Financial Highlights: • Completed amendment to credit agreement provides additional liquidity • Announced plan to close production facility in Torrance, California, and sell the land and building resulting in net proceeds of approximately $35 million • Net cash provided by operating activities of $27 million in the second quarter of 2019, compared to net cash used in operating activities of $2 million in the second quarter of 2018 • GAAP net loss of $24 million, or $0.69 per diluted share, compared to net income of $8 million, or $0.23 per diluted share in the second quarter of 2018. The Company recently announced the planned closure of its production facility in Torrance, California. The Company has entered into an agreement to sell the land and building in Torrance and expects to receive net proceeds of approximately $35 million.
Central Wisconsin community asked to vote for Stevens Point book printer and domestic manufacturing home of best-selling children’s book series
Worzalla, an employee-owned printing company specializing in high-quality custom products including children’s books and coffee table books, is one of many companies across the state to be recognized by the Wisconsin Manufacturers & Commerce’s “Coolest Thing Made in Wisconsin” contest. The contest, now in its fourth year, aims to highlight the state’s manufacturing industry.
The entire state will be voting on their favorite thing made in Wisconsin starting on Monday, September 9, 2019, and Worzalla is asking the central Wisconsin community to vote for their entry. Worzalla has been nominated for its production of the Diary of a Wimpy Kid series, a #1 New York Times best-selling children’s book series authored by Jeff Kinney and published by Amulet Books. As the domestic manufacturing home of the Diary of a Wimpy Kid since 2007, Worzalla has printed millions of copies of each book in the series, most recently the thirteenth book Diary of an Awesome Friendly Kid: Rowley Jefferson’s Journal that was released in April 2019.
“We are honored to be recognized for our efforts to produce the beloved Diary of a Wimpy Kid series, and proud to partner with Amulet Books on bringing this entertaining children’s book series to life for more than a decade,” said Jim Fetherston, President and CEO of Worzalla. “It’s thanks to our talented and dedicated associates that we are able to create these books to share with children across the country. We hope the local community will support us by casting their vote for Worzalla.”
Each new book in the Diary of a Wimpy Kid series requires about 40 million linear feet of paper, which when laid out end to end is 7,889 miles, roughly the distance from Stevens Point, Wisconsin, to Manila, Philippines. Additionally, each book requires about 450,000 pounds of ink and upwards of 7,500 manhours.
In the first round of public voting for the Coolest Thing Made in Wisconsin contest, a popular vote from September 9 – 15 will determine the Top 16 products that will be placed in a bracket-style tournament called Manufacturing Madness. Products will compete against one another in head-to-head match-ups, and the products that receive the highest votes in each match-up will advance to the next round. Following these rounds of voting, the winner will be announced at the WMC Foundation’s Business & Industry Luncheon at State Fair Park in Milwaukee on October 8.
“This contest has quickly become one of the best ways to highlight the state’s vibrant and diverse manufacturing industry,” said WMC President & CEO Kurt R. Bauer. “As we approach Manufacturing Month in October, we hope this contest will bring attention to not only the cool things made in this state, but the outstanding career opportunities available in Wisconsin’s largest economic industry.”
Voting for the Coolest Thing Made in Wisconsin contest will open on Monday, September 9. Individuals can vote once per 24-hour period through Sunday, September 15, for the initial voting round. Votes can be cast at madeinwis.com.