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Oklahoma business briefs for Feb. 7, 2013

Oklahoma business briefs, Feb. 7
Published: February 7, 2013
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EARNINGS

ORCHIDS PAPER PRODUCTS CO.

Orchids Paper Products Co. reported Wednesday that its net income rose nearly 50 percent last year to $9.3 million, or $1.18 a share. The paper products manufacturer earned $6.2 million, or 80 cents a share, in 2011. “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,” CEO Robert Snyder said. “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.” In the fourth quarter, Orchids' net income dropped to $2.2 million from $2.7 million in the same period of last year.

MATRIX SERVICE CO.

Matrix Service Co. on Wednesday reported net income of $5.4 million, or 21 cents a share, for the second quarter. That is down from $7 million, or 27 cents a share, for the same period of last year, as Matrix recorded a $3.3 million charge related to an aboveground storage tank project in Canada. CEO John Hewitt said officials were disappointed with the charge, but western Canada still is an area of focus in Matrix's long-term growth strategy.

From Staff Reports