News Release Details

KP Tissue Releases Fourth Quarter and Full Year 2017 Financial Results

March 8, 2018 at 7:00 AM EST

MISSISSAUGA, Ontario, March 08, 2018 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX:KPT) reports the Q4 and full year 2017 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 15.9% interest in KPLP.

KPLP Full Year 2017 Business and Financial Highlights

  • Revenue increased by 4.2% to $1,280.0 million in 2017 compared to $1,227.9 million in 2016
  • Adjusted EBITDA was $144.2 million in 2017, down from $152.5 million in 2016, a 5.4% decrease
  • TAD products Adjusted EBITDA contribution continued to be strong, reaching previously set target

KPLP Q4 2017 Business and Financial Highlights

  • Revenue increased slightly to $340.0 million in Q4 2017 compared to Q4 2016
  • Adjusted EBITDA was $33.7 million in Q4 2017 compared to $42.9 million in Q4 2016
  • Experienced record high pulp and freight costs in the quarter
  • Successful ramp-up of new Paper Machine #8 and a new converting line in Crabtree, Quebec 
  • Declared a quarterly dividend of $0.18 per share to be paid on April 16, 2018

"We are proud of the record revenue achieved in 2017 of nearly $1.3 billion. Our cost-saving initiatives, capital investment program and the selling price increase that took effect in Q4 in the Canadian Consumer market alleviated only part of the impact from the significant run-up in market pulp prices and the unprecedented increase in freight costs, impacting our results in the fourth quarter," said Mario Gosselin, CEO of KP Tissue and KPLP.

"We continue to be #1 in the Canadian tissue market, and achieved our target for the TAD products Adjusted EBITDA contribution in the U.S. Furthermore, we ramped up production of our Crabtree (Quebec) paper machine, and improved our results for the Away-from-Home segment despite the impact of higher input costs.

"We are committed to our long-term strategy of building our brands in Canada and growing our business in the United States. For the first quarter of 2018, even with the full impact of the Canadian Consumer price increase, we expect Adjusted EBITDA to decrease over Q1 2017, due primarily to the continued escalation of pulp and freight costs.  We are implementing a value creation program to partially mitigate the impact of these extraordinary short-term market conditions," concluded Mr. Gosselin.

KPLP Q4 2017 Financial Results
Revenue in Q4 2017 was $340.0 million, compared to $339.6 million in Q4 2016, an increase of $0.4 million or 0.1%. The increase in revenue was primarily due to a selling price increase in Canada, offset by lower Consumer sales volume in Canada and the unfavourable impact of foreign exchange on U.S. dollar sales.

Cost of sales in Q4 2017 increased to $296.0 million from $284.2 million in Q4 2016, primarily due to significantly higher pulp costs, as well as higher freight costs, partially offset by the favourable impact of foreign exchange on U.S. dollar denominated costs. As a percentage of revenue, cost of sales were 87.1% in Q4 2017 compared to 83.7% in Q4 2016.

Selling, general and administrative (SG&A) expenses in Q4 2017 were $23.7 million, compared to $26.4 million in Q4 2016. The decrease was primarily due to lower bonus compensation and cost reduction initiatives. As a percentage of revenue, SG&A expenses were 7.0% in Q4 2017, compared to 7.8% in Q4 2016.

Adjusted EBITDA in Q4 2017 was $33.7 million, compared to $42.9 million in Q4 2016, lower by $9.2 million or 21.4%, primarily due to higher pulp costs and increased freight costs, partially offset by lower SG&A expenses.

Net loss in Q4 2017 was $18.0 million, compared to $4.5 million in Q4 2016, primarily due to lower Adjusted EBITDA of $9.2 million, an increase in tax expense of $5.8 million, a decrease in the gain on sale of non-financial assets of $2.5 million and a change in fair value of derivatives of $0.4 million in Q4 2017. These items were partially offset by a decrease in the change in amortized cost of Partnership units liability of $3.3 million and lower depreciation expense of $0.5 million.

Total liquidity, representing cash and cash equivalents and availability under the credit line within covenant limitations, was $53.3 million as of December 31, 2017, compared to $76.0 million as of September 24, 2017.

KPLP 2017 Financial Results
Revenue was $1,280.0 million in Fiscal 2017, compared to $1,227.9 million in Fiscal 2016, an increase of $52.1 million or 4.2%. The increase in revenue was primarily due to increased sales volume across all regions.  

Adjusted EBITDA was $144.2 million in Fiscal 2017, compared to $152.5 million in Fiscal 2016. The decrease was primarily due to higher fibre costs, and increased freight and warehousing costs. These were partially offset by increased sales volume and lower SG&A expenses.

Net income was $15.3 million in Fiscal 2017, compared to $35.5 million in Fiscal 2016. The decrease in net income was primarily due to an increase in tax expense of $9.2 million, lower Adjusted EBITDA of $8.3 million, higher depreciation expense of $3.9 million, a decrease in the gain on sale of non-financial assets of $2.8 million and the change in fair value of derivatives of $0.4 million. These decreases were partially offset by a decrease in interest expense of $2.0 million, a change in the foreign exchange gain of $1.1 million, a decrease in restructuring costs of $0.8 million and a decrease in the change in amortized cost of Partnership units liability of $0.4 million

KPT Q4 2017 Financial Results
KPT incurred a net loss of $4.2 million in Q4 2017. Included in the net loss was $2.9 million representing KPT's share of KPLP's loss. The loss was increased by depreciation expense of $1.5 million related to adjustments to carrying amounts on acquisition.

KPT 2017 Financial Results
KPT incurred a net loss of $5.4 million in 2017. Included in the net loss was $2.5 million representing KPT's share of KPLP's income. The income was reduced by depreciation expense of $5.9 million related to adjustments to carrying amounts on acquisition and income tax expense of $2.2 million

Dividends on Common Shares                                                     
The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on April 16, 2018 to shareholders of record at the close of business on April 2, 2018.

Additional Information
For additional information please refer to Management's Discussion and Analysis (MD&A) of KPT and KPLP for the fourth quarter and year ended December 31, 2017 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com.

Fourth Quarter Results Conference Call Information
KPT will hold its fourth quarter conference call on Thursday, March 8, 2018 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, March 15, 2018 by dialing 800-585-8367 or 416-621-4642 and entering passcode 4083249.

The replay of the webcast will remain available on the website until midnight, March 15, 2018.

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 15.9% 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 reference Adjusted EBITDA as a non-IFRS financial measure. This term replaces the previously referenced non-IFRS financial measure EBITDA. Our definition of Adjusted EBITDA is unchanged from our former definition of EBITDA. Accordingly, this change in terminology has no impact on our reported financial results for prior periods. 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, and (x) one-time costs due to pension revaluations related to past service. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the MD&A of KPT and KPLP for the fourth quarter ended December 31, 2017 available on SEDAR at www.sedar.com.

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. 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 information is based on certain key expectations and assumptions made by KPT, including expectations and assumptions concerning: the impact of the TAD Project on Adjusted EBITDA; the expectation of continued growth in sales of TAD products in the U.S.; a successful ramp-up of the Crabtree paper machine; improved performance of the Away-From-Home business; and expanded distribution of White Cloud to select U.S. retailers. Although KPT believes 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 information 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 Q1 2018 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 the Corporation'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 9, 2018 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 Project; operational risks; Gatineau Plant land lease; 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; information technology; cyber-security; insurance; internal controls; and trade related risk.

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.
Consolidated Statement of Financial Position
(thousands of Canadian dollars)
     
  December 31, 2017 December 31, 2016
  $ $
Assets    
Current assets   
 Cash and cash equivalents  8,837    36,511 
 Trade and other receivables   113,194    123,095 
 Receivables from related parties  85    185 
 Current portion of advances to partners  1,928    5,465 
 Inventories   192,394    179,543 
 Income tax recoverable   522    423 
 Prepaid expenses   8,007    7,286 
    324,967    352,508 
Non-current assets   
 Advances to partners  4,489    -  
 Property, plant and equipment   761,610    762,270 
 Other long-term assets   6,331    6,075 
 Goodwill  160,939    160,939 
 Intangible assets   15,327    15,270 
 Deferred income taxes   26,092    39,913 
Total assets  1,299,755    1,336,975 
     
Liabilities    
Current liabilities   
 Bank indebtedness  9,051    9,007 
 Trade and other payables   190,698    201,477 
 Payables to related parties  2,596    3,606 
 Income tax payable  498    1,779 
 Distributions payable   10,382    10,148 
 Current portion of provisions   333    1,885 
 Current portion of long-term debt   190,947    8,859 
    404,505    236,761 
Non-current liabilities   
 Long-term debt   225,368    415,379 
 Provisions   5,973    6,487 
 Pensions   119,558    92,646 
 Post-retirement benefits   60,457    57,162 
 Liabilities to non-unitholders  815,861    808,435 
 Current portion of Partnership units liability   1,928    8,611 
 Long-term portion of Partnership units liability   158,381    137,296 
 Total Partnership units liability   160,309    145,907 
Total liabilities  976,170    954,342 
     
Equity    
 Partnership units  356,240    336,576 
 Deficit  (99,742)   (42,792)
 Accumulated other comprehensive income  67,087    88,849 
Total equity  323,585    382,633 
Total equity and liabilities  1,299,755    1,336,975 
     


 
Kruger Products L.P.
Consolidated Statement of Comprehensive Income (Loss)
(thousands of Canadian dollars)
 
         
  3-month
period ended
December 31, 2017
 3-month
period ended
December 31, 2016
 Year ended
December 31, 2017
 Year ended
December 31, 2016
  $ $ $ $
         
Revenue    340,071    339,626    1,280,014    1,227,896 
         
Expenses        
Cost of sales    295,978    284,299    1,098,086    1,031,647 
Selling, general and administrative expenses   23,609    26,480    90,076    92,763 
Gain on sale of non-financial assets  5    (2,544)   (75)   (2,939)
Restructuring costs, net   54    134    (180)   552 
         
Operating income   20,425    31,257    92,107    105,873 
         
Interest expense   10,467    10,673    42,021    44,000 
Other expense    20,130    23,061    21,990    22,754 
         
Income (loss) before income taxes  (10,172)   (2,477)   28,096    39,119 
          
Income taxes    7,916    2,017    12,838    3,629 
         
Net income (loss) for the year   (18,088)   (4,494)   15,258    35,490 
         
Other comprehensive income (loss)        
Items that will not be reclassified to net income (loss):        
Remeasurements of pensions   (6,916)   55,495    (27,563)   (8,491)
Remeasurements of post-retirement benefits  (2,491)   4,613    (2,763)   94 
Items that may be subsequently reclassified to net income (loss):         
Available-for-sale investment   -     -     -     (290)
Cumulative translation adjustment  5,357    6,192    (21,762)   (10,666)
         
Total other comprehensive income (loss) for the year   (4,050)   66,300    (52,088)   (19,353)
         
Comprehensive income (loss) for the year   (22,138)   61,806    (36,830)   16,137 
         


 
Kruger Products L.P.
Consolidated Statement of Cash Flows
(thousands of Canadian dollars)
        
        
 3-month
period ended
December 31, 2017
 3-month
period ended
December 31, 2016
 Year ended
December 31, 2017
 Year ended
December 31, 2016
 $ $ $ $
Cash flows from (used in) operating activities      
Net income (loss) for the year  (18,088)   (4,494)   15,258    35,490 
Items not affecting cash       
Depreciation  12,875     13,661    51,289    47,436 
Amortization   317    270    1,092    1,146 
(Gain) loss on sale of property, plant and equipment  (1)   142    (3)   139 
Change in amortized cost of Partnership units liability  18,835    22,129    23,013    23,363 
Gain on sale of investment  -     -     -     (324)
Foreign exchange (gain) loss  931    932    (1,387)   (285)
Change in fair value of derivatives  364    -     364    -  
Interest expense  10,467    10,673    42,021    44,000 
Pension and post retirement benefits  2,572    2,597     10,111    10,402 
Provisions   67    147    278    1,338 
Income taxes  7,916    2,017    12,838    3,629 
Gain on sale of non-financial assets  5    (2,544)   (75)   (2,939)
Total items not affecting cash  54,348    50,024    139,541    127,905 
        
Net change in non-cash working capital   (9,235)   11,857    (35,194)   1,386 
Contributions to pension and post-retirement benefit plans  (3,731)   (4,417)   (15,137)   (18,335)
Provisions paid  (633)   (815)   (1,648)   (2,267)
Income tax payments  (423)   (83)   (3,592)    (1,970)
        
Net cash from operating activities  22,238    52,072    99,228    142,209 
        
Cash flows from (used in) investing activities      
Purchases of property, plant and equipment  (17,849)   (22,794)   (68,127)   (81,460)
Capitalized interest paid  -     (222)   (497)   (222)
Proceeds on sale of investment  -     -     -     1,439 
Government assistance received  774    1,191    4,646    2,400 
Purchases of software  (689)   (492)   (1,149)   (563)
Proceeds on sale of property, plant and equipment  (4)   4,860    1,180    5,399 
        
Net cash used in investing activities  (17,768)   (17,457)   (63,947)   (73,007)
        
Cash flows from (used in) financing activities      
Proceeds from long-term debt  7,957    4,614    28,834    9,609 
Repayment of long-term debt  (20,789)   (9,776)   (26,039)   (17,882)
Payment of deferred financing fees  -     (34)   (12)   (745)
Interest paid on long-term debt  (14,171)   (15,868)   (33,101)   (34,162)
Distributions and advances paid, net  (5,555)   (5,979)    (31,547)   (22,862)
        
Net cash used in financing activities  (32,558)   (27,043)   (61,865)   (66,042)
        
Effect of exchange rate changes on cash and cash equivalents held in foreign currency  877    408    (1,134)   (1,111)
        
Increase (decrease) in cash and cash equivalents during the year  (27,211)   7,980    (27,718)   2,049  
        
Cash and cash equivalents - Beginning of year  26,997    19,524    27,504    25,455 
        
Cash and cash equivalents - End of year  (214)   27,504    (214)   27,504 
        


 
Kruger Products L.P.
Segment and Geographic Results
(thousands of Canadian dollars)
 
 3-month
period ended
December 31, 2017
 3-month
period ended
December 31, 2016
 Year ended
December 31, 2017
 Year ended
December 31, 2016
 
 $ $ $ $ 
         
Segment Information         
         
Segment Revenue        
Consumer  276,432    278,013    1,040,428    986,881  
AFH  62,231    59,549    233,321    227,062  
Other   1,408    2,064    6,265    13,953  
         
Total segment revenue  340,071    339,626    1,280,014    1,227,896  
         
Segment Adjusted EBITDA        
Consumer  32,207    41,934    138,158    146,367  
AFH  1,395    987    6,235    5,217  
Other  73    (1)   (163)   947  
         
Total segment Adjusted EBITDA  33,675    42,920    144,230    152,531  
         
Reconciliation to Net Income (Loss):       
         
Depreciation and amortization  13,192    13,931    52,381    48,582  
Interest expense  10,467    10,673     42,021    44,000  
Change in amortized cost of Partnership units liability  18,835    22,129    23,013    23,363  
Change in fair value of derivatives  364    -    364    -  
(Gain) loss on sale of property, plant and equipment  (1)   142    (3)   139  
Gain on sale of non-financial assets  5    (2,544)   (75)   (2,939) 
Restructuring costs, net  54    134    (180)   552  
Foreign exchange (gain) loss  931    932    (1,387)   (285) 
         
Income (loss) before income taxes  (10,172)   (2,477)   28,096    39,119  
         
Income taxes  7,916    2,017    12,838    3,629  
         
Net income (loss)  (18,088)   (4,494)   15,258    35,490  
         
Geographic Revenue        
         
Canada  203,638    207,262    774,587    746,483  
U.S.  120,127    118,110    452,837    429,627  
Mexico  16,306    14,254    52,590    51,786  
         
Total revenue  340,071    339,626    1,280,014    1,227,896  
 


 
KP Tissue Inc.
Statement of Financial Position
(thousands of Canadian dollars)
 
 December 31, 2017 December 31, 2016 
 $ $ 
Assets    
     
Current assets    
Distributions receivable  1,658    1,636  
Receivable from Partnership  -     426  
Income tax recoverable  826    -   
   2,484    2,062  
     
Non-current assets    
Investment in associate  98,674    117,349  
     
Total Assets  101,158    119,411  
     
Liabilities    
     
Current liabilities    
Dividend payable  1,658    1,636  
Payable to Partnership  52    -   
Current portion of advances from Partnership  309    914  
Income tax payable  -     884  
   2,019    3,434  
Non-current liabilities    
Advances from Partnership  731    -   
Deferred income taxes   1,483    893  
     
Total liabilities  4,233    4,327  
     
Equity    
     
Common shares  15,014    13,176  
Contributed surplus   144,819    144,819  
Deficit  (74,952)   (58,729) 
Accumulated other comprehensive income  12,044    15,818  
     
Total equity  96,925    115,084  
     
Total liabilities and equity  101,158    119,411  
     


 KP Tissue Inc.
Statement of Comprehensive Income (Loss)
(thousands of Canadian dollars, except share and per share amounts)
 
 3-month
period ended
December 31, 2017
 3-month
period ended
December 31, 2016
 Year ended
December 31, 2017
 Year ended
December 31, 2016
 $ $ $ $
        
Equity loss  (4,371)   (2,225)   (3,440)   (124)
        
Dilution gain   54    49    190    191 
        
Income (loss) before income taxes  (4,317)   (2,176)   (3,250 )   67 
        
Income taxes   (97)   (1,768)   2,191    1,789 
        
Net loss for the year  (4,220)   (408)   (5,441)   (1,722)
        
       
Other comprehensive income (loss)
net of tax expense (recovery)
        
Items that will not be reclassified 
to net loss:
       
Remeasurements of pensions   (961)   7,839    (3,846)   (1,195)
Remeasurements of post-retirement benefits   (243)   456    (270)   9 
Items that may be subsequently reclassified to net loss:       
Available-for-sale investment   -     -     -     (41)
Cumulative translation adjustment   931    1,244    (3,774)   (2,251)
        
Total other comprehensive income (loss) for the year  (273)   9,539    (7,890)   (3,478)
        
Comprehensive income (loss) for the year  (4,493)   9,131    (13,331)   (5,200)
        
Basic loss per share  (0.46)   (0.04)   (0.59)   (0.19)
        
Weighted average number of shares outstanding  9,206,637     9,084,494     9,162,508     9,037,833  
        


 
KP Tissue Inc.
Statement of Cash Flows
(thousands of Canadian dollars)
 
 3-month
period ended
December 31, 2017
 3-month
period ended
December 31, 2016
 Year ended
December 31, 2017
 Year ended
December 31, 2016
 $ $ $ $
Cash flows from (used in) operating activities      
Net loss for the year  (4,220)   (408)   (5,441)   (1,722)
Items not affecting cash       
Equity loss  4,371    2,225    3,440    124 
Dilution gain   (54)   (49)   (190)   (191)
Income taxes  (97)   (1,768)   2,191    1,789 
Total items not affecting cash  4,220    408    5,441    1,722 
        
Net change in non-cash working capital   -    -    478    - 
Tax payments   -    -    (1,999)   (205)
Tax Distribution received  -    -    481    - 
Advances received  -    -    1,040    205 
        
Net cash from (used in) operating activities   -    -    -    - 
        
Cash flows from investing activites      
Partnership unit distributions received  1,220    1,180    4,806    4,908 
        
Net cash from investing activities  1,220    1,180    4,806    4,908 
        
Cash flows used in financing activities      
Dividends paid  (1,220)   (1,180)   (4,806)   (4,908)
        
Net cash used in financing activities  (1,220)   (1,180)   (4,806)   (4,908)
        
Increase (decrease) in cash and cash equivalents during the year  -    -    -    - 
        
Cash and cash equivalents - Beginning of year  -    -    -     - 
        
Cash and cash equivalents - End of year  -    -    -    - 
 

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Source: KP Tissue Inc.

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