Orchids Paper Products Company has reported that it has new understandings with several retailers for the supply of converted products and expects to begin receiving orders in the fourth quarter of 2012. The Company expects sales from this new business, when combined with sales from the new business announced in the Company's 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.
Mr. Robert Snyder, President and Chief Executive Officer, stated, "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 will hold a teleconference to discuss its third quarter financial results at 10:00 a.m. (ET) on Thursday, October 25, 2012. All interested parties may participate in the teleconference by calling 800 860 2442 and requesting the Orchids teleconference. A question and answer session will be part of the teleconference's agenda. Those intending to access the teleconference should dial in fifteen minutes prior to the start. The call may also be accessed live via webcast through the Company's website at www.orchidspaper.com under "Investors". A replay of the teleconference will be available for 30 days on the Company's website.
Forward-Looking Statements
This release contains forward-looking statements that involve certain contingencies and uncertainties. The Company intends these forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms or other comparable terminology. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. These statements are only predictions.
Factors that could materially affect the Company's actual results, levels of activity, performance or achievements include, without limitation, those detailed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission on March 7, 2012.
The Company's actual results may be materially different from what it expects. The Company does not undertake any duty to update these forward-looking statements after the date hereof, even though the Company's situation may change in the future. All of the forward-looking statements herein are qualified by these cautionary statements.
SOURCE Orchids Paper Products Company