MOD-PAC Corp (MPAC) Reports Q4 EPS of $0.31; Received $7.20/Share Bid from CEO Keane

February 6, 2013 6:58 AM EST
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Net income: 19K

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MOD-PAC Corp (NASDAQ: MPAC) reported Q4 EPS of $0.31, versus $0.12 reported last year. Revenue for the quarter came in at $16.6 million, versus $14.6 million reported last year.

The Company's Board of Directors formed an independent committee (the “Committee”) comprised of Robert J. McKenna, William G. Gisel, Jr. and Howard Zemsky to consider a formal proposal the Company received on October 29, 2012 from Daniel G. Keane, Director, President and Chief Executive Officer, and Kevin T. Keane, Chairman of the Board, to acquire the Company for $7.20 in cash per share. Mr. McKenna will serve as Chairman.

The committee has appointed Western Reserve Partners LLC as its independent financial advisor and Harter Secrest & Emery LLP as its legal counsel. The independent advisors are assisting the Committee with its work in connection with the proposal. No final decisions have been made by the Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other proposal will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

For earnings history and earnings-related data on MOD-PAC Corp (MPAC) click here.

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