Orchids Paper Products Company (NYSE:TIS) shares rose sharply early Friday, after the company announced a 'significant' new customer and $5.9-million increase in its credit line.
CEO Jeff Schoen stated, "Our lenders continue to support and maintain access to the liquidity needed to operate our business. On November 20, we executed modifications to our credit facilities to increase the amount available under our revolving line of credit by $5.9 million and to defer future principal and interest payments to December 31, 2018.
"In addition, the amended agreement extends the milestone dates to execute a transaction to December 31, 2018. At the end of the third quarter, the Company had $5.1 million of cash on hand."
Orchids Paper Products Company is a customer-focused, national supplier of high quality consumer tissue products primarily serving the at home private label consumer market.
The Company produces a full line of tissue products, including paper towels, bathroom tissue and paper napkins, to serve the value through ultra-premium quality market segments from its operations in Oklahoma, South Carolina and Mexico. The Company provides these products primarily to retail chains throughout the United States.
The shares more than doubled, taking on $1.27, or 186.8%,to $1.95
