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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  KP Tissue Inc.    KPT   CA48265Y1043

KP TISSUE INC.

(KPT)
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KP Tissue : Releases Second Quarter 2020 Financial Results

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08/06/2020 | 07:04am EDT

MISSISSAUGA, Ontario, Aug. 06, 2020 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q2 2020 financial and operational results of KPT and Kruger Products L.P. (KPLP). Kruger Products is Canada's leading manufacturer of quality tissue products for the Consumer market (Cashmere, Purex, SpongeTowels, Scotties, and White Swan) and the Away-From-Home market, and continues to grow in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products. KPT currently holds a 14.8% interest in KPLP.

KPLP Q2 2020 Business and Financial Highlights

  • Revenue increased by $21.1 million or 5.8% to $386.8 million in Q2 2020 compared to $365.7 million in Q2 2019. Excluding the divested Mexico business, Q2 2020 revenue increased by $46.5 million or 13.7%.
  • Adjusted EBITDA was $64.4 million in Q2 2020 compared to $31.5 million in Q2 2019, an increase of 104.6%.
  • TAD Sherbrooke site progressing on time and on budget despite the temporary shutdown in Q1 2020 due to the implementation of strict COVID-19 protocols.
  • Declared a quarterly dividend of $0.18 per share to be paid on October 15, 2020.         

“Our robust second quarter results were driven by a consistent increased demand in our Consumer segment and strong operational performance. We continued to benefit from the trust in our brands, leading to market share gains that began at the end of last year. We also gained new listings and new customers, and saw good growth and increased distribution in our U.S. White Cloud brand. As expected, the Away-from-Home segment faced challenging market conditions during the quarter and the road to recovery in this market will depend on the evolving COVID-19 situation,” stated KP Tissue Chief Executive Officer, Dino Bianco.

“Adjusted EBITDA performance was exceptional with growth of over 100% to $64.4 million. The increase reflects higher Consumer volume and a favourable cost environment as well as the sustainable benefits of our OpEx program across all operations.

“Despite a temporary halt to construction as we implemented COVID-19 procedures, we are pleased to report that TAD Sherbrooke remains on time and on budget. As planned, the first converting-line started in July and the ramp-up is progressing well. With paper production expected to begin in early 2021, the new facility is central to our long-term North American growth strategy in the ultra-premium tissue segment. Furthermore, we have a fully committed sales pipeline in support of our largest investment in Kruger Products’ history. 

“In addition to robust quarterly performance, we continue to reinvest in our brands and business in order to build an even stronger future. Lastly, I would like to thank the entire Kruger Products team for working safe while driving strong performance during COVID-19,” concluded Mr. Bianco.

Outlook
Demand for our products is expected to remain strong but at a diminishing growth rate in the Consumer segment and weaker in the Away-From-Home segment, with input costs expected to remain unchanged. As COVID-19 continues to evolve, there are many opportunities and uncertainties in the market. Given this, we are providing a wide range for Q3 2020 Adjusted EBITDA that is above Q3 2019 and below Q2 2020.

KPLP Q2 2020 Financial Results
Revenue was $386.8 million in Q2 2020 compared to $365.7 million in Q2 2019, an increase of $21.1 million or 5.8%. The increase in revenue was primarily due to significant volume increases in the Consumer business segment, resulting primarily from COVID-19 buying activity and the favourable impact of foreign exchange fluctuations, partially offset by lower volume in the AFH business segment resulting from the ongoing impacts from COVID-19, Consumer selling prices moderating lower in response to lower pulp prices, and no volume from Mexico as a result of the share sale at the end of Q3 2019. Mexico revenue was $25.4 million in Q2 2019. Excluding the Mexico business, revenue increased by $46.5 million or 13.7%

Cost of sales was $310.0 million in Q2 2020 compared to $325.8 million in Q2 2019, a decrease of $15.8 million or 4.8%. Manufacturing costs decreased primarily due to favourable pulp costs, the impact of operational transformation initiatives (OpEx) and the COVID-19 reduced sku production environment. The decreases were partially offset by the unfavourable impact of foreign exchange fluctuations, inflation and additional costs due to precautions taken in our manufacturing facilities as a result of COVID-19. Freight costs decreased compared to Q2 2019 while warehousing costs increased. As a percentage of revenue, cost of sales was 80.2% in Q2 2020 compared to 89.1% in Q2 2019.

Selling, general and administrative (SG&A) expenses were $30.5 million in Q2 2020 compared to $25.4 million in Q2 2019, an increase of $5.1 million or 20.2%. The increase was primarily due to higher compensation and personnel related costs compared to Q2 2019 and higher selling expenses due to increased volume. As a percentage of revenue, SG&A expenses were 7.9% in Q2 2020 compared to 6.9% in Q2 2019.

Adjusted EBITDA was $64.4 million in Q2 2020 compared to $31.5 million in Q2 2019, an increase of $32.9 million or 104.6%. The increase was primarily due to higher sales volume, the favourable impact of lower pulp prices and lower manufacturing costs compared to Q2 2019 as described above and favourable freight costs. The increases were partially offset by higher maintenance, warehousing and SG&A costs.

Net income was $28.9 million in Q2 2020 compared to $0.9 million in Q2 2019, an increase of $28.0 million. The increase was primarily due to higher Adjusted EBITDA of $32.9 million as discussed, partially offset by higher income tax expense and an increase in depreciation expense.

KPLP Q2 2020 Financing Activity
Total liquidity, representing cash and availability under the Senior Credit Facility within covenant limitations, was $271.7 million as of June 30, 2020. In addition, $37.8 million of cash was held by KPSI and committed to the TAD Sherbrooke Project.

KPT Q2 2020 Financial Results
KPT had a net loss of $0.1 million in Q2 2020. Included in net loss was $4.3 million representing KPT’s share of KPLP’s net income, depreciation expense of $1.4 million related to adjustments to carrying amounts on acquisition and income tax expense of $3.3 million.

Dividends on Common Shares                                                     
The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on October 15, 2020 to shareholders of record at the close of business on September 30, 2020.

Additional Information
For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and KPLP for the second quarter ended June 30, 2020 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com.

Second Quarter Results Conference Call Information
KPT will hold its second quarter conference call on Thursday, August 6, 2020 at 8:30 a.m. Eastern Time.

Via telephone:  1-877-223-4471 or 647-788-4922

Via the internet at: www.kptissueinc.com

Presentation material referenced during the conference call will be available at www.kptissueinc.com.

A rebroadcast of the conference call will be available until midnight, August 13, 2020 by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 1935229.

The replay of the webcast will remain available on the website until midnight, August 13, 2020.

About KP Tissue Inc. (KPT)
KPT was created to acquire, and its business is limited to holding, a limited partnership interest in KPLP, which is accounted for as an investment on the equity basis. KPT currently holds a 14.8% interest in KPLP. For more information visit www.kptissueinc.com.

About Kruger Products L.P. (KPLP)
KPLP is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. KPLP serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties® and White Swan®. In the U.S., KPLP manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. KPLP has approximately 2,500 employees and operates eight FSC® COC-certified (FSC® C-104904) production facilities in North America.  For more information visit www.krugerproducts.ca.

Non-IFRS Measures
This press release uses certain non-IFRS financial measures which KPLP believes provide useful information to management of KPLP and the readers of the financial information in measuring the financial performance and financial condition of KPLP. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Beginning with Q4 2015 in accordance with Canadian Securities Administrators Staff Notice 52-306 (Revised), we have referenced Adjusted EBITDA as a non-IFRS financial measure. This term replaces the previously referenced non-IFRS financial measure EBITDA. Adjusted EBITDA is not a measurement of operating performance computed in accordance with IFRS and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with IFRS. “Adjusted EBITDA” is calculated by KPLP as net income (loss) before (i) interest expense, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) impairment (gain on sale) of non-financial assets, (vi) loss (gain) on disposal of property, plant and equipment, (vii) foreign exchange loss (gain), (viii) costs related to restructuring activities, (ix) changes in amortized cost of Partnership units liability, (x) change in fair value of derivatives, (xi) consulting costs related to operational transformation initiatives, (xii) corporate development related costs and (xiii) loss (gain) on sale of shares. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the MD&A of KPT and KPLP for the year ended December 31, 2019 available on SEDAR at www.sedar.com.

COVID-19
In March 2020, the World Health Organization characterized the outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, as a global pandemic. This has resulted in local governments enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses in the United States of America and Canada resulting in an economic slowdown. Equity markets have experienced significant volatility and weakness and the local governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. There is significant uncertainty as to the likely effects of this outbreak. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments to quantify the impact this pandemic may have on the financial results and condition of KPLP in future periods.

Forward-Looking Statements
Certain statements in this press release about KPT’s and KPLP's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the projected capacity of the TAD Sherbrooke Project, the anticipated benefits of the TAD Sherbrooke Project and the expected dates for commencement of construction and production of the TAD Sherbrooke Project. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by KPT or KPLP. Although KPT and KPLP believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that such expectations and assumptions will prove to be correct.

The outlook provided in respect of Adjusted EBITDA for Q3 2020 is forward-looking information and is subject to the risk and uncertainties referred to below. The purpose of the outlook is to provide the reader with an indication of management’s expectations, at the date of this press release, regarding KPLP’s future financial performance. Readers are cautioned that this information may not be appropriate for other purposes.

Many factors could cause KPLP’s actual results, level of activity, performance or achievements or future events or developments (which could in turn affect the economic benefits derived from KPT’s economic interest in KPLP), to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to KPLP’s Business” section of the KPT Annual Information Form dated March 30, 2020 available on SEDAR at www.sedar.com: Kruger Inc.’s influence over KPLP; KPLP’s reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the TAD Sherbrooke Project; operational risks; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; KPLP’s inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of KPLP or KPLP’s brands; KPLP’s sales being less than anticipated; KPLP’s failure to implement its business and operating strategies; KPLP’s obligation to make regular capital expenditures; KPLP’s entering into unsuccessful acquisitions; KPLP’s dependence on key personnel; KPLP’s inability to retain its existing customers or obtain new customers; KPLP’s loss of key suppliers; KPLP’s failure to adequately protect its intellectual property rights; KPLP’s reliance on third party intellectual property licenses; adverse litigation and other claims affecting KPLP; material expenditures due to comprehensive environmental regulation affecting KPLP’s cash flow; KPLP’s pension obligations are significant and can be materially higher than predicted if KPLP Management’s underlying assumptions are incorrect; labour disputes adversely affecting KPLP’s cost structure and KPLP’s ability to run its plants; exchange rate and U.S. competitors; KPLP’s inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; risks relating to information technology; cyber-security; insurance; internal controls; trade; and risks related to COVID-19.

Readers should not place undue reliance on forward-looking statements made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

INFORMATION:

Francois Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
Tel.: 905.812.6936
francois.paroyan@krugerproducts.ca

INVESTORS:

Mike Baldesarra
Director of Investor Relations
KP Tissue Inc.
Tel.: 905.812.6962
IR@KPTissueinc.com

 
Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Financial Position
(thousands of Canadian dollars)
     
     
  June 30, 2020  December 31, 2019 
  $  $ 
Assets     
Current assets     
 Cash and cash equivalents144,188  93,141 
 Trade and other receivables89,431  89,236 
 Receivables from related parties16  59 
 Current portion of advances to partners2,323  80 
 Inventories193,214  190,686 
 Income tax recoverable-  466 
 Prepaid expenses15,273  8,341 
  444,445  382,009 
Non-current assets   
 Property, plant and equipment1,063,825  935,010 
 Right-of-use assets92,402  97,582 
 Other long-term assets10  1,766 
 Goodwill160,939  160,939 
 Intangible assets16,137  15,317 
 Deferred income taxes24,750  30,988 
Total assets1,802,508  1,623,611 
     
Liabilities   
Current liabilities   
 Trade and other payables254,773  242,357 
 Payables to related parties10,178  6,809 
 Income tax payable1,242  325 
 Distributions payable11,760  11,393 
 Current portion of provisions3,509  759 
 Current portion of long-term debt4,937  11,937 
 Current portion of lease liabilities19,796  18,080 
  306,195  291,660 
Non-current liabilities   
 Long-term debt700,388  579,125 
 Lease liabilities93,987  100,682 
 Provisions5,196  6,148 
 Pensions179,153  140,674 
 Post-retirement benefits61,021  57,005 
 Liabilities to non-unitholders1,345,940  1,175,294 
 Current portion of Partnership units liability12,599  5,103 
 Long-term portion of Partnership units liability130,853  138,412 
 Total Partnership units liability 143,452  143,515 
Total liabilities1,489,392  1,318,809 
     
Equity   
 Partnership units428,936  408,978 
 Deficit(209,059) (183,188)
 Accumulated other comprehensive income93,239  79,012 
Total equity313,116  304,802 
Total equity and liabilities1,802,508  1,623,611 
     



Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(thousands of Canadian dollars)
        
        
 3-month
period ended
June 30, 2020
  3-month
period ended
June 30, 2019
  6-month
period ended
June 30, 2020
  6-month
period ended
June 30, 2019
 
 $  $  $  $ 
        
Revenue 386,763  365,674  761,909  716,651 
        
Expenses       
Cost of sales310,009  325,723  624,522  645,831 
Selling, general and administrative expenses30,492  25,370  60,126  47,426 
Loss on sale of non-financial assets-  6  1  6 
Restructuring costs, net483  232  1,221  297 
        
Operating income45,779  14,343  76,039  23,091 
        
Interest expense11,333  11,433  21,913  22,730 
Other (income) expense(3,269) 864  8,152  1,713 
        
Income (loss) before income taxes37,715  2,046  45,974  (1,352)
        
Income taxes 8,811  1,114  8,682  928 
        
Net income (loss) for the period28,904  932  37,292  (2,280)
        
Other comprehensive income (loss)       
Items that will not be reclassified to net income (loss):       
Remeasurements of pensions(103,032) (52,439) (36,655) (50,412)
Remeasurements of post-retirement benefits(9,896) (4,201) (3,388) (6,331)
Items that may be subsequently reclassified to net income (loss):        
Cumulative translation adjustment(12,480) (6,123) 14,227  (12,513)
        
Total other comprehensive loss for the period(125,408) (62,763) (25,816) (69,256)
        
Comprehensive income (loss) for the period(96,504) (61,831) 11,476  (71,536)
        



Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Cash Flows
(thousands of Canadian dollars)
        
        
 3-month
period ended
June 30, 2020
  3-month
period ended
June 30, 2019
  6-month
period ended
June 30, 2020
  6-month
period ended
June 30, 2019
 
 $  $  $  $ 
Cash flows from (used in) operating activities       
Net income (loss) for the period28,904  932  37,292  (2,280)
Items not affecting cash       
Depreciation16,515  14,516  32,960  28,896 
Amortization399  370  773  732 
(Gain) loss on sale of property, plant and equipment49  -  49  (5)
Change in amortized cost of Partnership units liability2,520  1,547  5,040  3,094 
Foreign exchange (gain) loss(5,789) (960) 3,472  (1,658)
Change in fair value of derivatives-  277  (360) 277 
Interest expense11,333  11,433  21,913  22,730 
Pension and post-retirement benefits3,694  2,756  7,474  5,201 
Provisions1,844  503  3,599  673 
Income taxes8,811  1,114  8,682  928 
Loss on sale of non-financial assets-  6  1  6 
Total items not affecting cash39,376  31,562  83,603  60,874 
        
Net change in non-cash working capital47,540  7,819  26,035  (44,806)
Contributions to pension and post-retirement benefit plans(3,853) (4,041) (7,938) (7,153)
Provisions paid(1,663) (407) (1,871) (472)
Income tax payments(13) (1,338) (13) (1,597)
        
Net cash from operating activities110,291  34,527  137,108  4,566 
        
Cash flows from (used in) investing activities       
Purchases of property, plant and equipment(3,405) (6,759) (7,451) (12,280)
Purchases of property, plant and equipment related to the TAD Sherbrooke Project(67,320) (31,092) (132,013) (42,208)
Interest paid on credit facilities related to the TAD Sherbrooke Project(2,054) (769) (4,204) (1,453)
Purchases of software(548) (116) (1,593) (1,334)
Proceeds on sale of shares-  -  992  - 
Proceeds on sale of property, plant and equipment-  -  -  5 
        
Net cash used in investing activities(73,327) (38,736) (144,269) (57,270)
        
Cash flows from (used in) financing activities       
Proceeds from long-term debt26,754  10,411  132,327  35,188 
Repayment of long-term debt(32,434) (6,032) (33,701) (7,286)
Payment of deferred financing fees(488) (67) (493) (353)
Payment of lease liabilities(5,426) (4,041) (9,917) (8,266)
Interest paid on long-term debt(19,702) (11,359) (21,622) (13,947)
Distributions and advances paid, net(3,724) (3,574) (10,221) (5,544)
        
Net cash from (used in) financing activities(35,020) (14,662) 56,373  (208)
        
Effect of exchange rate changes on cash and cash        
equivalents held in foreign currency(2,395) (699) 1,835  (1,537)
        
Increase (decrease) in cash and cash equivalents during the period(451) (19,570) 51,047  (54,449)
        
Cash and cash equivalents - Beginning of period144,639  135,005  93,141  169,884 
        
Cash and cash equivalents - End of period144,188  115,435  144,188  115,435 
        



Kruger Products L.P.
Segment and Geographic Results
(thousands of Canadian dollars)
        
        
 3-month
period ended
June 30, 2020
 3-month
period ended
June 30, 2019
 6-month
period ended
June 30, 2020
 6-month
period ended
June 30, 2019
 $ $ $ $
        
Segment Information       
        
Segment Revenue       
Consumer338,242  299,663  651,531  595,848 
AFH48,521  66,011  110,378  120,803 
        
Total segment revenue386,763  365,674  761,909  716,651 
        
Adjusted EBITDA       
Consumer69,580  35,354  123,929  65,446 
AFH(2,145) (3,045) (3,166) (9,629)
Corporate and other costs(3,012) (820) (5,389) (778)
        
Total Adjusted EBITDA64,423  31,489  115,374  55,039 
        
Reconciliation to Net Income (Loss):       
        
Depreciation and amortization16,914  14,886  33,733  29,628 
Interest expense11,333  11,433  21,913  22,730 
Change in amortized cost of Partnership units liability2,520  1,547  5,040  3,094 
Change in fair value of derivatives-  277  (360) 277 
(Gain) loss on sale of property, plant and equipment49  -  49  (5)
Loss on sale of non-financial assets-  6  1  6 
Restructuring costs, net483  232  1,221  297 
Foreign exchange (gain) loss(5,789) (960) 3,472  (1,658)
Consulting costs       
related to operational transformation initiatives1,198  1,283  4,331  1,283 
Corporate development related costs-  739  -  739 
        
Income (loss) before income taxes37,715  2,046  45,974  (1,352)
        
Income taxes8,811  1,114  8,682  928 
        
Net income (loss)28,904  932  37,292  (2,280)
        
Geographic Revenue       
        
Canada218,438  208,163  448,533  405,579 
US168,325  132,063  313,376  259,576 
Mexico-  25,448  -  51,496 
        
Total revenue386,763  365,674  761,909  716,651 
        



KP Tissue Inc.
Unaudited Condensed Statement of Financial Position
(thousands of Canadian dollars)
    
    
 June 30, 2020  December 31, 2019 
 $  $ 
Assets   
    
Current assets   
Distributions receivable1,745  1,733 
Receivable from Partnership73  247 
 1,818  1,980 
    
Non-current assets   
Investment in associate77,176  81,052 
    
Total Assets78,994  83,032 
    
Liabilities   
    
Current liabilities   
Dividend payable1,745  1,733 
Current portion of advances from Partnership360  80 
Income tax payable1,281  944 
 3,386  2,757 
Non-current liabilities   
Deferred income taxes1,551  3,158 
    
Total liabilities4,937  5,915 
    
Equity   
    
Common shares19,669  18,997 
Contributed surplus144,819  144,819 
Deficit(106,559) (100,696)
Accumulated other comprehensive income16,128  13,997 
    
Total equity74,057  77,117 
    
Total liabilities and equity78,994  83,032 
    



KP Tissue Inc.
Unaudited Condensed Statement of Comprehensive Loss
(thousands of Canadian dollars, except share and per share amounts)
        
        
 3-month
period ended
June 30, 2020
  3-month
period ended
June 30, 2019
  6-month
period ended
June 30, 2020
  6-month
period ended
June 30, 2019
 
 $  $  $  $ 
        
Equity income (loss)2,925  (1,288) 2,800  (3,237)
        
Dilution gain231  142  451  231 
        
Income (loss) before income taxes3,156  (1,146) 3,251  (3,006)
        
Income taxes3,279  1,437  1,673  1,529 
        
Net income (loss) for the period(123) (2,583) 1,578  (4,535)
        
Other comprehensive income (loss)       
net of tax expense (recovery)       
Items that will not be reclassified to net income (loss):       
Remeasurements of pensions(12,347) (6,827) (3,655) (6,550)
Remeasurements of post-retirement benefits(906) (390) (309) (586)
Items that may be subsequently reclassified to net income (loss):        
Cumulative translation adjustment(1,950) (1,012) 2,131  (2,112)
        
Total other comprehensive loss for the period(15,203) (8,229) (1,833) (9,248)
        
Comprehensive loss for the period(15,326) (10,812) (255) (13,783)
        
Basic earnings (loss) per share(0.01) (0.27) 0.16  (0.48)
        
Weighted average number of shares outstanding9,689,578  9,515,910  9,672,481  9,490,276 
        



KP Tissue Inc.
Unaudited Condensed Statement of Cash Flows
(thousands of Canadian dollars)
        
        
 3-month
period ended
June 30, 2020
  3-month
period ended
June 30, 2019
  6-month
period ended
June 30, 2020
  6-month
period ended
June 30, 2019
 
 $  $  $  $ 
Cash flows from (used in) operating activities       
Net income (loss) for the period(123) (2,583) 1,578  (4,535)
Items not affecting cash       
Equity (income) loss(2,925) 1,288  (2,800) 3,237 
Dilution gain(231) (142) (451) (231)
Income taxes3,279  1,437  1,673  1,529 
Total items not affecting cash123  2,583  (1,578) 4,535 
        
Net change in non-cash working capital1  -  94  - 
Tax payments(361) -  (1,235) - 
Tax Distribution-  -  781  - 
Advances received360  -  360  - 
        
Net cash from (used in) operating activities-  -  -  - 
        
Cash flows from investing activites       
Partnership unit distributions received1,400  1,279  2,793  2,427 
        
Net cash from investing activities1,400  1,279  2,793  2,427 
        
Cash flows used in financing activities       
Dividends paid(1,400) (1,279) (2,793) (2,427)
        
Net cash used in financing activities(1,400) (1,279) (2,793) (2,427)
        
Increase (decrease) in cash and cash equivalents during the period-  -  -  - 
        
Cash and cash equivalents - Beginning of period-  -  -  - 
        
Cash and cash equivalents - End of period-  -  -  - 
 

KP Tissue Inc..jpg

Source: KP Tissue Inc.

2020 GlobeNewswire, Inc., source Press Releases


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All news about KP TISSUE INC.
10/05KP TISSUE : to Release its Financial Results and those of Kruger Products L.P. f..
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08/06KP TISSUE : Releases Second Quarter 2020 Financial Results
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08/06KP TISSUE : declares a Quarterly Dividend of $0.18 per Common Share
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08/05KP TISSUE : REMINDER - KP Tissue to Release its Financial Results and those of K..
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07/15KP TISSUE : to Release its Financial Results and those of Kruger Products L.P. f..
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06/04KP TISSUE INC. : Reports on Shareholders' Voting Results for the Election of Dir..
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06/03KP TISSUE : REMINDER - KP Tissue Announces its Annual Meeting of Shareholders
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05/28KP TISSUE : Announces its Annual Meeting of Shareholders
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05/20CORRECTION : KP Tissue declares a Quarterly Dividend of $0.18 per Common Share
AQ
05/08KP TISSUE : Releases First Quarter 2020 Financial Results
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More news
Financials
Sales 2020 1 484 M 1 130 M 1 130 M
Net income 2020 84,9 M 64,7 M 64,7 M
Net Debt 2020 828 M 631 M 631 M
P/E ratio 2020 9,95x
Yield 2020 5,57%
Capitalization 126 M 95,8 M 95,8 M
EV / Sales 2020 0,64x
EV / Sales 2021 0,55x
Nbr of Employees 2 300
Free-Float 99,7%
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Technical analysis trends KP TISSUE INC.
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 14,08 CAD
Last Close Price 12,93 CAD
Spread / Highest target 27,6%
Spread / Average Target 8,92%
Spread / Lowest Target 0,54%
EPS Revisions
Managers
NameTitle
Dino J. Bianco Chief Executive Officer
Michael J. Korenberg Chairman
Mark Holbrook Chief Financial Officer
Michel Letellier Independent Director
James Hardy Independent Director
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