KP Tissue Inc.: KP Tissue Releases Third Quarter 2022 Financial Results

MISSISSAUGA, Ontario, Nov. 09, 2022 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q3 2022 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®, White Swan® and Bonterra™) and the Away-From-Home (AFH) market and continues to grow in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products. KPT currently holds a 13.9% interest in KPLP.

KPLP Q3 2022 Business and Financial Highlights

• Revenue was $427.0 million in Q3 2022 compared to $391.4 million in Q3 2021, an increase of $35.6 million or 9.1%.
• Adjusted EBITDA¹ was $30.7 million in Q3 2022, compared to $40.3 million in Q3 2021, a decrease of $9.6 million.
• Net loss was $38.8 million in Q3 2022 compared to $9.3 million in Q3 2021, a decrease of $29.5 million.
• Declared a quarterly dividend of $0.18 per share to be paid on January 16, 2023.

"We continued to deliver solid top-line growth in the third quarter of 2022 with revenue increasing 9.1% year-over-year, while profitability significantly improved from the previous quarter based on the disciplined execution of a multi-faceted strategy. This included price increases across all segments as well as productivity gains, along with prudent cash management through reductions in working capital and discretionary spending," stated KP Tissue's Chief Executive Officer, Dino Bianco.

"I'm very pleased with the strong performance of our AFH segment in the third quarter with sales growth of 37.3% year-over-year and Adjusted EBITDA¹ of $5.4 million, signaling a market recovery in Canada and the U.S. post-COVID. For the Consumer segment, revenue growth was 4.1%, as we are seeing slower consumer purchases as they adjust to higher price points. We plan to maintain targeted investments in our consumer brands, including recently launched Bonterra™, SpongeTowels UltraPRO®, UltraLuxe® and White Cloud®, while watching post-pricing price gaps."

"Although inflationary upward pressure appears to be easing, higher price points for products have created sales volatility with some consumers trading down during these uncertain times. The recovery of our Memphis operations is also taking a little longer than anticipated, but we believe this situation will be largely resolved by early 2023. Despite the volatile business environment, we are moving in the right direction and fully expect to generate profitable growth in the fourth quarter and beyond," Mr. Bianco concluded.

Outlook for Q4 2022
Looking ahead to the fourth quarter of 2022, we believe that inflationary pressure has stabilized, price increases are in place, cost-cutting programs have been implemented, discretionary spending has been restricted and operating efficiency is gaining traction. As a result, Adjusted EBITDA¹ in Q4 2022 is expected to exceed last year's fourth quarter level.

KPLP Q3 2022 Financial Results
Revenue was $427.0 million in Q3 2022 compared to $391.4 million in Q3 2021, an increase of $35.6 million or 9.1%. The increase in revenue was due to selling price increases in all segments and regions along with higher sales volume in the AFH segment as the business continues to recover from the impact of COVID-19, partially offset by lower sales volume in the Consumer segment and unfavourable mix. Revenue was also favourably impacted by foreign exchange fluctuations on U.S. dollar sales.

Cost of sales was $394.6 million in Q3 2022 compared to $345.6 million in Q3 2021, an increase of $49.0 million or 14.2%. Manufacturing costs increased primarily due to significantly increased pulp costs and high inflation on other input costs, along with the impact of labour shortages and productivity in Memphis manufacturing, plant overhead increases primarily in maintenance and the unfavourable impact of foreign exchange fluctuations on U.S. dollar costs, partially offset by lower sales volumes. Freight costs increased significantly compared to Q3 2021 primarily due to increased freight rates resulting from cost inflation. As a percentage of revenue, cost of sales was 92.4% in Q3 2022 compared to 88.3% in Q3 2021.

Selling, general and administrative (SG&A) expenses were $30.1 million in Q3 2022 compared to $29.0 million in Q3 2021, an increase of $1.1 million or 3.5%. The increase was primarily due to higher advertising and promotion expenses, the release of a COVID-19 related AFH accounts receivable provision in the comparative period and a return to more normal travel levels, partially offset by lower personnel costs and management fees. As a percentage of revenue, SG&A expenses were 7.0% in Q3 2022 compared to 7.4% in Q3 2021.

Adjusted EBITDA¹ was $30.7 million in Q3 2022 compared to $40.3 million in Q3 2021, a decrease of $9.6 million or 23.8%. The decrease was primarily due to significant inflation on pulp, manufacturing costs and freight as described above, and also lower sales volume, which were only partially offset by higher selling prices.

Net loss was $38.8 million in Q3 2022 compared to $9.3 million in Q3 2021, a decrease of $29.5 million. The decrease was primarily due to lower Adjusted EBITDA¹ of $9.6 million as discussed above, higher other expense related to unrealized foreign exchange losses on U.S. denominated debt and consulting costs related to operational transformation initiatives, partially offset by a lower change in the amortized costs of the Partnership units liability.

¹ Adjusted EBITDA is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures section of this news release for more information on these measures.

KPLP Q3 2022 Liquidity
Total liquidity, representing cash and availability under the revolving credit agreements, was $112.4 million as of September 30, 2022. In addition, $50.6 million of cash was held by KPLP for the TAD Sherbrooke and Sherbrooke Expansion Projects.

KPT Q3 2022 Financial Results
KPT had a net loss of $6.3 million in Q3 2022. Included in the net loss was $5.5 million representing KPT's share of KPLP's net loss, and a dilution gain of $0.2 million, depreciation expense of $1.3 million related to adjustments to carrying amounts on acquisition and an income tax recovery of $0.3 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 16, 2023 to shareholders of record at the close of business on December 31, 2022.

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 30, 2022 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 9, 2022 at 8:30 a.m. Eastern Time.

Via telephone: [phone] or 416-764-8646

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 16, 2022 by dialing 1-877-674-7070 or 416-764-8692 and entering passcode 883805.

The replay of the webcast will remain available on the website until midnight, November 16, 2022.

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 13.9% 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®, Purex®, SpongeTowels®, Scotties®, White Swan® and Bonterra™. In the U.S., KPLP manufactures the White Cloud® 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 2,700 employees and operates nine FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca.

Non-GAAP Financial Measures
This press release uses certain non-GAAP 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 GAAP and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. "Adjusted EBITDA" is calculated by KPLP as net income (loss) before (i) interest expense and other finance costs, (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, (x) change in fair value of derivatives, (xi) consulting costs related to operational transformation initiatives, (xii) corporate development related costs and (xiii) loss (gain) on sale of shares. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the Segment and Geographic Results table of this news release.

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. Forward-looking statements in this press release include, but are not limited to, statements regarding the projected capacity of the TAD Sherbrooke Project and the Sherbrooke Expansion Project, expected revenue growth, continued growth in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products, the anticipated timing of the recovery of our Memphis operations, our expectation to generate profitable growth in Q4 of 2022, our expectation that Adjusted EBITDA will exceed the Adjusted EBITDA of Q4 2021 and KPLP's future business strategy. 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 statements are based on certain key expectations and assumptions made by KPT or KPLP. Although KPT and KPLP believe 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 statements 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 2022 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 KPT'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 10, 2022 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 Sherbrooke Project; risks associated with the Sherbrooke Expansion Project; operational risks; 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; covenant compliance; interest rate and refinancing risk; and risks relating to information technology; cyber-security; insurance; internal controls; trade; and risks related to COVID-19.

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.

INFORMATION:

Francois Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
Tel.: [phone]
[e-mail]

INVESTORS:

Mike Baldesarra
Director of Investor Relations
KP Tissue Inc.
Tel.: [phone]
[e-mail]

Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Financial Position
(thousands of Canadian dollars)
		September 30, 2022			December 31, 2021
		$			$
Assets
Current assets
Cash and cash equivalents		82,123			148,519
Restricted cash		5,978			2,506
Trade and other receivables		122,417			88,802
Receivables from related parties		223			271
Advances to partners		-			13,752
Inventories		295,790			251,071
Income tax recoverable		1,012			1,171
Prepaid expenses		10,299			5,455
		517,842			511,547
Non-current assets
Property, plant and equipment		1,282,153			1,224,698
Right-of-use assets		86,197			91,626
Other long-term assets		30,535			37,456
Pensions		133,441			-
Goodwill		152,021			152,021
Intangible assets		30,986			29,222
Deferred income taxes		101,135			75,742
Total assets		2,334,310			2,122,312
Liabilities
Current liabilities
Trade and other payables		269,093			258,626
Payables to related parties		8,559			11,485
Income tax payable		96			300
Distributions payable		12,674			12,300
Current portion of provisions		2,198			3,705
Current portion of long-term debt		34,559			48,550
Current portion of lease liabilities		28,949			30,170
		356,128			365,136
Non-current liabilities
Long-term debt		1,095,047			920,331
Long-term lease liabilities		75,025			82,354
Long-term payable to related party		44,233			42,454
Long-term provisions		5,954			6,929
Pensions		-			58,481
Post-retirement benefits		44,401			57,331
Liabilities to non-unitholders		1,620,788			1,533,016
Current portion of Partnership units liability		-			14,064
Long-term portion of Partnership units liability		159,137			159,137
Total Partnership units liability		159,137			173,201
Total liabilities		1,779,925			1,706,217
Equity
Partnership units		483,292			461,536
Deficit		(22,084	)		(117,123	)
Accumulated other comprehensive income		93,177			71,682
Total equity		554,385			416,095
Total equity and liabilities		2,334,310			2,122,312

Kruger Products L.P.
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
(thousands of Canadian dollars)
		3-month period ended September 30, 2022			3-month period ended September 30, 2021			9-month period ended September 30, 2022			9-month period ended September 30, 2021
		$			$			$			$
Revenue		427,026			391,392			1,223,264			1,041,132
Expenses
Cost of sales		394,596			345,577			1,130,940			903,885
Selling, general and administrative expenses		30,059			29,055			94,025			86,404
Loss on sale of non-financial assets		1			2			11			5
Restructuring costs, net		139			166			1,007			207
Operating income (loss)		2,231			16,592			(2,719	)		50,631
Interest expense and other finance costs		18,907			18,740			53,810			47,925
Other expense		26,045			11,728			34,329			10,781
Loss before income taxes		(42,721	)		(13,876	)		(90,858	)		(8,075	)
Income tax recovery		(3,919	)		(4,618	)		(17,980	)		(7,823	)
Net loss for the period		(38,802	)		(9,258	)		(72,878	)		(252	)
Other comprehensive income (loss)
Items that will not be reclassified to net loss:
Remeasurements of pensions		(3,184	)		44,377			191,741			138,418
Remeasurements of post-retirement benefits		(293	)		1,670			13,758			6,019
Items that may be subsequently reclassified to net loss:
Cumulative translation adjustment		17,110			7,441			21,495			69
Total other comprehensive income for the period		13,633			53,488			226,994			144,506
Comprehensive income (loss) for the period		(25,169	)		44,230			154,116			144,254

Kruger Products L.P.
Unaudited Condensed Consolidated Statements of Cash Flows
(thousands of Canadian dollars)
	3-month period ended September 30, 2022			3-month period ended September 30, 2021			9-month period ended September 30, 2022			9-month period ended September 30, 2021
	$			$			$			$
Cash flows from (used in) operating activities
Net loss for the period	(38,802	)		(9,258	)		(72,878	)		(252	)
Items not affecting cash
Depreciation	23,684			22,557			66,444			61,292
Amortization	1,108			907			3,277			2,539
Loss on sale of property, plant and equipment	-			62			18			326
Change in amortized cost of Partnership units liability	-			3,427			-			10,283
Foreign exchange loss	26,045			8,301			34,329			498
Interest expense and other finance costs	18,907			18,740			53,810			47,925
Pension and post-retirement benefits	3,706			4,343			10,976			12,486
Provisions	773			906			1,267			1,547
Income tax recovery	(3,919	)		(4,618	)		(17,980	)		(7,823	)
Loss on sale of non-financial assets	1			2			11			5
Total items not affecting cash	70,305			54,627			152,152			129,078
Net change in non-cash working capital	(18,724	)		11,082			(85,245	)		(120,743	)
Contributions to pension and post-retirement benefit plans	(4,214	)		(3,829	)		(12,554	)		(11,451	)
Provisions paid	(88	)		(269	)		(4,003	)		(4,173	)
Income tax payments	(269	)		(1,013	)		(1,757	)		(2,019	)
Net cash from (used in) operating activities	8,208			51,340			(24,285	)		(9,560	)
Cash flows from (used in) investing activities
Purchases of property, plant and equipment	(8,381	)		(8,190	)		(27,311	)		(19,438	)
Purchases of property, plant and equipment and software related to  the TAD Sherbrooke Project	(4,256	)		(9,333	)		(15,185	)		(88,273	)
Purchases of property, plant and equipment related to the  Sherbrooke Expansion Project	(9,196	)		-			(29,944	)		-
Interest paid on credit facilities related to the TAD Sherbrooke  Project	-			-			-			(608	)
Interest paid on credit facilities related to the Sherbrooke Expansion Project, net	17			-			(289	)		-
Government assistance received	1,023			-			1,023			-
Purchases of software	(180	)		-			(4,939	)		(774	)
Proceeds on sale of property, plant and equipment	-			-			1			8
Net cash used in investing activities	(20,973	)		(17,523	)		(76,644	)		(109,085	)
Cash flows from (used in) financing activities
Proceeds from long-term debt, net	30,820			(1,278	)		248,326			225,197
Repayment of long-term debt	(10,272	)		(18,640	)		(135,718	)		(21,913	)
Payment of deferred financing fees	(1,506	)		(665	)		(2,818	)		(8,935	)
Payment of lease liabilities	(6,852	)		(6,239	)		(21,263	)		(18,954	)
Change in Restricted cash	(1,160	)		(1,087	)		(3,472	)		(1,438	)
Interest paid on long-term debt	(11,211	)		(8,227	)		(36,198	)		(24,753	)
Distributions and advances paid, net	(1,743	)		(10,499	)		(15,764	)		(41,360	)
Net cash from (used in) financing activities	(1,924	)		(46,635	)		33,093			107,844
Effect of exchange rate changes on cash and cash equivalents  held in foreign currency	1,280			659			1,440			(737	)
Decrease in cash and cash equivalents during the period	(13,409	)		(12,159	)		(66,396	)		(11,538	)
Cash and cash equivalents - Beginning of period	95,532			129,360			148,519			128,739
Cash and cash equivalents - End of period	82,123			117,201			82,123			117,201

Kruger Products L.P.
Segment and Geographic Results
(thousands of Canadian dollars)
		3-month period ended September 30, 2022			3-month period ended September 30, 2021			9-month period ended September 30, 2022			9-month period ended September 30, 2021
		$			$			$			$
Segment Information
Segment Revenue
Consumer		346,063			332,416			1,015,238			896,144
AFH		80,963			58,976			208,026			144,988
Total segment revenue		427,026			391,392			1,223,264			1,041,132
Adjusted EBITDA
Consumer		25,038			39,092			74,719			123,563
AFH		5,357			2,162			1,685			(3,174	)
Corporate and other costs		315			(941	)		(4,819	)		(5,296	)
Total Adjusted EBITDA		30,710			40,313			71,585			115,093
Reconciliation to net loss:
Depreciation and amortization		24,792			23,464			69,721			63,831
Interest expense and other finance costs		18,907			18,740			53,810			47,925
Change in amortized cost of Partnership units liability		-			3,427			-			10,283
Loss on sale of property, plant and equipment		-			62			18			326
Loss on sale of non-financial assets		1			2			11			5
Restructuring costs, net		139			166			1,007			207
Foreign exchange loss		26,045			8,301			34,329			498
Consulting costs related to operational transformation initiatives		3,547			-			3,547			-
Corporate development related costs		-			27			-			93
Loss before income taxes		(42,721	)		(13,876	)		(90,858	)		(8,075	)
Income tax recovery		(3,919	)		(4,618	)		(17,980	)		(7,823	)
Net loss		(38,802	)		(9,258	)		(72,878	)		(252	)
Geographic Revenue
Canada		249,827			233,529			732,033			647,516
US		177,199			157,863			491,231			393,616
Total revenue		427,026			391,392			1,223,264			1,041,132

KP Tissue Inc.
Unaudited Condensed Statement of Financial Position
(thousands of Canadian dollars)
		September 30, 2022			December 31, 2021
		$			$
Assets
Current assets
Distributions receivable		1,789			1,781
Income tax recoverable		618			208
		2,407			1,989
Non-current assets
Investment in associate		90,720			78,727
Total Assets		93,127			80,716
Liabilities
Current liabilities
Dividend payable		1,789			1,781
Payable to Partnership		170			246
Current portion of advances from Partnership		-			2,014
		1,959			4,041
Non-current liabilities
Deferred income taxes		7,368			806
Total liabilities		9,327			4,847
Equity
Common shares		22,319			21,844
Contributed surplus		144,819			144,819
Deficit		(99,086	)		(103,561	)
Accumulated other comprehensive income		15,748			12,767
Total equity		83,800			75,869
Total liabilities and equity		93,127			80,716

KP Tissue Inc.
Unaudited Condensed Statements of Comprehensive Income (Loss)
(thousands of Canadian dollars, except share and per share amounts)
	3-month period ended September 30, 2022			3-month period ended September 30, 2021			9-month period ended September 30, 2022			9-month period ended September 30, 2021
	$			$			$			$
Equity loss	(6,836	)		(2,686	)		(14,367	)		(4,033	)
Dilution gain	283			81			483			243
Loss before income taxes	(6,553	)		(2,605	)		(13,884	)		(3,790	)
Income tax recovery	(264	)		(382	)		(4,625	)		(1,542	)
Net loss for the period	(6,289	)		(2,223	)		(9,259	)		(2,248	)
Other comprehensive income (loss)
net of tax expense (recovery)
Items that will not be reclassified to net loss:
Remeasurements of pensions	(383	)		5,600			17,749			17,152
Remeasurements of post-retirement benefits	(45	)		147			1,354			536
Items that may be subsequently reclassified to net loss:
Cumulative translation adjustment	2,390			1,092			2,981			(42	)
Total other comprehensive income for the period	1,962			6,839			22,084			17,646
Comprehensive income (loss) for the period	(4,327	)		4,616			12,825			15,398
Basic loss per share	(0.63	)		(0.23	)		(0.93	)		(0.23	)
Weighted average number of shares outstanding	9,939,529			9,853,722			9,933,537			9,817,280

KP Tissue Inc.
Unaudited Condensed Statement of Cash Flows
(thousands of Canadian dollars)
	3-month period ended September 30, 2022			3-month period ended September 30, 2021			9-month period ended September 30, 2022			9-month period ended September 30, 2021
	$			$			$			$
Cash flows from (used in) operating activities
Net loss for the period	(6,289	)		(2,223	)		(9,259	)		(2,248	)
Items not affecting cash
Equity loss	6,836			2,686			14,367			4,033
Dilution gain	(283	)		(81	)		(483	)		(243	)
Income tax recovery	(264	)		(382	)		(4,625	)		(1,542	)
Total items not affecting cash	6,289			2,223			9,259			2,248
Net change in non-cash working capital	93			98			(76	)		95
Tax refunds (payments)	(93	)		(679	)		38			(3,311	)
Tax Distribution received, net	-			-			38			1,738
Advances received	-			581			-			1,478
Net cash from (used in) operating activities	-			-			-			-
Cash flows from investing activites
Partnership unit distributions received	1,742			1,403			4,886			4,158
Net cash from investing activities	1,742			1,403			4,886			4,158
Cash flows used in financing activities
Dividends paid, net	(1,742	)		(1,403	)		(4,886	)		(4,158	)
Net cash used in financing activities	(1,742	)		(1,403	)		(4,886	)		(4,158	)
Increase (decrease) in cash and cash equivalents during the period	-			-			-			-
Cash and cash equivalents - Beginning of period	-			-			-			-
Cash and cash equivalents - End of period	-			-			-			-