August 9, 2017

KP Tissue Releases Second Quarter 2017 Financial Results

Continued improvement despite pulp price headwinds

MISSISSAUGA, ONTARIO--(Marketwired - Aug. 9, 2017) - KP Tissue Inc. (KPT) (TSX:KPT) reports the Q2 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(R) brand and premium private label products. KPT currently holds a 16.0% interest in KPLP.

KPLP Q2 2017 Business and Financial Highlights




--  Revenue increased by 6.3% to $314.4 million in Q2 2017 compared to Q2

    2016

--  Adjusted EBITDA was $37.3 million in Q2 2017 compared to $35.9 million

    in Q2 2016, up 3.9%

--  TAD Products sales and profits continue to be strong, in line with

    previously set targets

--  AFH business segment improved profitability

--  Declared a quarterly dividend of $0.18 per share to be paid on October

    16, 2017



We are pleased with our second quarter Adjusted EBITDA performance of $37.3 million, despite the continued upward trend of pulp market prices to near peak levels in Canadian dollars. Supported by new customers and higher manufacturing efficiency, TAD products sales and profits continue to meet our targets in the U.S., while the Away-from-Home business started to get the benefits from new production lines," said Mario Gosselin, CEO of KP Tissue and KPLP.

"We are pleased by the progress achieved in Crabtree with our new paper machine project, representing a total investment of $55 million. The project is on time and on budget, and in the third quarter we will start the commissioning process and will incur some start-up costs. Considering the commercial ramp-up phase in 2017, we expect to achieve a positive contribution from the project in the first quarter of 2018.

"A selling price increase to our Canadian retail customers was announced in late July 2017 and will take effect in the fourth quarter. This price increase will partially offset a double digit increase in pulp market prices over the past year as well as increases in other commodity costs in Canadian dollars.

"Adjusted EBITDA for Q3 2017 is expected to decrease over Q3 2016 due to higher input costs but increase sequentially over Q2 2017 due to higher promotional activities in Q3," concluded Mr. Gosselin.

KPLP Q2 2017 Financial Results

Revenue in Q2 2017 was $314.4 million, compared to $295.8 million in Q2 2016, an increase of $18.6 million or 6.3%. The increase in revenue was primarily due to higher sales volume and the favourable impact of foreign exchange on U.S. dollar sales.

Cost of sales in Q2 2017 increased to $267.1 million, compared to $249.9 million in Q2 2016, primarily due to higher sales volumes, an increase in fibre and natural gas prices and the unfavourable impact of foreign exchange on U.S. dollar denominated costs, as well as higher freight and warehousing costs, partially offset by cost reduction initiatives and the impact of capital projects. As a percentage of revenue, cost of sales were 85.0% in Q2 2017 compared to 84.5% in Q2 2016.

Selling, general and administrative (SG&A) expenses in Q2 2017 were $22.5 million, compared to $22.0 million in Q2 2016. The increase was primarily due to higher selling expenses related to higher sales volume and the unfavourable impact of foreign exchange. As a percentage of revenue, SG&A expenses were 7.2% in Q2 2017, compared to 7.4% in Q2 2016.

Adjusted EBITDA in Q2 2017 was $37.3 million, compared to $35.9 million in Q2 2016, primarily due to increased sales volume and the benefit of cost reduction initiatives and capital projects, partially offset by higher commodity, logistics and SG&A costs and the unfavourable impact of foreign exchange.

Net income in Q2 2017 was $9.9 million, compared to $12.0 million in Q2 2016, primarily due to an increase in the change in amortized cost of Partnership units liability of $2.5 million and an increase in tax expense of $1.3 million. These increases were partially offset by higher Adjusted EBITDA of $1.4 million.

Total liquidity, representing cash and cash equivalents and availability under the credit line within covenant limitations, was $80.3 million as of June 25, 2017, compared to $88.6 million as of March 26, 2017.

KPT Q2 2017 Financial Results

KPT incurred a net loss of $0.6 million in Q2 2017. Included in the net loss was $1.6 million representing KPT's share of KPLP's income. The income was reduced by depreciation expense of $1.5 million related to adjustments to carrying amounts on acquisition and income tax expense of $0.8 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 16, 2017 to shareholders of record at the close of business on September 29, 2017.

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 25, 2017 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 Wednesday, August 9, 2017 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, September 9, 2017 by dialing 800-585-8367 or 416-621-4642 and entering passcode 47442643.

The replay of the webcast will remain available on the website until midnight, September 9, 2017.

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 16.0% 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(R), Purex(R), SpongeTowels(R), Scotties(R) and White Swan(R). In the U.S., KPLP manufactures the White Cloud(R) 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(R) COC-certified (FSC(R) 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 second quarter ended June 25, 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 start-up of the Crabtree paper machine in Q4 2017; 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 Q3 2017 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, 2017 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, restrictive covenants; 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.




                            Kruger Products L.P.

      Unaudited Condensed Consolidated Statement of Financial Position

                      (thousands of Canadian dollars)



                                                      June 25, December 31,

                                                          2017         2016

                                                             $            $

                                                  --------------------------

Assets

Current assets

  Cash and cash equivalents                             28,286       36,511

  Trade and other receivables                          107,667      123,095

  Receivables from related parties                         273          185

  Current portion of advances to partners                3,678        5,465

  Inventories                                          187,199      179,543

  Income tax recoverable                                   666          423

  Prepaid expenses                                      11,679        7,286

                                                  --------------------------

                                                       339,448      352,508

Non-current assets

  Property, plant and equipment                        778,072      762,270

  Other long-term assets                                 5,900        6,075

  Goodwill                                             160,939      160,939

  Intangible assets                                     14,781       15,270

  Deferred income taxes                                 35,506       39,913

                                                  --------------------------

Total assets                                         1,334,646    1,336,975

                                                  --------------------------

                                                  --------------------------

Liabilities

Current liabilities

  Bank indebtedness                                      3,732        9,007

  Trade and other payables                             180,883      201,477

  Payables to related parties                            3,756        3,606

  Income tax payable                                       508        1,779

  Distributions payable                                 10,259       10,148

  Current portion of provisions                          1,487        1,885

  Current portion of long-term debt                      8,754        8,859

                                                  --------------------------

                                                       209,379      236,761

Non-current liabilities

  Long-term debt                                       441,249      415,379

  Provisions                                             6,878        6,487

  Pensions                                             107,411       92,646

  Post-retirement benefits                              60,629       57,162

                                                  --------------------------

  Liabilities to non-unitholders                       825,546      808,435

  Current portion of Partnership units liability         8,611        8,611

  Long-term portion of Partnership units liability     133,745      137,296

                                                  --------------------------

  Total Partnership units liability                    142,356      145,907

                                                  --------------------------

Total liabilities                                      967,902      954,342

                                                  --------------------------

Equity

  Partnership units                                    346,334      336,576

  Deficit                                              (65,094)     (42,792)

  Accumulated other comprehensive income                85,504       88,849

                                                  --------------------------

Total equity                                           366,744      382,633

                                                  --------------------------

Total equity and liabilities                         1,334,646    1,336,975

                                                  --------------------------

                                                  --------------------------





                            Kruger Products L.P.

      Unaudited Condensed Consolidated Statement of Comprehensive Loss

                      (thousands of Canadian dollars)



                                      3-month   3-month   6-month   6-month

                                       period    period    period    period

                                        ended     ended     ended     ended

                                     June 25,  June 26,  June 25,  June 26,

                                         2017      2016      2017      2016

                                            $         $         $         $

                                    ----------------------------------------



Revenue                               314,388   295,757   603,659   575,447



Expenses

  Cost of sales                       267,077   249,878   511,331   490,525

  Selling, general and

   administrative expenses             22,520    21,986    45,741    43,638

  Gain on sale of non-financial

   assets                                 (81)        -       (68)        -

  Restructuring costs, net                  -       393        11       393

                                    ----------------------------------------



Operating income                       24,872    23,500    46,644    40,891



  Interest expense                     10,757    10,921    21,021    22,135

  Other (income) expense                2,018      (291)    3,963    (1,120)

                                    ----------------------------------------



Income before income taxes             12,097    12,870    21,660    19,876



Income taxes                            2,150       834     4,764     1,450

                                    ----------------------------------------



Net income for the period               9,947    12,036    16,896    18,426

                                    ----------------------------------------



Other comprehensive loss

  Items that will not be

   reclassified to net income:

  Remeasurements of pensions          (12,656)  (27,120)  (15,223)  (43,889)

  Remeasurements of post-retirement

   benefits                            (2,317)   (1,755)   (3,201)   (1,634)

  Items that may be subsequently

   reclassified to net income:

  Available-for-sale investment             -         -         -      (290)

  Cumulative translation adjustment    (2,580)   (6,846)   (3,345)  (20,827)

                                    ----------------------------------------



Total other comprehensive loss for

 the period                           (17,553)  (35,721)  (21,769)  (66,640)

                                    ----------------------------------------



Comprehensive loss for the period      (7,606)  (23,685)   (4,873)  (48,214)

                                    ----------------------------------------

                                    ----------------------------------------








                            Kruger Products L.P.

          Unaudited Condensed Consolidated Statement of Cash Flows

                      (thousands of Canadian dollars)



                                      3-month   3-month   6-month   6-month

                                       period    period    period    period

                                        ended     ended     ended     ended

                                     June 25,  June 26,  June 25,  June 26,

                                         2017      2016      2017      2016

                                            $         $         $         $

                                    ----------------------------------------

Cash flows from (used in) operating

 activities

Net income for the period               9,947    12,036    16,896    18,426

Items not affecting cash

  Depreciation                         12,316    11,681    24,064    21,768

  Amortization                            249       296       489       580

  Gain on sale of property, plant

   and equipment                            -        (4)       (2)       (3)

  Change in amortized cost of

   Partnership units liability          2,531         -     5,060     1,234

  Gain on sale of investment                -         -         -      (324)

  Foreign exchange gain                  (513)     (291)   (1,097)   (2,030)

  Interest expense                     10,757    10,921    21,021    22,135

  Pension and post retirement

   benefits                             2,513     2,659     5,026     5,318

  Provisions                               94       658       338       799

  Income taxes                          2,150       834     4,764     1,450

  Gain on sale of non-financial

   assets                                 (81)        -       (68)        -

                                    ----------------------------------------

  Total items not affecting cash       30,016    26,754    59,595    50,927

Net change in non-cash working

 capital                               (2,229)   12,177   (31,089)   (4,462)

Contributions to pension and post-

 retirement benefit plans              (3,933)   (5,462)   (7,671)  (11,305)

Provisions paid                          (116)     (642)     (450)   (1,118)

Income tax payments                    (1,547)     (508)   (3,054)   (1,373)

                                    ----------------------------------------

Net cash from operating activities     32,138    44,355    34,227    51,095

                                    ----------------------------------------

Cash flows from (used in) investing

 activities

Purchases of property, plant and

 equipment                            (25,511)  (22,512)  (38,245)  (38,701)

Capitalized interest paid                (159)        -      (381)        -

Proceeds on sale of investment              -         -         -     1,439

Government assistance received          2,033         -     2,949     1,209

Purchases of software                       -        (2)        -       (71)

Proceeds on sale of property, plant

 and equipment                            127         4     1,170         4

                                    ----------------------------------------

Net cash used in investing

 activities                           (23,510)  (22,510)  (34,507)  (36,120)

                                    ----------------------------------------

Cash flows from (used in) financing

 activities

Proceeds from long-term debt           (1,245)        -    26,770       791

Repayment of long-term debt              (375)     (306)     (501)   (7,510)

Payment of deferred financing fees         (3)       (5)      (12)     (335)

Interest paid on long-term debt        (8,553)   (8,737)  (11,111)   (9,756)

Distributions and advances paid, net   (8,711)   (5,530)  (17,729)  (12,077)

                                    ----------------------------------------

Net cash used in financing

 activities                           (18,887)  (14,578)   (2,583)  (28,887)

                                    ----------------------------------------

Effect of exchange rate changes on

 cash and cash equivalents held in

 foreign currency                         (31)   (1,143)      (87)   (1,439)

                                    ----------------------------------------

Increase (decrease) in cash and cash

 equivalents during the period        (10,290)    6,124    (2,950)  (15,351)

Cash and cash equivalents -

 Beginning of period                   34,844     3,980    27,504    25,455

                                    ----------------------------------------

Cash and cash equivalents - End of

 period                                24,554    10,104    24,554    10,104

                                    ----------------------------------------

                                    ----------------------------------------





                            Kruger Products L.P.

                       Segment and Geographic Results

                      (thousands of Canadian dollars)



                                      3-month   3-month   6-month   6-month

                                       period    period    period    period

                                        ended     ended     ended     ended

                                     June 25,  June 26,  June 25,  June 26,

                                         2017      2016      2017      2016

                                            $         $         $         $

                                    ----------------------------------------



Segment Information



Segment Revenue

  Consumer                            252,152   231,924   491,079   460,076

  AFH                                  59,919    59,051   108,593   108,102

  Other                                 2,317     4,782     3,987     7,269

                                    ----------------------------------------

Total segment revenue                 314,388   295,757   603,659   575,447

                                    ----------------------------------------

                                    ----------------------------------------



Segment Adjusted EBITDA

  Consumer                             34,902    33,719    67,874    61,526

  AFH                                   2,333     1,775     2,988     1,805

  Other                                   121       372       276       622

                                    ----------------------------------------

Total segment Adjusted EBITDA          37,356    35,866    71,138    63,953

Reconciliation to Net Income:

Depreciation and amortization          12,565    11,977    24,553    22,348

Interest expense                       10,757    10,921    21,021    22,135

Change in amortized cost of

 Partnership units liability            2,531         -     5,060     1,234

Gain on sale of property, plant and

 equipment                                  -        (4)       (2)       (3)

Gain on sale of non-financial assets      (81)        -       (68)        -

Restructuring costs                         -       393        11       393

Foreign exchange gain                    (513)     (291)   (1,097)   (2,030)

                                    ----------------------------------------

Income before income taxes             12,097    12,870    21,660    19,876

Income taxes                            2,150       834     4,764     1,450

                                    ----------------------------------------

Net income                              9,947    12,036    16,896    18,426

                                    ----------------------------------------

                                    ----------------------------------------



Geographic Revenue



Canada                                187,783   180,263   361,660   344,035

U.S.                                  114,904   102,617   219,553   206,403

Mexico                                 11,701    12,877    22,446    25,009

                                    ----------------------------------------

Total revenue                         314,388   295,757   603,659   575,447

                                    ----------------------------------------

                                    ----------------------------------------





                               KP Tissue Inc.

            Unaudited Condensed Statement of Financial Position

                      (thousands of Canadian dollars)



                                                      June 25, December 31,

                                                          2017         2016

                                                             $            $

                                                  --------------------------

Assets



Current assets

  Distributions receivable                               1,647        1,636

  Receivable from Partnership                                -          426

  Income tax recoverable                                   629            -

                                                  --------------------------

                                                         2,276        2,062

Non-current assets

  Investment in associate                              109,750      117,349

                                                  --------------------------

Total Assets                                           112,026      119,411

                                                  --------------------------

                                                  --------------------------



Liabilities



Current liabilities

  Dividend payable                                       1,647        1,636

  Payable to Partnership                                   271            -

  Current portion of advances from Partnership             596          914

  Income tax payable                                         -          884

                                                  --------------------------

                                                         2,514        3,434

Non-current liabilities

  Deferred income taxes                                  1,021          893

                                                  --------------------------

Total liabilities                                        3,535        4,327

                                                  --------------------------



Equity

  Common shares                                         14,116       13,176

  Contributed surplus                                  144,819      144,819

  Deficit                                              (65,643)     (58,729)

  Accumulated other comprehensive income                15,199       15,818

                                                  --------------------------

Total equity                                           108,491      115,084

                                                  --------------------------

Total liabilities and equity                           112,026      119,411

                                                  --------------------------

                                                  --------------------------





                               KP Tissue Inc.

            Unaudited Condensed Statement of Comprehensive Loss

    (thousands of Canadian dollars, except share and per share amounts)



                                   3-month    3-month    6-month    6-month

                                    period     period     period     period

                                     ended      ended      ended      ended

                                  June 25,   June 26,   June 25,   June 26,

                                      2017       2016       2017       2016

                                         $          $          $          $

                                --------------------------------------------



Equity Income (loss)                   115        469       (248)        91



Dilution gain                           47        255         97         84

                                --------------------------------------------

Income (loss) before income

 taxes                                 162        724       (151)       175

Income taxes                           752      1,329      1,000      2,258

                                --------------------------------------------



Net loss for the period               (590)      (605)    (1,151)    (2,083)

                                --------------------------------------------



Other comprehensive loss

  net of tax recovery

  Items that will not be

   reclassified to net loss:

  Remeasurements of pensions        (1,771)    (3,829)    (2,130)    (6,209)

  Remeasurements of post-

   retirement benefits                (227)      (174)      (314)      (162)

  Items that may be subsequently

   reclassified to net loss:

  Available-for-sale investment          -          -          -        (41)

  Cumulative translation

   adjustment                         (447)    (1,675)      (619)    (4,206)

                                --------------------------------------------

Total other comprehensive loss

 for the period                     (2,445)    (5,678)    (3,063)   (10,618)

                                --------------------------------------------

Comprehensive loss for the

 period                             (3,035)    (6,283)    (4,214)   (12,701)

                                --------------------------------------------

                                --------------------------------------------

Basic loss per share                 (0.06)     (0.07)     (0.13)     (0.23)

                                --------------------------------------------

                                --------------------------------------------



Weighted average number of

 shares outstanding              9,144,390  9,016,939  9,130,890  9,005,511

                                --------------------------------------------

                                --------------------------------------------





                               KP Tissue Inc.

                Unaudited Condensed Statement of Cash Flows

                      (thousands of Canadian dollars)



                                   3-month    3-month    6-month    6-month

                                    period     period     period     period

                                     ended      ended      ended      ended

                                  June 25,   June 26,   June 25,   June 26,

                                      2017       2016       2017       2016

                                         $          $          $          $

                                --------------------------------------------

Cash flows from (used in)

 operating activities

Net loss for the period               (590)      (605)    (1,151)    (2,083)

Items not affecting cash

  Equity (income) loss                (115)      (469)       248        (91)

  Dilution gain                        (47)      (255)       (97)       (84)

  Income taxes                         752      1,329      1,000      2,258

                                --------------------------------------------

  Total items not affecting cash       590        605      1,151      2,083

Net change in non-cash working

 capital                                 -          -        697          -

Tax payments                          (525)         -     (1,774)      (205)

Tax Distribution received                -          -        481          -

Advances received                      525          -        596        205

                                --------------------------------------------

Net cash from (used in)

 operating activities                    -          -          -          -

                                --------------------------------------------



Cash flows from investing

 activites

Partnership unit distributions

 received                            1,192        935      2,368      2,548

                                --------------------------------------------

Net cash from investing

 activities                          1,192        935      2,368      2,548

                                --------------------------------------------



Cash flows used in financing

 activities

Dividends paid                      (1,192)      (935)    (2,368)    (2,548)

                                --------------------------------------------

Net cash used in financing

 activities                         (1,192)      (935)    (2,368)    (2,548)

                                --------------------------------------------

Increase (decrease) in cash and

 cash equivalents during the

 period                                  -          -          -          -

Cash and cash equivalents -

 Beginning of period                     -          -          -          -

                                --------------------------------------------

Cash and cash equivalents - End

 of period                               -          -          -          -

                                --------------------------------------------

                                --------------------------------------------







FOR FURTHER INFORMATION PLEASE CONTACT:

Information:

KP Tissue Inc.

Francois Paroyan

General Counsel and Corporate Secretary

905.812.6936

francois.paroyan@krugerproducts.ca





Investors:


KP Tissue Inc.

Mike Baldesarra

Director of Investor Relations

905.812.6962

IR@KPTissueinc.com









Source: KP Tissue Inc.

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