million; a $2.4 million
increase that resulted from the increase in volume and a
$0.6 million decrease that resulted
from the decrease in the average price. Parent roll revenues
increased $1.3 million; all of which
is attributable to the increased tons sold.
Cost of sales increased $3.5
million, or 11%. Standard cost of sales for parent rolls
increased $1.3 million with
$0.9 million of the increase
attributable to the greater number of parent-roll tons sold. This
leaves a $2.2 million, or 7%,
increase in cost of sales that is attributable to converted product
sales, freight costs, and manufacturing variances. The
converted-product-tons sold increased by 7%, roughly the same
relative figure as the cost-of-sales, exclusive of the parent
rolls. There was a net $0.4 million
increase in costs principally attributable to the sales of
higher-cost inventory produced in the first quarter and to
unfavorable material usage variances. Barnwell's manufacturing variances escalated
disproportionally to sales in June, and its costs are under
review.
SG&A expenses increased $0.7
million principally due to increased legal and professional
fees, the timing of employee medical claims, and the timing of
recognition of Directors stock options.
Interest expense remained relatively flat at $0.6 million in the second quarter of 2017
compared to $0.5 million in the first
quarter of 2017. Most interest incurred was capitalized to the
Barnwell, South Carolina, project,
pending its completion.
A tax benefit of $0.4 million was
recognized in the second quarter of 2017. A tax benefit of
$0.4 million was also recognized in
the first quarter of 2017, reflecting the Company's recognition of
Oklahoma, South Carolina, Indian Employment, and Foreign
tax credits.
As a result of the foregoing factors, a net loss of $2.0 million was recognized in the second quarter
of 2017 compared to a net loss of $0.9
million in the first quarter of 2017.
Liquidity
|
|
Q2
2017
|
Q2
2016
|
|
Q1
2017
|
|
|
(Dollars in
thousands) (unaudited)
|
Cash Flow Provided by
(Used in):
|
|
|
|
|
|
|
|
|
|
Operating
cash flow net of changes in working capital
|
$
|
6,580
|
$
|
8,737
|
|
$
|
7,376
|
Changes
in working capital
|
|
(5,130)
|
|
(1,191)
|
|
|
(3,763)
|
Operating activities
|
$
|
1,450
|
$
|
7,546
|
|
$
|
3,613
|
Investing activities
|
$
|
(17,318)
|
$
|
(17,863)
|
|
$
|
(18,051)
|
Financing activities
|
$
|
11,418
|
$
|
8,514
|
|
$
|
11,465
|
|
|
|
|
|
|
Cash balance,
beginning
|
$
|
5,777
|
$
|
8,039
|
|
$
|
8,750
|
Cash balance,
ending
|
$
|
1,327
|
$
|
6,236
|
|
$
|
5,777
|
At June 30, 2017, Debt, not having
been netted with unamortized deferred debt issuance costs, was
$167.6 million and was largely
incurred to finance the construction of our integrated converting
facility in Barnwell, South
Carolina. The total projected expenditure for the
Barnwell facility is approximately
$160 million, of which approximately
$155 million had been expended as of
June 30, 2017.
At June 30, 2017, our leverage
ratio was 8.8, and the fixed charge coverage ratio was (0.2). Our
lenders waived the leverage ratio and fixed charge coverage ratio
requirements for June 30, 2017. As of
June 30, 2017, the borrowings under
the credit agreement and the term loan that are due in 2022 were
classified as current on the balance sheet due to uncertainty
regarding our ability to meet the existing debt covenants over the
next twelve-month period. There can be no assurance that our
lenders will agree to further waivers or amendments to the existing
debt covenants. While management intends to amend or refinance the
debt, there can be no assurance that we will be able to obtain
additional financing on terms that are satisfactory to us or at
all.
Second Quarter 2017 Relative to Second Quarter 2016: Operating
cash flows, excluding changes in working capital, decreased
$2.2 million compared to the second
quarter of 2016, primarily reflecting the decrease in net income,
net of changes in deferred taxes. Changes in working capital
nominally used $5.1 million of
operating cash flows in the second quarter of 2017, compared to
$1.2 million in the second quarter of
2016. However, this $5.1 million net
use includes a $5.4 million increase
in tax refunds receivable expected to be carried forward to future
years, and this is a non-cash transaction. Exclusive of this
increase in tax refunds receivable in 2017, working capital
provided $0.3 million in cash. This
$0.3 million net figure principally
reflects receipt of $3.5 million of
tax refunds and an increase in payables, largely offset by
increased inventories and accounts receivable in support of new
business. Increased borrowings in both periods were used to finance
investments in the Barnwell
facility. In 2015, the Company received $12.0 million of restricted cash from financings,
of which $2.3 million was used in
second quarter 2016 for the Barnwell facility and was, accordingly,
included in Investing activities. The Company paid dividends of
$3.6 million in both the second
quarter of 2017 and 2016, which are included in Financing
activities.
Second Quarter 2017 Relative to First Quarter 2017: Operating
cash flows excluding changes in working capital decreased
$0.8 million compared to the first
quarter of 2017, primarily reflecting the decrease in net income,
net of changes in deferred taxes. Changes in working capital used
$5.1 million of operating cash flows
in the second quarter of 2017, as described above, compared to
$3.8 million in the first quarter of
2017. Additional borrowings in both periods were used to finance
investments in the Barnwell
facility. The Company paid dividends of $3.6
million in the second quarter of 2017, which is included in
Financing activities.
Conference Call/Webcast
The Company will hold a teleconference to discuss its second
quarter results at 10:00 a.m. (ET) on
Tuesday, August 8, 2017. All
interested parties may participate in the teleconference by calling
888-346-7791 and requesting the Orchids Paper Products
teleconference. A question and answer session will be part of the
teleconference's agenda. Those intending to access the
teleconference should dial in fifteen minutes prior to the start.
The call may also be accessed live via webcast through the
Company's website at www.orchidspaper.com under "Investors." A
replay of the teleconference will be available for 30 days on the
Company's website.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. A
non-GAAP financial measure is a numerical measure of a company's
financial performance that excludes or includes amounts so as to be
different than the most directly comparable measure calculated and
presented in accordance with Generally Accepted Accounting
Principles ("GAAP") in the United
States in the statement of income, balance sheet or
statement of cash flows of a company. The non-GAAP financial
measures used within this press release are: (1) EBITDA, (2)
Adjusted EBITDA, (3) Operating Cash Flow, less changes in working
capital, and (4) Changes in working capital.
EBITDA, Adjusted EBITDA, Operating Cash Flow less changes in
working capital, and Changes in working capital are not
measurements of financial performance under GAAP and should not be
considered as an alternative to net income, operating income,
diluted net income per share or any other performance measure
derived in accordance with GAAP, or as an alternative to cash flow
from operating activities or a measure of our liquidity. EBITDA
represents net income before net interest expense, income tax
expense, depreciation and amortization. Adjusted EBITDA is EBITDA
before non-cash stock-based compensation expense and sporadic
expenses, such as foreign exchange adjustments and relocation
costs. Changes in working capital is the subtotal of changes in
operating assets and liabilities shown on the Consolidated
Statements of Cash Flows. Operating Cash Flow less changes in
working capital is Net Cash provided by operating activities less
Changes in working capital. Management believes EBITDA and Adjusted
EBITDA facilitate operating performance comparisons between periods
and between companies by eliminating potential differences caused
by variations in capital structures (affecting relative interest
expense), tax positions (such as the impact on periods or companies
of changes in effective tax rates or net operating losses), the age
and book depreciation of facilities and equipment (affecting
relative depreciation expense), non-cash compensation (affecting
stock-based compensation expense), and sporadic expenses
(including foreign exchange adjustments and relocation costs).
These measures are also commonly used in the industry and are used
by our lenders in monitoring adherence to covenants. Management
believes that Changes in working capital provides an indication of
the cash invested in or provided by changes in operating assets and
liabilities and therefore may indicate trends in operating
performance and may call out a significant source or use of cash
during any period. Operating Cash Flow less changes in working
capital is believed to provide an estimate of the cash generated
from all operating activities, prior to investments in or
liquidations of operating assets and liabilities and therefore may
indicate trends in operating performance and may call out
significant changes in the generation of cash through operating
activities.
Forward-Looking Statements
This release contains forward-looking statements that involve
certain contingencies and uncertainties. The Company intends
these forward-looking statements to be covered by the safe harbor
provision for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. These statements
relate to future events or future financial performance, and
involve known and unknown risks, uncertainties and other factors
that may cause its actual results, levels of activity, performance
or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by such forward-looking statements. In some cases,
forward-looking statements can be identified by terminology such as
"may," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "potential,"
"will" or "continue" or the negative of such terms or other
comparable terminology. Although the Company believes that
the expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, levels of activity,
performance or achievements. These statements are only
predictions.
Factors that could materially affect the Company's actual
results, levels of activity, performance or achievements include,
without limitation, those detailed under the caption "Risk Factors"
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2016, as filed with the
Securities and Exchange Commission on March
15, 2017.
The Company's actual results may be materially different from
what it expects. The Company does not undertake any duty to
update these forward-looking statements after the date hereof, even
though the Company's situation may change in the future. All
of the forward-looking statements herein are qualified by these
cautionary statements.
About Orchids Paper Products Company
Orchids Paper Products Company is a customer-focused, national
supplier of high quality consumer tissue products primarily serving
the at home private label consumer market. The Company
produces a full line of tissue products, including paper towels,
bathroom tissue and paper napkins, to serve the value through
ultra-premium quality market segments from its operations in
northeast Oklahoma, Barnwell, South Carolina and Mexicali, Mexico. The Company provides these
products primarily to retail chains throughout the United
States. For more information on the Company and its products,
visit the Company's website at http://www.orchidspaper.com.
Orchids Paper
Products Company and Subsidiaries
|
Selected Income
Statement Data
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Q2
2017
|
Q2
2016
|
|
Q1
2017
|
|
2017
|
|
2016
|
|
(unaudited)
|
Converted product net
sales
|
$
34,697
|
$
39,339
|
|
$
32,898
|
|
$
67,595
|
|
$
84,591
|
Parent roll net
sales
|
3,746
|
75
|
|
2,456
|
|
6,202
|
|
2,566
|
Total net
sales
|
38,443
|
39,414
|
|
35,354
|
|
73,797
|
|
87,157
|
Cost of sales less
depreciation
|
33,712
|
29,446
|
|
30,161
|
|
63,873
|
|
63,171
|
Depreciation in cost
of sales
|
3,217
|
3,095
|
|
3,224
|
|
6,441
|
|
5,732
|
Total cost of
sales
|
36,929
|
32,541
|
|
33,385
|
|
70,314
|
|
68,903
|
Gross
profit
|
1,514
|
6,873
|
|
1,969
|
|
3,483
|
|
18,254
|
Selling, general
& administrative expenses
|
3,289
|
2,504
|
|
2,619
|
|
5,908
|
|
5,226
|
Intangible
amortization
|
233
|
376
|
|
233
|
|
466
|
|
753
|
Operating (loss)
income
|
(2,008)
|
3,993
|
|
(883)
|
|
(2,891)
|
|
12,275
|
Interest
expense
|
560
|
285
|
|
517
|
|
1,077
|
|
548
|
Other (income)
expense, net
|
(115)
|
(164)
|
|
(167)
|
|
(282)
|
|
(365)
|
(Loss) income before
income taxes
|
(2,453)
|
3,872
|
|
(1,233)
|
|
(3,686)
|
|
12,092
|
(Benefits from)
provision for income taxes
|
(406)
|
1,304
|
|
(373)
|
|
(779)
|
|
4,115
|
Net (loss)
income
|
$
(2,047)
|
$
2,568
|
|
$
(860)
|
|
$
(2,907)
|
|
$
7,977
|
|
|
|
|
|
|
|
|
|
Average number of
shares outstanding, basic
|
10,367,315
|
10,278,355
|
|
10,301,308
|
|
10,334,494
|
|
10,275,255
|
Average number of
shares outstanding, diluted
|
10,367,315
|
10,374,851
|
|
10,301,308
|
|
10,334,494
|
|
10,342,853
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.20)
|
$
0.25
|
|
$
(0.08)
|
|
$
(0.28)
|
|
$
0.78
|
Diluted
|
$
(0.20)
|
$
0.25
|
|
$
(0.08)
|
|
$
(0.28)
|
|
$
0.77
|
|
|
|
|
|
|
|
|
|
Cash dividends
paid
|
$
3,607
|
$
3,597
|
|
$
-
|
|
$
3,607
|
|
$
7,193
|
Cash dividend
declared per share
|
$
-
|
$
0.35
|
|
$
0.35
|
|
$
0.35
|
|
$
0.70
|
Orchids Paper
Products Company and Subsidiaries
|
Selected Balance
Sheet Data
|
(Dollars in
thousands)
|
|
|
|
|
|
Jun. 30,
2017
|
|
Dec. 31,
2016
|
|
(unaudited)
|
|
|
Cash
|
$
1,327
|
|
$
8,750
|
Accounts receivable,
net
|
13,394
|
|
8,954
|
Inventory,
net
|
20,936
|
|
18,414
|
Other current assets,
inclusive of amounts due from related parties
|
5,900
|
|
11,019
|
Property plant and
equipment
|
362,762
|
|
320,442
|
Accumulated
depreciation
|
(77,699)
|
|
(71,258)
|
Net property plant
and equipment
|
285,063
|
|
249,184
|
Intangibles and
goodwill, net
|
21,605
|
|
22,071
|
Other long-term
assets
|
11,804
|
|
1,488
|
Total
assets
|
$
360,029
|
|
$
319,880
|
|
|
|
|
Accounts payable,
inclusive of amounts due to related parties
|
$
20,480
|
|
$
10,869
|
Other current
liabilities
|
3,283
|
|
2,545
|
Current portion of
long-term debt
|
165,369
|
|
6,728
|
Deferred income
taxes
|
36,804
|
|
27,334
|
Long-term
liabilities
|
5,237
|
|
139,159
|
Total stockholders'
equity
|
128,856
|
|
133,245
|
Total liabilities and
stockholders' equity
|
$
360,029
|
|
$
319,880
|
|
|
|
|
Debt, current and
long term
|
$
165,402
|
|
$
140,717
|
Orchids Paper
Products Company and Subsidiaries
|
Reconciliations of
Non-GAAP and GAAP Measurements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Q2
2017
|
Q2
2016
|
|
Q1
2017
|
|
2017
|
|
2016
|
|
(Dollars in
thousands) (unaudited)
|
EBITDA
Reconciliation:
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
(2,047)
|
$
2,568
|
|
$
(860)
|
|
$ (2,907)
|
|
$
7,977
|
Plus: Interest
expense
|
560
|
285
|
|
517
|
|
1,077
|
|
548
|
Plus: Income tax
(benefit) expense
|
(406)
|
1,304
|
|
(373)
|
|
(779)
|
|
4,115
|
Plus:
Depreciation
|
3,217
|
3,095
|
|
3,224
|
|
6,441
|
|
5,732
|
Plus: Intangible
amortization
|
233
|
376
|
|
233
|
|
466
|
|
753
|
Earnings Before
Interest, Income Tax and Depreciation and Amortization
(EBITDA)
|
$
1,557
|
$
7,628
|
|
$
2,741
|
|
$
4,298
|
|
$ 19,125
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Reconciliation:
|
|
|
|
|
|
|
|
|
EBITDA
|
$
1,557
|
$
7,628
|
|
$
2,741
|
|
$
4,298
|
|
$ 19,125
|
Plus: Stock compensation expense
|
168
|
386
|
|
98
|
|
266
|
|
535
|
Plus: Relocation costs
|
(70)
|
219
|
|
(6)
|
|
(76)
|
|
279
|
Plus: Barnwell start-up costs
|
760
|
-
|
|
312
|
|
1,072
|
|
-
|
Plus: Foreign exchange (gain) loss
|
(23)
|
-
|
|
(22)
|
|
(45)
|
|
-
|
Plus: Severance from reduction in force
|
59
|
-
|
|
-
|
|
59
|
|
-
|
Adjusted
EBITDA
|
$
2,451
|
$
8,233
|
|
$
3,123
|
|
$
5,574
|
|
$ 19,939
|
|
|
|
|
|
|
|
|
|
Separation of
Operating Cash Flow measures:
|
|
|
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
(2,047)
|
$
2,568
|
|
$
(860)
|
|
$ (2,907)
|
|
$
7,977
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
3,577
|
3,554
|
|
3,550
|
|
7,127
|
|
6,645
|
Provision for
doubtful accounts
|
(20)
|
-
|
|
20
|
|
-
|
|
-
|
Deferred income
taxes
|
4,902
|
2,238
|
|
4,568
|
|
9,470
|
|
2,217
|
Stock compensation
expense
|
168
|
386
|
|
98
|
|
266
|
|
535
|
Loss on disposal of
property, plant and equipment
|
-
|
(9)
|
|
-
|
|
-
|
|
(9)
|
Subtotal,
"Operating cash flow less changes in working
capital"
|
$
6,580
|
$
8,737
|
|
$
7,376
|
|
$ 13,956
|
|
$ 17,365
|
Changes in cash due
to changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(2,647)
|
3,255
|
|
(2,412)
|
|
(5,059)
|
|
1,794
|
Inventories
|
(2,674)
|
(6,436)
|
|
152
|
|
(2,522)
|
|
(6,720)
|
Income taxes
receivable
|
3,477
|
-
|
|
1,873
|
|
5,350
|
|
-
|
Prepaid
expenses
|
340
|
(249)
|
|
266
|
|
606
|
|
(634)
|
Non-current
income taxes receivable
|
(5,392)
|
-
|
|
(4,978)
|
|
(10,370)
|
|
-
|
Other
assets
|
(180)
|
1,720
|
|
(54)
|
|
(234)
|
|
1,046
|
Accounts
payable
|
1,134
|
2,027
|
|
1,629
|
|
2,763
|
|
1,052
|
Accrued
liabilities
|
812
|
(1,508)
|
|
(239)
|
|
573
|
|
2,506
|
Subtotal, "Changes
in working capital"
|
$
(5,130)
|
$
(1,191)
|
|
$
(3,763)
|
|
$ (8,893)
|
|
$
(956)
|
Net cash provided by
operating activities
|
$
1,450
|
$
7,546
|
|
$
3,613
|
|
$
5,063
|
|
$ 16,409
|
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SOURCE Orchids Paper Products Company