Orchids Paper Products Company announced that the Board of Directors authorized a quarterly cash dividend of $0.35 per outstanding share of the common stock. The company expects to pay this dividend on August 22, 2016 to stockholders of record at the close of business on August 8, 2016.

The company announced earnings and operational results for the second quarter and six months ended June 30, 2016. For the quarter, net sales were $39,414,000 against $42,295,000 a year ago. Operating Income was $3,993,000 against $5,102,000 a year ago. Income before income taxes was $3,872,000 against $5,190,000 a year ago. Net income was $2,568,000 or $0.25 per diluted share against $3,878,000 or $0.39 per diluted share a year ago. Cash flow provided in operating activities was $7,546,000 against cash flow used in operating activities of $617,000 a year ago. EBITDA was $7,628,000 against $7,964,000 a year ago. Adjusted EBITDA was $8,014,000 against $8,387,000 a year ago. Adjusted net income was $3,072,000 or $0.30 per diluted share against $3,892,000 or $0.37 per diluted share a year ago. Net debt as of June 30, 2015 was $98,372,000 against $71,220,000 as of December 31, 2015. Capital expenditures in the quarter were $20.2 million, including $17.8 million of expenditures on the Barnwell project.

For six months, net sales were $87,157,000 against $79,710,000 a year ago. Operating Income was $12,275,000 against $7,014,000 a year ago. Income before income taxes was $12,092,000 against $7,074,000 a year ago. Net income was $7,977,000 or $0.77 per basic and diluted share against $5,114,000 or $0.55 per diluted share a year ago. Cash flow provided by operating activities was $16,409,000 against $4,934,000 a year ago. EBITDA was $19,125,000 against $12,527,000 a year ago. Adjusted EBITDA was $19,660,000 against $13,217,000 a year ago. Adjusted net income was $8,827,000 or $0.85 per diluted share against $5,554,000 or $0.59 per diluted share a year ago. The company spent $20.6 million on capital expenditures.

For the quarter, the company shipped total of 20,116 tons against 22,854 tons a year ago.

For six months, the company shipped total of 46,315 tons against 41,691 tons a year ago.

The company remain optimistic about ability to achieve long-term goal to grow company's annual adjusted EBITDA to approximately $60 million and earnings per share to approximately $2.50 to $3.40. Cash flow from operations is expected to range between $8 million and $10 million per quarter for the remainder of 2016. The company's capital expenditures expectations are approximately $94 million, including $85 million for Barnwell and $9 million for the Oklahoma facility.