KP Tissue Releases Fourth Quarter and Full Year 2025 Financial Results

MISSISSAUGA, Ontario, Feb. 18, 2026 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q4 2025 and full year 2025 financial and operational results of KPT and Kruger Products Inc. (Kruger Products). 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 12.1% interest in Kruger Products. Kruger Products Q4 2025 Business and Financial Highlights Revenue was $560.1 million in Q4 2025 compared to $539.6 million in Q4 2024, an increase of $20.5 million or 3.8%. Adjusted EBITDA1 was $84.2 million in Q4 2025 compared to $66.8 million in Q4 2024, an increase of 26.0%. Net income was $23.4 million in Q4 2025 compared to a net loss of $13.7 million in Q4 2024, an increase of $37.1 million. Declared a quarterly dividend of $0.18 per share to be paid on April 15, 2026. Kruger Products Full Year 2025 Financial Highlights Revenue was $2,203.4 million in Fiscal 2025 compared to $2,049.9 million in Fiscal 2024, an increase of $153.5 million or 7.5%. Adjusted EBITDA1 was $318.2 million in Fiscal 2025 compared to $264.8 million in Fiscal 2024 an increase of 20.2%. Net income was $75.5 million in Fiscal 2025 compared to $23.8 million in Fiscal 2024, an improvement of $51.7 million. “Fiscal 2025 proved to be a strong year across many areas of our business, marked by share gains and revenue growth, higher margins and greater profitability, along with enhanced operational efficiency and an improved safety record,” stated Kruger Products and KP Tissue’s Chief Executive Officer, Dino Bianco. “We are particularly pleased revenue growth was well-diversified both in Canada, leveraging our leadership position in this mature market, and in the U.S., serving as our growth engine for years to come. “In fact, we are firming up the location, project scope and financial details of a new through-air-dried (TAD) facility slated to open in the western United States in 2028 with an official announcement expected in the first half of 2026. “In the fourth quarter of 2025, our momentum culminated with Adjusted EBITDA growing 26.0% year-over-year to $84.2 million, mainly driven by higher sales volume. In addition, expanded in-sourcing of paper from our Sherbrooke Expansion Project improved the margins of our Away-From-Home segment and overall business. “Going forward, we intend to build on our solid foundation, entrenched by three consecutive years of increases in revenue and profitability, to deliver growth in 2026 and beyond,” Mr. Bianco added. Outlook for Q1 2026 For the first quarter of 2026, we expect Adjusted EBITDA1 to be in the range of Q4 2025. Kruger Products Q4 2025 Financial Results Revenue was $560.1 million in Q4 2025 compared to $539.6 million in Q4 2024, an increase of $20.5 million or 3.8%. The increase in revenue was primarily due to higher sales volume across both segments. Cost of sales was $451.9 million in Q4 2025 compared to $459.3 million in Q4 2024, a decrease of $7.4 million or 1.6%. The decrease in cost of sales was primarily due to lower pulp prices compared to the year ago quarter and favourable productivity across our manufacturing sites, partially offset by higher sales volume and additional manufacturing overhead spend to invest in our sites. Freight rates were lower compared to Q4 2024 while warehousing expenses remained essentially flat. As a percentage of revenue, cost of sales was 80.7% in Q4 2025, compared to 85.1% in Q4 2024. Selling, general and administrative (SG&A) expenses were $55.3 million in Q4 2025 compared to $45.1 million in Q4 2024, an increase of $10.2 million or 22.6%. The increase was primarily due to additional headcount and related compensation costs that resulted in lower contracting costs, higher selling expenses related to higher sales volume, foreign exchange losses in Q4 2025 compared to gains in Q4 2024 and a favourable business tax adjustment in a U.S. entity in Q4 2024 that did not recur in Q4 2025. As a percentage of revenue, SG&A expenses were 9.9% in Q4 2025 compared to 8.4% in Q4 2024. Adjusted EBITDA1 was $84.2 million in Q4 2025 compared to $66.8 million in Q4 2024, an increase of $17.4 million or 26.0%. The increase was primarily due to higher sales volumes and favourable productivity in our manufacturing sites, along with lower pulp costs and freight rates, partially offset by higher manufacturing overhead spend and SG&A expenses. Net income was $23.4 million in Q4 2025 compared to a net loss of $13.7 million in Q4 2024, an increase of $37.1 million. The increase was primarily due to a foreign exchange difference and higher Adjusted EBITDA1, partially offset by higher income tax expense, higher income from non-controlling interest and higher interest expense and other finance costs. Kruger Products 2025 Financial Results Revenue was $2,203.4 million in Fiscal 2025 compared to $2,049.9 million in Fiscal 2024, an increase of $153.5 million or 7.5%. The increase in revenue was primarily due to higher sales volume in the Consumer segment and favourable selling prices across both segments, partially offset by somewhat lower sales volume in the AFH segment from the first half of 2025. Revenue was also favorably impacted by foreign exchange fluctuations on U.S. dollar sales. Adjusted EBITDA1 was $318.2 million in Fiscal 2025 compared to $264.8 million in Fiscal 2024, an increase of $53.4 million or 20.2%. The increase was primarily due to higher sales volumes and selling prices along with lower pulp prices and favourable manufacturing overhead cost absorption, partially offset by additional manufacturing overhead spend to invest in our sites and unfavourable mill performance at our Memphis site, along with higher warehousing and SG&A expenses. Net income was $75.5 million in Fiscal 2025 compared to $23.8 million in Fiscal 2024, an improvement of $51.7 million. The improvement was primarily due to higher Adjusted EBITDA1 and a foreign exchange gain, partially offset by higher depreciation expense resulting from the Sherbrooke Expansion Project and a one-time expense related to the restructuring activity in our Memphis site, higher interest expense and other finance costs, higher income from non-controlling interest, higher restructuring costs and higher income tax expense. Kruger Products Q4 2025 Financing Activity and Liquidity On December 10, 2025, Kruger Products issued $165 million in an aggregate principal amount of 6.250% Senior Unsecured Notes (the Notes) due December 10, 2032 by way of private placement (the Offering). Interest on the Notes is payable semi-annually in arrears on June 10 and December 10 of each year, commencing on June 10, 2026. A portion of the proceeds were used to fund the repayment in full of the borrowings outstanding under the senior credit facilities of Kruger Products SB Inc. (KPSB) with the balance being used for general corporate purposes. In connection with the Offering, Kruger Products' syndicated credit agreement was amended and restated to, among other things, increase the facility amount from $230 million to $250 million, increase the accordion feature from $75 million to $100 million and add KPSB as a restricted credit party. Total liquidity, representing cash and availability under the revolving credit agreements, was $451.3 million as of December 31, 2025. KPT Q4 2025 Financial Results KPT had net income of $2.6 million in Q4 2025. Included in net income was $2.8 million representing KPT’s share of Kruger Products’ net income, a dilution gain of $0.1 million and depreciation expense of $0.3 million related to adjustments to carrying amounts on acquisition. KPT 2025 Financial Results KPT had net income of $8.5 million in Fiscal 2025. Included in net income was $9.2 million representing KPT’s share of Kruger Products’ net income, a dilution gain of $0.4 million and depreciation expense of $1.1 million related to adjustments to carrying amounts on acquisition. Dividends on Common Shares The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on April 15, 2026 to shareholders of record at the close of business on March 31, 2026. Additional Information For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and Kruger Products for the fourth quarter and fiscal year ended December 31, 2025 available on SEDAR+ at www.sedarplus.ca or our website at www.kptissueinc.com. Fourth Quarter Results Conference Call Information KPT will hold its fourth quarter conference call on Wednesday, February 18, 2026 at 8:30 a.m. Eastern Time. Via telephone: 1-888-699-1199 or 416-945-7677 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, February 25, 2026 by dialing 1-888-660-6345 or 289-819-1450 and entering passcode 25755. The replay of the webcast will remain available on the website until midnight, February 25, 2026. About KP Tissue Inc. KPT was created to acquire, and its business is limited to holding, a limited equity interest in Kruger Products, which is accounted for as an investment on the equity basis. KPT currently holds a 12.1% interest in Kruger Products. For more information visit www.kptissueinc.com. About Kruger Products Inc. Kruger Products is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. Kruger Products serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and Bonterra®. In the U.S., Kruger Products 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. Kruger Products has approximately 3,000 employees and operates ten 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 Kruger Products believes provide useful information to management of Kruger Products and the readers of the financial information in measuring the financial performance and financial condition of Kruger Products. 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 Kruger Products as net income (loss) before (i) interest expense and other finance costs, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) loss 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 and (ix) changes in amortized cost of Partnership units liability. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the Segment and Geographic Results table of this press release. Forward-Looking Statements Certain statements in this press release about KPT’s and Kruger Products' 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, items such as plans to build a new TAD tissue plant and its expected annual production capacity, expected date for starting production, the expected financing structure of the project and certain anticipated benefits of the project. 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 Kruger Products, including, in respect of the plans to build a new TAD tissue plant, obtaining financing on acceptable terms for the project. Although KPT and Kruger Products 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 EBITDA1 for Q1 2026 is forward-looking information and is based on the assumptions and 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 Kruger Products’ future financial performance. Readers are cautioned that this information may not be appropriate for other purposes. Many factors could cause Kruger Products’ 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 Kruger Products) 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 Kruger Products’ Business” section of the KPT Annual Information Form dated February 18, 2026 available on SEDAR+ at www.sedarplus.ca (the Annual Information Form): Kruger Inc.’s influence over Kruger Products; Kruger Products’ reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the ownership of the TAD Sherbrooke Project; risks associated with the operation of the TAD Sherbrooke Project; operational risks; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; Kruger Products’ inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of Kruger Products or Kruger Products’ brands; Kruger Products’ sales being less than anticipated; Kruger Products’ failure to implement its business and operating strategies; Kruger Products’ obligation to make regular capital expenditures; Kruger Products entering into unsuccessful acquisitions; Kruger Products’ dependence on key personnel; Kruger Products’ inability to retain its existing customers or obtain new customers; Kruger Products’ loss of key suppliers; Kruger Products’ failure to adequately protect its intellectual property rights; Kruger Products’ reliance on third party intellectual property licenses; adverse litigation and other claims affecting Kruger Products; material expenditures due to comprehensive environmental regulation affecting Kruger Products’ cash flow; Kruger Products’ pension obligations are significant and can be materially higher than predicted if Kruger Products Management’s underlying assumptions are incorrect; labour disputes adversely affecting Kruger Products’ cost structure and Kruger Products’ ability to run its plants; exchange rate and U.S. competitors; Kruger Products’ inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; information technology; cyber-security; insurance; internal controls; trade related and tax. 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. 905-812-6936 [email protected] INVESTORS: Doris Grbic Director, Investor Relations KP Tissue Inc. 437-882-2596 [email protected] 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures section of this press release for more information on these measures.     Kruger Products Inc.  Consolidated Statements of Financial Position (thousands of Canadian dollars)                   December 31, 2025   December 31, 2024       $   $     Assets       Current assets       Cash and cash equivalents 196,094   119,460     Restricted cash 46,070   48,375     Trade and other receivables 143,313   138,177     Receivables from related parties 79   80     Inventories 284,183   287,756     Income tax recoverable 2,963   3,208     Prepaid expenses 5,381   6,383       678,083   603,439     Non-current assets       Property, plant and equipment 1,430,206   1,509,592     Right-of-use assets 152,243   186,460     Other long-term assets -   92     Pensions 91,118   92,661     Goodwill 152,021   152,021     Intangible assets 40,362   42,572     Deferred income taxes 64,671   10,500     Total assets 2,608,704   2,597,337             Liabilities       Current liabilities       Trade and other payables 350,831   346,264     Payables to related parties 13,441   17,829     Income tax payable -   3     Dividends payable 14,853   14,308     Current portion of long-term debt 98,649   54,168     Current portion of lease liabilities 43,576   40,156     Current portion of long-term payable to related party 5,800   5,800     Current portion of provisions 7,283   4,184       534,433   482,712     Non-current liabilities       Long-term debt 1,074,148   1,180,488     Long-term lease liabilities 139,694   165,563     Long-term payable to related party 28,064   31,925     Long-term provisions 12,602   9,398     Pensions 17,745   17,845     Post-retirement benefits 48,333   47,140     Deferred income taxes 47,140   -     Total liabilities 1,902,159   1,935,071             Equity       Share capital 334,479   308,622     Contributed surplus 395,382   395,382     Deficit (151,965)   (171,874)     Accumulated other comprehensive income 89,343   100,177     Equity attributable to Kruger Products 667,239   632,307     Non-controlling interest 39,306   29,959     Total equity 706,545   662,266     Total liabilities and equity 2,608,704   2,597,337             Kruger Products Inc.  Consolidated Statements of Income (Loss) (thousands of Canadian dollars)                           3-month   3-month   12-month   12-month     period ended   period ended   period ended   period ended     December 31, 2025   December 31, 2024   December 31, 2025   December 31, 2024     $   $   $   $               Revenue 560,056   539,621   2,203,391   2,049,938   Expenses           Cost of sales 451,902   459,271   1,825,077   1,721,704   Selling, general and administrative expenses 55,290   45,105   201,567   178,250   Restructuring costs 51                                       -   3,782   219   Operating income 52,813   35,245   172,965   149,765   Interest expense and other finance costs 23,018   21,355   86,844   72,487   Other expense (income) (4,927 ) 24,718   (18,375 ) 31,870   Income (loss) before income taxes 34,722   (10,828 ) 104,496   45,408   Current tax expense (recovery) 2,661   (415 ) 4,711   2,734   Deferred tax expense 5,652   4,956   14,926   16,679   Income tax expense 8,313   4,541   19,637   19,413   Net income (loss) including non-controlling interest 26,409   (15,369 ) 84,859   25,995   Net income (loss) attributable to non-controlling interest 2,985   (1,649 ) 9,347   2,174   Net income (loss) attributable to Kruger Products 23,424   (13,720 ) 75,512   23,821               Kruger Products Inc.  Consolidated Statements of Cash Flows (thousands of Canadian dollars)                       3-month   3-month   12-month   12-month     period ended   period ended   period ended   period ended     December 31, 2025   December 31, 2024   December 31, 2025   December 31, 2024     $   $   $   $   Cash flows from (used in) operating activities         Net income (loss) including non-controlling interest 26,409   (15,369 ) 84,859   25,995   Items not affecting cash         Depreciation 29,434   29,105   133,309   107,793   Amortization 1,929   2,022   8,099   6,322   Loss on sale of property, plant and equipment 79   370   74   639   Loss on disposal of leased assets 65   47   88   47   Foreign exchange loss (gain) (4,927 ) 24,719   (18,375 ) 32,752   Interest expense and other finance costs 23,018   21,355   86,844   72,487   Pension and post-retirement benefits 2,853   3,328   11,270   12,292   Provisions 2,287   1,464   8,146   4,879   Income tax expense 8,313   4,541   19,637   19,413   Loss on sale of non-financial assets                            -   18                              -   45   Total items not affecting cash 63,051   86,969   249,092   256,669   Net change in non-cash working capital 35,002   (5,630 ) 5,532   (58,604 ) Contributions to pension and post-retirement benefit plans (686 ) (1,058 ) (3,570 ) (4,476 ) Provisions paid                              -                                 -   (4,679 ) (3,695 ) Income tax payments, net 233   (665 ) (2,259 ) (3,786 ) Net cash from operating activities 124,009   64,247   328,975   212,103             Cash flows from (used in) investing activities         Purchases of property, plant and equipment (29,157 ) (28,941 ) (52,470 ) (44,762 ) Purchases of property, plant and equipment related to the      Sherbrooke Expansion Project (1,344 ) (13,511 ) (20,517 ) (129,678 ) Interest paid on credit facilities related to the      Sherbrooke Expansion Project                            -   (2,628 )                               -   (7,764 ) Government assistance received 1,000                                -   4,119                                -   Purchases of software (2,900 ) (2,978 ) (4,983 ) (3,272 ) Proceeds on sale of property, plant and equipment 339                              -   339   28   Net cash used in investing activities (32,062 ) (48,058 ) (73,512 ) (185,448 )           Cash flows from (used in) financing activities         Proceeds from long-term debt 165,000   160,156   174,171   279,353   Repayment of long-term debt (166,517 ) (130,770 ) (215,635 ) (163,815 ) Payment of deferred financing fees (3,561 ) (3,181 ) (3,584 ) (4,493 ) Payment of lease liabilities (9,634 ) (9,736 ) (35,109 ) (36,199 ) Change in restricted cash (1,425 ) (3,543 ) 2,305   (35,924 ) Interest paid on long-term debt (19,797 ) (15,839 ) (61,193 ) (54,678 ) Payment to related party                            -                             -   (5,800 ) (5,800 ) Dividends paid (14,726 ) (14,173 ) (58,079 ) (55,806 ) Proceeds from issuing partnership units 6,529   6,248   25,676   30,456   Net cash used in financing activities (44,131 ) (10,838 ) (177,248 ) (46,906 ) Effect of exchange rate changes on cash and cash equivalents      held in foreign currency (853 ) 2,894   (1,581 ) 3,983   Increase (Decrease) in cash and cash equivalents during      the year 46,963   8,245   76,634   (16,268 ) Cash and cash equivalents - Beginning of year 149,131   111,215   119,460   135,728   Cash and cash equivalents - End of year 196,094   119,460   196,094   119,460                       Kruger Products Inc. Segment and Geographic Results (thousands of Canadian dollars)                       3-month   3-month   12-month   12-month     period ended   period ended   period ended   period ended     December 31, 2025   December 31, 2024   December 31, 2025   December 31, 2024     $   $   $   $   Segment Information                   Segment Revenue         Consumer 472,286   452,709   1,855,011   1,708,119   AFH 87,770   86,912   348,380   341,819   Revenue from external customers 560,056   539,621   2,203,391   2,049,938             Other segment items         Consumer 394,156   388,737   1,553,401   1,458,774   AFH 78,052   82,293   316,531   313,259   Corporate and other costs 3,565   1,831   15,230   13,122   Total other segment items 475,773   472,861   1,885,162   1,785,155             Adjusted EBITDA         Consumer 78,130   63,972   301,610   249,345   AFH 9,718   4,619   31,849   28,560   Corporate and other costs (3,565 ) (1,831 ) (15,230 ) (13,122 ) Total Adjusted EBITDA 84,283   66,760   318,229   264,783             Reconciliation to net income (loss)         Depreciation and amortization 31,363   31,127   141,408   114,115   Interest expense and other finance costs 23,018   21,355   86,844   72,487   Loss on disposal of property, plant and equipment 56   370   74   639   Loss on sale of non-financial assets                             -   18                               -   45   Change in amortized cost of Partnership units liability                             -                               -                               -   (882 ) Restructuring costs, net 51                               -   3,782   219   Foreign exchange loss (gain) (4,927 ) 24,718   (18,375 ) 32,752   Income (loss) before income taxes 34,722   (10,828 ) 104,496   45,408   Income tax expense 8,313   4,541   19,637   19,413   Net income (loss) including non-controlling interest 26,409   (15,369 ) 84,859   25,995             Geographic Revenue                   Canada 306,368   291,391   1,195,585   1,118,754   US 253,688   248,230   1,007,806   931,184   Total revenue 560,056   539,621   2,203,391   2,049,938             KP Tissue Inc. Statements of Financial Position (thousands of Canadian dollars)               December 31, 2025 December 31, 2024   $ $ Assets     Current assets     Dividends receivable 1,803 1,798   1,803 1,798 Non-current assets     Investment in associate 69,799 69,517 Total assets 71,602 71,315       Liabilities     Current liabilities     Dividend payable 1,803 1,798 Total liabilities 1,803 1,798       Equity     Common Shares 23,001 22,762 Contributed surplus 144,819 144,819 Deficit (114,985) (116,673) Accumulated other comprehensive income 16,964 18,609 Total equity 69,799 69,517 Total liabilities and equity 71,602 71,315       KP Tissue Inc. Statements of Income (Loss) (thousands of Canadian dollars, except share and per share amounts)                       3-month   3-month   12-month   12-month     period ended   period ended   period ended   period ended     December 31, 2025   December 31, 2024   December 31, 2025   December 31, 2024     $   $   $   $   Share of income (loss) 2,793   (1,765 ) 9,165   2,993   Depreciation of fair value increments (267 ) (276 ) (1,094 ) (1,123 ) Equity income (loss) 2,526   (2,041 ) 8,071   1,870   Dilution gain 110   119   433   619   Income (loss) before income taxes 2,636   (1,922 ) 8,504   2,489   Current tax expense -   56   -   56   Income tax expense -   56   -   56   Net income (loss) 2,636   (1,978 ) 8,504   2,433   Basic earning (loss) per share 0.26   (0.20 ) 0.85   0.24   Weighted average number of shares outstanding 10,014,269   9,986,446   10,003,661   9,976,725             KP Tissue Inc. Statements of Cash Flows (thousands of Canadian dollars)                       3-month   3-month   12-month   12-month     period ended   period ended   period ended   period ended     December 31, 2025   December 31, 2024   December 31, 2025   December 31, 2024     $   $   $   $   Cash flows from (used in) operating activities         Net income (loss) 2,636   (1,978 ) 8,504   2,433   Items not affecting cash         Equity income (loss) (2,526 ) 2,041   (8,071 ) (1,870 ) Dilution gain (110 ) (119 ) (433 ) (619 ) Current tax expense                               -   56                                 -   56   Total items not affecting cash (2,636 ) 1,978   (8,504 ) (2,433 ) Decrease (increase) in payable to investee                            -   65                              -   (595 ) Tax refunds, net                            -   (65 )                            -   595   Net cash from operating activities                            -                              -                              -                              -             Cash flows from (used in) investing activities         Dividends received, net 1,734   1,735   6,963   6,974   Net cash from investing activities 1,734   1,735   6,963   6,974             Cash flows from (used in) financing activities         Dividends paid, net (1,734 ) (1,735 ) (6,963 ) (6,974 ) Net cash used in financing activities (1,734 ) (1,735 ) (6,963 ) (6,974 ) Increase in cash and cash equivalents during the year                               -                                 -                                 -                                 -   Cash and cash equivalents - Beginning of year                               -                                 -                                 -                                 -   Cash and cash equivalents - End of year                               -                                 -                                 -                                 -