November 8, 2017

KP Tissue Releases Third Quarter 2017 Financial Results

Revenue Growth and Continuing Pulp Price Headwinds

MISSISSAUGA, ONTARIO--(Marketwired - Nov. 8, 2017) - KP Tissue Inc. (KPT) (TSX:KPT) reports the Q3 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 Q3 2017 Business and Financial Highlights




--  Revenue increased by 7.5% to $336.3 million in Q3 2017 compared to Q3

    2016

--  Adjusted EBITDA was $39.4 million in Q3 2017 compared to $45.6 million

    in Q3 2016

--  TAD Products sales and Adjusted EBITDA contribution continued to be

    strong, in line with previously set targets

--  Successful start-up of new Paper Machine #8 and a new converting line in

    Crabtree, Quebec site

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

    15, 2018



"Third quarter results were in-line with our expectations, however they reflect the continued negative impact of rising pulp prices which have reached record levels, and also higher freight costs driven by the recent hurricanes in the southern U.S., said Mario Gosselin, CEO of KP Tissue and KPLP.

"Our new paper machine in Quebec started production during the third quarter, and as planned we incurred start-up costs. The project was completed on time and on budget, and we anticipate that it will positively contribute to our Away-from-Home business starting in the first quarter of Fiscal 2018.

"The selling price increase announced in the Canadian market in July has started to take effect in the fourth quarter. Given the further escalation in pulp prices, Adjusted EBITDA for Q4 2017 is expected to decrease compared to Q4 2016 Adjusted EBITDA of $42.9 million," concluded Mr. Gosselin.

KPLP Q3 2017 Financial Results

Revenue in Q3 2017 was $336.3 million, compared to $312.8 million in Q3 2016, an increase of $23.5 million or 7.5%. The increase in revenue was primarily due to higher sales volume, partially offset by the unfavourable impact of foreign exchange on U.S. dollar sales.

Cost of sales in Q3 2017 increased to $290.8 million from $256.8 million in Q3 2016, primarily due to higher sales volumes, a significant increase in fibre costs, as well as higher freight costs and PM#8 project start-up costs, partially offset by the favourable impact of foreign exchange on U.S. dollar denominated costs. As a percentage of revenue, cost of sales were 86.5% in Q3 2017 compared to 82.1% in Q3 2016.

Selling, general and administrative (SG&A) expenses in Q3 2017 were $20.7 million, compared to $22.7 million in Q3 2016. The decrease was primarily due to the timing of spend and cost reduction initiatives. As a percentage of revenue, SG&A expenses were 6.2% in Q3 2017, compared to 7.3% in Q3 2016.

Adjusted EBITDA in Q3 2017 was $39.4 million, compared to $45.6 million in Q3 2016, lower by $6.2 million or 13.6%, primarily due to significantly higher fibre costs, increased freight costs, and start-up costs, partially offset by increased sales volume and lower SG&A costs.

Net income in Q3 2017 was $16.5 million, compared to $21.6 million in Q3 2016, primarily due to lower Adjusted EBITDA of $6.2 million and higher depreciation expense of $2.3 million. These items were partially offset by a change in foreign exchange gain of $2.0 million.

Total liquidity, representing cash and cash equivalents and availability under the credit line within covenant limitations, was $76.0 million as of September 24, 2017, compared to $80.3 million as of June 25, 2017.

KPT Q3 2017 Financial Results

KPT incurred a net loss of $0.1 million in Q3 2017. Included in the net loss was $2.6 million representing KPT's share of KPLP's income. The income was reduced by depreciation expense of $1.4 million related to adjustments to carrying amounts on acquisition and income tax expense of $1.3 million.

Dividends on Common Shares

The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on January 15, 2018 to shareholders of record at the close of business on December 29, 2017.

Additional Information

For additional information please refer to Management's Discussion and Analysis (MD&A) of KPT and KPLP for the third quarter ended September 24, 2017 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com.

Third Quarter Results Conference Call Information

KPT will hold its third quarter conference call on Wednesday, November 8, 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, November 15, 2017 by dialing 800-585-8367 or 416-621-4642 and entering passcode 84517935.

The replay of the webcast will remain available on the website until midnight, November 15, 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 third quarter ended September 24, 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 ramp-up of the Crabtree paper machine; 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 Q4 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)



                                            September 24,     December 31,

                                                 2017             2016

                                                  $                $

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

Assets

Current assets

  Cash and cash equivalents                         26,997           36,511

  Trade and other receivables                      126,591          123,095

  Receivables from related parties                      69              185

  Advances to partners                               6,417            5,465

  Inventories                                      174,003          179,543

  Income tax recoverable                               293              423

  Prepaid expenses                                  10,503            7,286

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

                                                   344,873          352,508

Non-current assets

  Property, plant and equipment                    748,458          762,270

  Other long-term assets                             6,150            6,075

  Goodwill                                         160,939          160,939

  Intangible assets                                 14,955           15,270

  Deferred income taxes                             33,359           39,913

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

Total assets                                     1,308,734        1,336,975

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

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



Liabilities

Current liabilities

  Bank indebtedness                                      -            9,007

  Trade and other payables                         196,459          201,477

  Payables to related parties                        5,089            3,606

  Income tax payable                                   592            1,779

  Distributions payable                             10,324           10,148

  Current portion of provisions                        757            1,885

  Current portion of long-term debt                186,695            8,859

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

                                                   399,916          236,761

Non-current liabilities

  Long-term debt                                   238,487          415,379

  Provisions                                         6,969            6,487

  Pensions                                         112,671           92,646

  Post-retirement benefits                          57,881           57,162

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

  Liabilities to non-unitholders                   815,924          808,435

  Current portion of Partnership units

   liability                                         5,571            8,611

  Long-term portion of Partnership units

   liability                                       135,903          137,296

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

  Total Partnership units liability                141,474          145,907

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

Total liabilities                                  957,398          954,342

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



Equity

  Partnership units                                351,381          336,576

  Deficit                                          (61,775)         (42,792)

  Accumulated other comprehensive income            61,730           88,849

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

Total equity                                       351,336          382,633

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

Total equity and liabilities                     1,308,734        1,336,975

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

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





                            Kruger Products L.P.

 Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)

                      (thousands of Canadian dollars)





                               3-month     3-month     9-month     9-month

                               period      period      period      period

                                ended       ended       ended       ended

                              September   September   September   September

                              24, 2017    25, 2016    24, 2017    25, 2016

                                  $           $           $           $

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



Revenue                         336,284     312,823     939,943     888,270



Expenses

  Cost of sales                 290,777     256,823     802,108     747,348

  Selling, general and

   administrative expenses       20,726      22,645      66,467      66,283

  Gain on sale of non-

   financial assets                 (12)       (395)        (80)       (395)

  Restructuring costs, net         (245)         25        (234)        418

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



Operating income                 25,038      33,725      71,682      74,616



  Interest expense               10,533      11,192      31,554      33,327

  Other (income) expense         (2,103)        813       1,860        (307)

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



Income before income taxes       16,608      21,720      38,268      41,596



Income taxes                        158         162       4,922       1,612

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



Net income for the period        16,450      21,558      33,346      39,984

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



Other comprehensive loss

  Items that will not be

   reclassified to net

   income:

  Remeasurements of pensions     (5,424)    (20,097)    (20,647)    (63,986)

  Remeasurements of post-

   retirement benefits            2,929      (2,885)       (272)     (4,519)

  Items that may be

   subsequently reclassified

   to net income:

  Available-for-sale

   investment                         -           -           -        (290)

  Cumulative translation

   adjustment                   (23,774)      3,969     (27,119)    (16,858)

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



Total other comprehensive

 loss for the period            (26,269)    (19,013)    (48,038)    (85,653)

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



Comprehensive income (loss)

 for the period                  (9,819)      2,545     (14,692)    (45,669)

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

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





                            Kruger Products L.P.

          Unaudited Condensed Consolidated Statement of Cash Flows

                      (thousands of Canadian dollars)





                                  3-month    3-month    9-month    9-month

                                   period     period     period     period

                                   ended      ended      ended      ended

                                 September  September  September  September

                                  24, 2017   25, 2016   24, 2017   25, 2016

                                     $          $          $          $

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

Cash flows from (used in)

 operating activities

Net income for the period           16,450     21,558     33,346     39,984

Items not affecting cash

  Depreciation                      14,350     12,007     38,414     33,775

  Amortization                         286        296        775        876

  Gain on sale of property,

   plant and equipment                   -          -         (2)        (3)

  Change in amortized cost of

   Partnership units liability        (882)         -      4,178      1,234

  Gain on sale of investment             -          -          -       (324)

  Foreign exchange (gain) loss      (1,221)       813     (2,318)    (1,217)

  Interest expense                  10,533     11,192     31,554     33,327

  Pension and post retirement

   benefits                          2,513      2,487      7,539      7,805

  Provisions                          (127)       392        211      1,191

  Income taxes                         158        162      4,922      1,612

  Gain on sale of non-financial

   assets                              (12)      (395)       (80)      (395)

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

  Total items not affecting cash    25,598     26,954     85,193     77,881



Net change in non-cash working

 capital                             5,130     (6,009)   (25,959)   (10,471)

Contributions to pension and

 post-retirement benefit plans      (3,735)    (2,613)   (11,406)   (13,918)

Provisions paid                       (565)      (334)    (1,015)    (1,452)

Income tax payments                   (115)      (514)    (3,169)    (1,887)

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



Net cash from operating

 activities                         42,763     39,042     76,990     90,137

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



Cash flows from (used in)

 investing activities

Purchases of property, plant and

 equipment                         (12,033)   (19,965)   (50,278)   (58,666)

Capitalized interest paid             (116)         -       (497)         -

Proceeds on sale of investment           -          -          -      1,439

Government assistance received         923          -      3,872      1,209

Purchases of software                 (460)         -       (460)       (71)

Proceeds on sale of property,

 plant and equipment                    14        535      1,184        539

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



Net cash used in investing

 activities                        (11,672)   (19,430)   (46,179)   (55,550)

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



Cash flows from (used in)

 financing activities

Proceeds from long-term debt        (5,893)     4,204     20,877      4,995

Repayment of long-term debt         (4,749)      (596)    (5,250)    (8,106)

Payment of deferred financing

 fees                                    -       (376)       (12)      (711)

Interest paid on long-term debt     (7,819)    (8,538)   (18,930)   (18,294)

Distributions and advances paid,

 net                                (8,263)    (4,806)   (25,992)   (16,883)

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



Net cash used in financing

 activities                        (26,724)   (10,112)   (29,307)   (38,999)

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



Effect of exchange rate changes

 on cash and cash equivalents

 held in foreign currency           (1,924)       (80)    (2,011)    (1,519)

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



Increase (decrease) in cash and

 cash equivalents during the

 period                              2,443      9,420       (507)    (5,931)



Cash and cash equivalents -

 Beginning of period                24,554     10,104     27,504     25,455

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



Cash and cash equivalents - End

 of period                          26,997     19,524     26,997     19,524

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

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





                            Kruger Products L.P.

                       Segment and Geographic Results

                      (thousands of Canadian dollars)



                               3-month     3-month     9-month     9-month

                               period      period      period      period

                                ended       ended       ended       ended

                              September   September   September   September

                              24, 2017    25, 2016    24, 2017    25, 2016

                                  $           $           $           $

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



Segment Information



Segment Revenue

  Consumer                      272,917     248,792     763,996     708,868

  AFH                            62,497      59,411     171,090     167,513

  Other                             870       4,620       4,857      11,889

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



Total segment revenue           336,284     312,823     939,943     888,270

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

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



Segment Adjusted EBITDA

  Consumer                       38,077      42,907     105,951     104,433

  AFH                             1,852       2,425       4,840       4,230

  Other                            (512)        326        (236)        948

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



Total segment Adjusted

 EBITDA                          39,417      45,658     110,555     109,611



Reconciliation to Net

 Income:



Depreciation and

 amortization                    14,636      12,303      39,189      34,651

Interest expense                 10,533      11,192      31,554      33,327

Change in amortized cost of

 Partnership units liability       (882)          -       4,178       1,234

Gain on sale of property,

 plant and equipment                  -           -          (2)         (3)

Gain on sale of non-

 financial assets                   (12)       (395)        (80)       (395)

Restructuring costs, net           (245)         25        (234)        418

Foreign exchange (gain) loss     (1,221)        813      (2,318)     (1,217)

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



Income before income taxes       16,608      21,720      38,268      41,596



Income taxes                        158         162       4,922       1,612

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



Net income                       16,450      21,558      33,346      39,984

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

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



Geographic Revenue



Canada                          209,289     195,186     570,949     539,221

U.S.                            113,157     105,114     332,710     311,517

Mexico                           13,838      12,523      36,284      37,532

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



Total revenue                   336,284     312,823     939,943     888,270

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

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








                               KP Tissue Inc.

            Unaudited Condensed Statement of Financial Position

                      (thousands of Canadian dollars)



                                            September 24,     December 31,

                                                 2017             2016

                                                  $                $

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

Assets



Current assets

  Distributions receivable                           1,653            1,636

  Receivable from Partnership                            -              426

  Income tax recoverable                             1,031                -

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

                                                     2,684            2,062



Non-current assets

  Investment in associate                          104,650          117,349

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



Total Assets                                       107,334          119,411

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

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



Liabilities



Current liabilities

  Dividend payable                                   1,653            1,636

  Payable to Partnership                                52                -

  Advances from Partnership                          1,040              914

  Income tax payable                                     -              884

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

                                                     2,745            3,434

Non-current liabilities

  Deferred income taxes                              1,946              893

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



Total liabilities                                    4,691            4,327

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



Equity



  Common shares                                     14,573           13,176

  Contributed surplus                              144,819          144,819

  Deficit                                          (67,862)         (58,729)

  Accumulated other comprehensive income            11,113           15,818

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



Total equity                                       102,643          115,084

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



Total liabilities and equity                       107,334          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     9-month     9-month

                              period      period      period      period

                               ended       ended       ended       ended

                             September   September   September   September

                             24, 2017    25, 2016    24, 2017    25, 2016

                                 $           $           $           $

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



Equity income                    1,179       2,010         931       2,101



Dilution gain                       39          58         136         142

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



Income before income taxes       1,218       2,068       1,067       2,243



Income taxes                     1,288       1,299       2,288       3,557

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



Net income (loss) for the

 period                            (70)        769      (1,221)     (1,314)

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



Other comprehensive loss

  net of tax expense

   (recovery)

  Items that will not be

   reclassified to net

   income (loss):

  Remeasurements of

   pensions                       (755)     (2,825)     (2,885)     (9,034)

  Remeasurements of post-

   retirement benefits             287        (285)        (27)       (447)

  Items that may be

   subsequently

   reclassified to net

   income (loss):

  Available-for-sale

   investment                        -           -           -         (41)

  Cumulative translation

   adjustment                   (4,086)        711      (4,705)     (3,495)

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



Total other comprehensive

 loss for the period            (4,554)     (2,399)     (7,617)    (13,017)

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



Comprehensive loss for the

 period                         (4,624)     (1,630)     (8,838)    (14,331)

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

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



Basic earnings (loss) per

 share                           (0.01)       0.08       (0.13)      (0.15)

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

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



Weighted average number of

 shares outstanding          9,176,138   9,051,321   9,146,312   9,021,008

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

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





                               KP Tissue Inc.

                Unaudited Condensed Statement of Cash Flows

                      (thousands of Canadian dollars)



                               3-month     3-month     9-month     9-month

                               period      period      period      period

                                ended       ended       ended       ended

                              September   September   September   September

                              24, 2017    25, 2016    24, 2017    25, 2016

                                  $           $           $           $

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

Cash flows from (used in)

 operating activities

Net income (loss) for the

 period                             (70)        769      (1,221)     (1,314)

Items not affecting cash

  Equity income                  (1,179)     (2,010)       (931)     (2,101)

  Dilution gain                     (39)        (58)       (136)       (142)

  Income taxes                    1,288       1,299       2,288       3,557

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

  Total items not affecting

   cash                              70        (769)      1,221       1,314



Net change in non-cash

 working capital                   (219)          -         478           -

Tax payments                       (225)          -      (1,999)       (205)

Tax Distribution received             -           -         481           -

Advances received                   444           -       1,040         205

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



Net cash from (used in)

 operating activities                 -           -           -           -

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



Cash flows from investing

 activites

Partnership unit

 distributions received           1,218       1,180       3,586       3,728

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



Net cash from investing

 activities                       1,218       1,180       3,586       3,728

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



Cash flows used in financing

 activities

Dividends paid                   (1,218)     (1,180)     (3,586)     (3,728)

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



Net cash used in financing

 activities                      (1,218)     (1,180)     (3,586)     (3,728)

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



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:

Francois Paroyan

General Counsel and Corporate Secretary

KP Tissue Inc.

905.812.6936

francois.paroyan@krugerproducts.ca





INVESTORS:


Mike Baldesarra

Director of Investor Relations

KP Tissue Inc.

905.812.6962

IR@KPTissueinc.com









Source: KP Tissue Inc.

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