Orchids Paper Products Sets 12-Month Sales Record
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Orchids Paper Products Co., Pryor, Okla., USA, reports that its full-year 2012 net sales increased $3.0 million, or 3%, to $100.8 million, marking the first time the company has achieved more than $100 million in net sales. Total net sales in the fourth quarter of 2012 decreased 6% to $24.0 million, compared with $25.7 million in the same period in 2011.
The company's full year net sales of converted product were $90.5 million, a new 12-month record, which represented an increase of $8.6 million, or 10%, over 2011. Net sales of converted product in the fourth quarter of 2012 were $21.8 million, a decrease of $2.0 million, or 8%, over the prior year quarter.
Full-year net income for 2012 was $9.3 million, an increase of $3.1 million, or 49%, compared with the $6.2 million in 2011. Fourth quarter 2012 net income was $2.2 million, a decrease of $561,000, or 21%, compared with $2.7 million of net income in the same period of 2011.
Robert Snyder, president and CEO, said that "we are pleased to announce that our full year results include record sales levels for both converted product and total net sales, with converted product shipments of just over 7 million cases. This achievement continues our long-term trend of increasing sales. Shipments of the previously announced new business gains of approximately 1.1 million cases are proceeding within our expectations and we are off to a strong start in 2013. Additionally, we have secured additional new business that we expect will increase our annual run rate by the third quarter of 2013 to approximately 9 million cases."
Snyder added that "our expected business growth in 2013 is the result of our continued success in penetrating the mid- and premium-tier market. These successes are a result of the diligent efforts of our team to further product development, implement our market strategy, and deliver best in class customer service. The market for business opportunities continues to be strong and we are optimistic about our future growth."
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