Orchids Paper Products Company Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Year 2017 and 2018
For six months, the company reported total net sales of $73,797,000 against $87,157,000 a year ago. Operating loss was $2,891,000 against income of $12,275,000 a year ago. Loss before income taxes was $3,686,000 against income of $12,092,000 a year ago. Net loss was $2,907,000 or $0.28 per basic and diluted share against income of $7,977,000 or $0.77 per diluted share a year ago. EBITDA was $4,298,000 against $19,125,000 a year ago. Adjusted EBITDA was $5,574,000 against $19,939,000 a year ago. Net cash provided by operating activities was $5,063,000 against $16,409,000 a year ago.
The company expects minimal capital spending in 2018, averaging in the range of $4 million to $5 million on an annual basis. The company expects that tax rate to increase to between 24% and 27% for the balance of 2017, and to move to within a 30% to 34% range for 2018.