TUFCO TECHNOLOGIES INC

CIK:0000895329|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Statement Condensed Consolidated Statements Of Operations Unaudited [Line Items]
NET SALES	$ 22,028,841	$ 28,348,148
COST OF SALES	20,420,278	25,855,557
GROSS PROFIT	1,608,563	2,492,591
OPERATING EXPENSES:
Selling, general & administrative	1,676,445	1,261,859
OPERATING (LOSS) INCOME	(67,882)	1,230,732
OTHER (EXPENSE) INCOME:
Interest expense	(20,766)	(60,160)
Interest income and other income	15	9,331
(LOSS) INCOME BEFORE INCOME TAXES	(88,633)	1,179,903
INCOME TAX (BENEFIT) EXPENSE	(37,014)	440,104
NET (LOSS) INCOME	$ (51,619)	$ 739,799
BASIC (LOSS) INCOME PER SHARE:
Net (Loss) Income	$ (0.01)	$ 0.17
DILUTED (LOSS) INCOME PER SHARE:
Net (Loss) Income	$ (0.01)	$ 0.17
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic	4,308,947	4,308,947
Diluted	4,308,947	4,315,872

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Net (loss) income	$ (51,619)	$ 739,799
Noncash items in net (loss) income:
Depreciation and amortization of property, plant and equipment	722,602	709,837
Deferred income taxes	(46,015)	438,104
Gain on sale of assets	0	(2,784)
Stock-based compensation expense	7,788	9,594
Changes in operating working capital:
Accounts receivable	673,108	4,580,182
Inventories	(91,793)	537,853
Prepaid expenses and other assets	(265,510)	(241,297)
Accounts payable	344,658	(3,126,430)
Accrued and other current liabilities	(162,378)	(184,880)
Net cash provided by operating activities	1,130,841	3,459,978
INVESTING ACTIVITIES
Additions to property, plant and equipment	(184,271)	(804,702)
Proceeds from disposals of assets	0	4,000
Net cash used in investing activities	(184,271)	(800,702)
FINANCING ACTIVITIES
Net repayments of revolving debt	(749,405)	(2,591,661)
Principal payments on note payable	(71,071)	(67,110)
Net cash used in financing activities	(820,476)	(2,658,771)
NET INCREASE IN CASH	126,094	505
CASH:
Beginning of period	8,422	8,320
End of period	134,516	8,825
NONCASH SUPPLEMENTAL INFORMATION:
Accounts payable incurred for the purchase of equipment	$ 23,211	$ 47,259

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Dec. 31, 2013	Sep. 30, 2013
CURRENT ASSETS:
Cash	$ 134,516	$ 8,422
Accounts receivable-net	10,422,593	11,095,701
Inventories-net	14,964,558	14,872,765
Prepaid expenses and other current assets	551,141	287,676
Income taxes receivable	64,871	64,871
Deferred income taxes	606,354	606,354
Total current assets	26,744,033	26,935,789
PROPERTY, PLANT AND EQUIPMENT-Net	14,169,792	14,789,714
OTHER ASSETS-Net	140,648	138,603
TOTAL	41,054,473	41,864,106
CURRENT LIABILITIES:
Revolving line of credit	417,114	1,166,519
Current portion of note payable	294,700	290,504
Accounts payable	5,357,206	5,094,139
Accrued payroll, vacation and payroll taxes	345,693	754,674
Other current liabilities	1,026,225	779,622
Total current liabilities	7,440,938	8,085,458
LONG-TERM PORTION OF NOTE PAYABLE	127,869	203,136
DEFERRED INCOME TAXES	1,736,387	1,782,402
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $.01 par value – 1,000,000 shares authorized and unissued	0
Additional paid-in capital	25,673,705	25,665,917
Retained earnings	8,185,944	8,237,563
Treasury stock – 399,794 common shares at cost	(2,157,457)	(2,157,457)
Total stockholders’ equity	31,749,279	31,793,110
TOTAL	41,054,473	41,864,106
Nonvoting Common Stock
STOCKHOLDERS’ EQUITY:
Common stock, value	0
Common Stock
STOCKHOLDERS’ EQUITY:
Common stock, value	$ 47,087	$ 47,087