MISSISSAUGA, Ontario, Aug.  10, 2023  (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q2 2023 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 BonterraTM) 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 13.3% interest in Kruger Products.

Kruger Products Q2 2023 Business and Financial Highlights

Revenue was $466.3 million in Q2 2023 compared to $397.5 million in Q2 2022, an increase of $68.8 million or 17.3%.Adjusted EBITDA1 was $55.0 million in Q2 2023, compared to $11.8 million in Q2 2022, an increase of 365.8%.Net income was $14.5 million in Q2 2023 compared to a net loss of $35.5 million in Q2 2022, an increase of $50.0 million.Declared a quarterly dividend of $0.18 per share to be paid on October 16, 2023.

“We are pleased that margin recovery, along with improved sales volume and a better mix in our Consumer business, generated strong Adjusted EBITDA of $55.0 million in the second quarter of 2023,” stated KP Tissue’s Chief Executive Officer, Dino Bianco. “Ongoing cost management initiatives, including productivity gains and cost controls, also contributed to increasing profitability. In addition, our Away-From-Home segment delivered a fourth consecutive quarter of positive Adjusted EBITDA to maintain its growth momentum. As a result, our financial performance in the second quarter normalized versus a more challenging market and operating environment in the same period last year. On a sequential basis, revenue and Adjusted EBITDA continued to improve, rising 3.4% and 10.2% in the quarter, respectively.”

“Looking ahead to the second half of 2023, we anticipate a more favourable landscape as input costs trend downwards, TAD Sherbrooke and the Sherbrooke Expansion Project continue to ramp up production capacity to meet customer demand, and margins are restored to their pre-pandemic levels,” Mr. Bianco added.

Outlook for Q3 2023 For the third quarter of 2023, as commodity and other input costs begin to decline, we will focus on maintaining our margins while also continuing to reinvest in the business to drive long-term value. Accordingly, Adjusted EBITDA1 in Q3 2023 is expected to be in the range of Q2 2023.

Kruger Products Q2 2023 Financial Results
Revenue was $466.3 million in Q2 2023 compared to $397.5 million in Q2 2022, an increase of $68.8 million or 17.3%. The increase in revenue was primarily due to the favourable impact of selling price increases implemented across all segments and regions during 2022, along with favourable sales mix and higher sales volume in the Consumer business. Revenue was also favourably impacted by foreign exchange fluctuations on U.S. dollar sales.

Cost of sales was $395.8 million in Q2 2023 compared to $372.5 million in Q2 2022, an increase of $23.3 million or 6.2%. Higher sales volumes increased cost of sales, along with the unfavourable impact of foreign exchange fluctuations on U.S. dollar costs, partially offset by improvements in Memphis operations. While the significant inflation experienced during 2022 has moderated in the second quarter of 2023, manufacturing input costs remain higher than the year ago quarter. Freight rates were lower compared to Q2 2022 as supply constraints and inflation moderated, while warehousing costs increased as a result of additional logistics network costs. As a percentage of revenue, cost of sales was 84.9% in Q2 2023 compared to 93.7% in Q2 2022.

Selling, general and administrative (SG&A) expenses were $40.6 million in Q2 2023 compared to $35.1 million in Q2 2022, an increase of $5.5 million or 15.7%. The increase was primarily due to higher personnel costs, foreign exchange losses related to foreign denominated working capital and a loss on disposal of fixed assets, partially offset by lower advertising spend in the quarter. As a percentage of revenue, SG&A expenses were 8.7% in Q2 2023 compared to 8.8% in Q2 2022.

Adjusted EBITDA1 was $55.0 million in Q2 2023 compared to $11.8 million in Q2 2022, an increase of $43.2 million or 365.8%. The significant increase was primarily due to a combination of factors: selling price increases in 2022, favourable sales mix along with higher sales volumes, improvements in Memphis operations and lower freight rates. These factors were partially offset by inflation on input costs compared to Q2 2022, higher warehousing and SG&A expenses and the unfavourable impact of foreign exchange fluctuations.

Net income was $14.5 million in Q2 2023 compared to a loss of $35.5 million in Q2 2022, an increase of $50.0 million. The increase was primarily due to higher Adjusted EBITDA1 and higher foreign exchange gains, partially offset by higher income tax and depreciation expenses, higher interest expense and other finance costs and a loss on sale of fixed assets.

1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures section of this news release for more information on these measures

Kruger Products Q2 2023 Liquidity Total liquidity, representing cash and availability under the revolving credit agreements, was $181.5 million as of June 30, 2023. In addition, $13.8 million of cash was held by Kruger Products for the Sherbrooke Expansion Project.

KPT Q2 2023 Financial Results KPT had net income of $2.0 million in Q2 2023. Included in net income was $2.1 million representing KPT’s share of Kruger Products’ net income, a dilution gain of $0.2 million and depreciation expense of $0.3 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 October 16, 2023 to shareholders of record at the close of business on October 2, 2023.

Additional Information
For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and Kruger Products for the second quarter ended June 30, 2023 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com.

Second Quarter Results Conference Call Information
KPT will hold its second quarter conference call on Thursday, August 10, 2023 at 8:30 a.m. Eastern Time.

Via telephone: 1-800-319-4610 or 604-638-5340

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, August 17, 2023 by dialing 1-855-669-9658 or 604-674-8052 and entering passcode 0272.

The replay of the webcast will remain available on the website until midnight, August 17, 2023.

About KP Tissue Inc. (KPT) 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 13.3% interest in Kruger Products. For more information visit www.kptissueinc.com.

About Kruger Products
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 BonterraTM. 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 2,700 employees and operates nine 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) impairment (gain 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, (ix) changes in amortized cost of Partnership units liability, (x) change in fair value of derivatives, (xi) consulting costs related to operational transformation initiatives, (xii) corporate development related costs and (xiii) loss (gain) on sale of shares. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the Segment and Geographic Results table of this news 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, statements regarding continued growth in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products, the expected impact of our Sherbrooke Expansion Project, the expected start-up dates of the facial tissue line and paper machine of the Sherbrooke Expansion Project, expected growth and profitability in 2023 and our expectation that Adjusted EBITDA1 in Q3 2023 will be in the range of Q2 2023. 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 that inflationary pressure has stabilized. 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 Q3 2023 and expected growth and profitability in 2023 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 March 9, 2023 available on SEDAR at www.sedar.com; 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 TAD Sherbrooke Project; risks associated with the Sherbrooke Expansion 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; and risks relating to information technology; cyber-security; insurance; internal controls; trade; and risks related to COVID-19.

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.
Tel.: 905.812.6936
[email protected]

INVESTORS:

Mike Baldesarra
Director of Investor Relations
KP Tissue Inc.
Tel.: 905.812.6962
[email protected]

Kruger Products Inc. Unaudited Condensed Consolidated Statements of Financial Position (thousands of Canadian dollars)    June 30, 2023  December 31, 2022  $  $ Assets Current assets  Cash and cash equivalents88,245  71,261  Restricted cash9,702  7,145  Trade and other receivables118,777  119,681  Receivables from related parties245  223  Inventories262,509  286,566  Income tax recoverable4,119  1,306  Prepaid expenses14,301  5,640  497,898  491,822 Non-current assets  Property, plant and equipment1,321,358  1,294,838  Right-of-use assets78,066  81,715  Other long-term assets13,843  27,554  Pensions80,264  83,080  Goodwill152,021  152,021  Intangible assets28,374  30,027  Deferred income taxes29,375  95,711 Total assets2,201,199  2,256,768  Liabilities Current liabilities  Trade and other payables277,667  279,425  Payables to related parties9,633  11,363  Dividends payable13,261  -  Distributions payable-  12,866  Current portion of long-term debt34,134  34,411  Current portion of lease liabilities28,313  28,349  Current portion of long-term payable to related party5,800  5,800  Current portion of provisions2,737  3,252  371,545  375,466 Non-current liabilities  Long-term debt1,077,746  1,077,297  Long-term lease liabilities65,253  70,579  Long-term payable to related party34,460  39,042  Long-term provisions2,863  3,076  Pensions20,555  20,847  Post-retirement benefits46,244  43,739  Liabilities to non-equityholders1,618,666  1,630,046  Long-term portion of Partnership units liability-  133,551  Total Partnership units liability -  133,551 Total liabilities1,618,666  1,763,597  Equity  Share capital650,469  -  Partnership units-  494,459  Deficit(158,661) (87,835) Accumulated other comprehensive income81,295  86,547  Equity attributable to Kruger Products573,103  493,171  Non-controlling interest9,430  - Total equity582,533  493,171 Total equity and liabilities2,201,199  2,256,768

Kruger Products Inc.Unaudited Condensed Consolidated Statements of Income (Loss)(thousands of Canadian dollars)   3-month 
period ended 
June 30, 2023 3-month 
period ended 
June 30, 2022 6-month 
period ended 
June 30, 2023 6-month 
period ended 
June 30, 2022 $ $ $ $ Revenue 466,302  397,499  917,294  796,238  Expenses Cost of sales395,712  372,489  784,736  736,344 Selling, general and administrative expenses40,640  35,111  76,901  63,966 Loss on sale of non-financial assets13  5  16  10 Restructuring costs, net84  352  1,223  868  Operating income (loss)29,853  (10,458) 54,418  (4,950) Interest expense and other finance costs18,539  17,369  35,063  34,903 Other (income) expense(8,849) 12,599  (9,265) 8,284  Income (loss) before income taxes20,163  (40,426) 28,620  (48,137) Income tax expense (recovery)5,162  (4,913) 63,735  (14,061) Net income (loss) including non-controlling interest15,001  (35,513) (35,115) (34,076) Net income (loss) attributable to non-controlling interest517  -  (338) -  Net income (loss) attributable to Kruger Products14,484  (35,513) (34,777) (34,076)

Kruger Products Inc.Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)(thousands of Canadian dollars)   3-month 
period ended 
June 30, 2023 3-month 
period ended 
June 30, 2022 6-month 
period ended 
June 30, 2023 6-month 
period ended 
June 30, 2022 $ $ $ $ Net income (loss) including non-controlling interest15,001  (35,513) (35,115) (34,076)  Other comprehensive income (loss) Items that will not be reclassified to net income 
 (loss): Remeasurements of pensions(4,037) 89,304  (19,881) 194,925 Remeasurements of post-retirement benefits(452) 6,190  10,190  14,051 Items that may be subsequently reclassified to 
 net income (loss): Cumulative translation adjustment(5,040) 8,422  (5,252) 4,385  Other comprehensive income (loss) (9,529) 103,916  (14,943) 213,361  Total comprehensive income (loss) including 
 non-controlling interest5,472  68,403  (50,058) 179,285 Total comprehensive income (loss) attributable to 
 non-controlling interest517  -  (338) -  Total comprehensive income (loss) attriutable to 
 Kruger Products4,955  68,403  (49,720) 179,285

Kruger Products Inc.Unaudited Condensed Consolidated Statements of Cash Flows(thousands of Canadian dollars)    3-month 
period ended 
June 30, 2023 3-month 
period ended 
June 30, 2022 6-month 
period ended 
June 30, 2023 6-month 
period ended 
June 30, 2022 $$ $ $Cash flows from (used in) operating activities Net income (loss) including non-controlling interest15,001  (35,513) (35,115) (34,076)Items not affecting cash Depreciation22,889  20,778  46,078  42,760 Amortization1,096  1,125  2,161  2,169 Loss on sale of property, plant and equipment1,114  18  1,109  18 Gain on disposal of leased assets-  -  (488) - Foreign exchange (gain) loss(8,849) 12,599  (9,265) 8,284 Interest expense and other finance costs18,539  17,369  35,063  34,903 Pension and post-retirement benefits2,224  3,576  4,112  7,270 Provisions508  733  1,939  494 Income tax expense (recovery)5,162  (4,913) 63,735  (14,061)Loss on sale of non-financial assets13  5  16  10 Total items not affecting cash42,696  51,290  144,460  81,847  Net change in non-cash working capital68,307  (20,031) 16,858  (66,521)Contributions to pension and post-retirement benefit plans(2,680) (4,157) (5,198) (8,340)Provisions paid(2,585) (3,733) (3,274) (3,915)Income tax payments, net(1,621) (1,168) (1,458) (1,488)Net cash from (used in) operating activities119,118  (13,312) 116,273  (32,493) Cash flows from (used in) investing activities Purchases of property, plant and equipment(4,669) (18,431) (8,680) (18,930)Purchases of property, plant and equipment and software 
 related to the TAD Sherbrooke Project(743) (5,598) (743) (10,929)Purchases of property, plant and equipment related to the 
 Sherbrooke Expansion Project(36,798) (14,704) (68,460) (20,748)Interest paid on credit facilities related to the Sherbrooke 
 Expansion Project(119) (306) (216) (306)Government assistance received-  -  1,250  - Purchases of software(437) (304) (508) (4,759)Proceeds on sale of property, plant and equipment2,443  1  2,448  1 Net cash used in investing activities(40,323) (39,342) (74,909) (55,671) Cash flows from (used in) financing activities Proceeds from long-term debt21,281  75,550  56,782  217,506 Repayment of long-term debt(14,874) (6,907) (23,569) (125,446)Payment of deferred financing fees(134) 823  (380) (1,312)Payment of lease liabilities(7,046) (7,426) (13,796) (14,411)Change in Restricted cash(1,332) (1,166) (2,557) (2,312)Interest paid on long-term debt(17,641) (16,094) (31,360) (24,987)Payment to related party(5,700) -  (5,700) - Dividends paid, net(1,761) -  (3,504) - Distributions and advances paid, net-  (7,046) -  (14,021)Net cash from (used in) financing activities(27,207) 37,734  (24,084) 35,017  Effect of exchange rate changes on cash and cash equivalents held in foreign currency(259) 426  (296) 160  Increase (decrease) in cash and cash equivalents 
 during the period51,329  (14,494) 16,984  (52,987) Cash and cash equivalents - Beginning of period36,916  110,026  71,261  148,519  Cash and cash equivalents - End of period88,245  95,532  88,245  95,532

Kruger Products Inc.Segment and Geographic Results(thousands of Canadian dollars)   3-month 
period ended 
June 30, 2023 3-month 
period ended 
June 30, 2022 6-month 
period ended 
June 30, 2023 6-month 
period ended 
June 30, 2022 $ $ $ $ Segment Information  Segment Revenue Consumer 383,477  326,333  759,997  669,175 AFH 82,825  71,166  157,297  127,063  Total segment revenue 466,302  397,499  917,294  796,238  Adjusted EBITDA Consumer 53,308  14,298  104,642  49,681 AFH 5,834  (451) 6,718  (3,672)Corporate and other costs (4,093) (2,027) (6,355) (5,134) Total Adjusted EBITDA 55,049  11,820  105,005  40,875  Reconciliation to net income (loss):  Depreciation and amortization 23,985  21,903  48,239  44,929 Interest expense and other finance costs 18,539  17,369  35,063  34,903 Loss on sale of property, plant and equipment 1,114  18  1,109  18 Loss on sale of non-financial assets 13  5  16  10 Restructuring costs, net 84  352  1,223  868 Foreign exchange (gain) loss (8,849) 12,599  (9,265) 8,284  Income (loss) before income taxes 20,163  (40,426) 28,620  (48,137) Income tax recovery 5,162  (4,913) 63,735  (14,061) Net income (loss) 15,001  (35,513) (35,115) (34,076) Geographic Revenue  Canada 265,165  239,286  525,945  482,206 US 201,137  158,213  391,349  314,032  Total revenue 466,302  397,499  917,294  796,238

KP Tissue Inc.Unaudited Condensed Statements of Financial Position(thousands of Canadian dollars)   June 30, 2023  December 31, 2022  $  $ Assets  Current assets Dividends receivable1,791  - Distributions receivable-  1,790 Income tax recoverable580  580  2,371  2,370  Non-current assets Investment in associate68,785  79,338  Total assets71,156  81,708  Liabilities  Current liabilities Dividend payable1,791  1,790 Payable to investee170  - Payable to Partnership-  170  1,961  1,960 Non-current liabilities Deferred income taxes-  5,718  Total liabilities1,961  7,678  Equity  Common shares22,458  22,379 Contributed surplus144,819  144,819 Deficit(114,188) (108,008)Accumulated other comprehensive income16,106  14,840  Total equity69,195  74,030  Total liabilities and equity71,156  81,708

KP Tissue Inc.Unaudited Condensed Statements of Income (Loss) and Comprehensive Income (Loss)(thousands of Canadian dollars, except share and per share amounts)  3-month 
period ended 
June 30, 2023 3-month 
period ended 
June 30, 2022 6-month 
period ended 
June 30, 2023 6-month 
period ended 
June 30, 2022 $ $ $ $ Equity income (loss)1,761  (6,423) (5,298) (7,531)Dilution gain252  127  525  200  Income (loss) before income taxes2,013  (6,296) (4,773) (7,331) Income tax expense (recovery)-  (2,348) 3,892  (4,361) Net income (loss) 2,013  (3,948) (8,665) (2,970) Other comprehensive income 
 (loss) net of tax expense 
 (recovery) Items that will not be reclassified 
 to net income (loss): Remeasurements of pensions(514) 7,884  4,209  18,132 Remeasurements of post-retirement benefits(82) 729  1,859  1,399 Items that may be subsequently reclassified 
 to net income (loss): Cumulative translation adjustment(817) 1,186  1,266  591  Other comprehensive income (loss) (1,413) 9,799  7,334  20,122  Total comprehensive income (loss) 600  5,851  (1,331) 17,152  Basic earnings (loss) per share0.20  (0.40) (0.87) (0.30) Weighted average number of shares outstanding9,953,131   9,935,108  9,951,513  9,930,492

KP Tissue Inc.Unaudited Condensed Statements of Cash Flows(thousands of Canadian dollars)  3-month 
period ended 
June 30, 2023 3-month 
period ended 
June 30, 2022 6-month 
period ended 
June 30, 2023 6-month 
period ended 
June 30, 2022 $ $ $ $Cash flows from (used in) operating activities Net income (loss)2,013  (3,948) (8,665) (2,970)Items not affecting cash Equity loss (income)(1,761)  6,423  5,298  7,531 Dilution gain(252) (127) (525) (200)Income tax expense (recovery)-  (2,348) 3,892  (4,361)Total items not affecting cash(2,013)  3,948  8,665  2,970  Net change in non-cash working capital-  (169)  -  (169)Tax payments, net-  169  -  131 Tax Distribution received, net-  -  -  38  Net cash from (used in) operating activities-  -  -  -  Cash flows from investing activities Dividends received1,761   -  3,503  - Partnership unit distributions received-  1,741  -  3,144  Net cash from investing activities1,761  1,741  3,503  3,144  Cash flows used in financing activities Dividends paid, net(1,761) (1,741) (3,503) (3,144) Net cash used in financing activities(1,761) (1,741) (3,503) (3,144) Increase (decrease) in cash and cash equivalents 
 during the period-  -  -  -  Cash and cash equivalents - Beginning of period-  -  -  -  Cash and cash equivalents - End of period-  -  -  -