Orchids Paper Products Company reports 3Q 2017 net sales of 45.2 million. Net sales increased $5.5 million, or 14%, compared to the 3Q 2016. EBITDA decreased to $2.9 million, compared to $6.7 million in the 3Q 2016.
As a result of the foregoing factors, net income of $0.7 million, or $0.07 per basic share, was recognized in the 3Q 2017, compared to net income of $2.2 million, or $0.21 per basic share, in the 3Q 2016.
Jeff Schoen, President and CEO, stated, "Sales in 3Q experienced strong growth due to incremental volume from new business that started shipping in June. In August, we announced the addition of a significant new customer in a new distribution channel for new ultra-premium products to be manufactured in the Barnwell, South Carolina facility.
“We are on track to begin shipments for this new customer late in the 4Q 2017, with full implementation expected by 2Q 2018. We expect to ship at 50% of the final run rate in December and ramp to full production in the 1Q 2018. When this new business is fully implemented, total Company sales are expected to be between $220 and $240 million annually."
Orchids Paper Products Company produces a full line of tissue products, including paper towels, bathroom tissue and paper napkins.
