Orchids Paper Reports New Converted Product Business
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Orchids Paper Products Co., Pryor, Okla., USA, this past week reported that it "has new understandings" with several retailers for the supply of converted products and expects to begin receiving orders this quarter. The company expects sales from this new business, when combined with sales from new business announced in its second quarter 2012 earnings press release, to be approximately 1.1 million cases on an annualized basis. This represents approximately 17% of the run rate for cases shipped in the second quarter of 2012. The expected new business was awarded by both existing and new customers.
Robert Snyder, president and CEO, said that "we are pleased to announce that we have recently gained new business, primarily in the mid-tier and premium categories, with several new and existing customers. We expect the new business will begin shipping during the fourth quarter of this year and to be fully reflected in our first quarter 2013 results. The addition of this new business is primarily the result of continued success in our new product and market development efforts to further penetrate mid-tier market opportunities."
The company held a teleconference this morning (October 25) to discuss its third quarter financial. A replay of the teleconference will be available for 30 days on the Orchids' website.
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