Full Press Release Details
UFP Technologies Announces Record
Mass., November 3, 2010. UFP
Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and
component products, today reported net income of $2.4 million or $0.35 per
diluted common share outstanding for its third quarter ended September 30,
2010, compared to $2.1 million or $0.34 per diluted common share outstanding
for the same period in 2009. Operating
income improved $1.4 million to $3.8 million for the three-month period ended
September 30, 2010, from $2.4 million in the same period in 2009. Sales for the quarter were a record $30.5
million or 10.3% higher than 2009 third quarter sales of
$27.6 million. For the nine-month
period ended September 30, 2010, the Company reported net income of $6.2
million or $0.92 per diluted common share outstanding, compared to $3.0 million
or $0.49 per diluted common share outstanding for the same 2009 period. Sales for the nine-month period ended September 30,
2010, were $89.1 million or 27% higher than sales of $70.2 million for the
same 2009 period. Results for the three-
and nine-month periods ended September 30, 2009, include gains recorded on
acquisitions of approximately $759,000 and $840,000, respectively.
am very pleased with our strong operating results, said R. Jeffrey Bailly,
Chairman & CEO of UFP Technologies.
Our third quarter operating income was 60% higher than the third
quarter of 2009. This is a testament to the quality of our recent acquisitions
and the value we were able to bring to them through synergistic cost savings,
best practice sharing, and efficiency improvements. In addition, strength in our automotive,
military, and industrial markets drove organic revenue growth of roughly 8% for
the quarter solid results in a challenging economy.
ahead, we see exciting opportunities for internal growth through new products,
new markets, and new materials, said Bailly, and we continue to investigate
potential merger and acquisition opportunities. Bailly added that, with a
strong balance sheet that currently includes $22 million in cash, UFP Technologies
is well positioned to capitalize on growth opportunities in the years ahead.
Technologies is a leading designer and manufacturer of interior protective
packaging and component product solutions using molded and fabricated foams,
plastics, laminated composites, and natural fiber materials. The Company primarily serves the medical,
automotive, computers and electronics, aerospace and defense, consumer, and
This news release contains forward-looking
information that involves risks and uncertainties, including statements about
the Company s prospects, anticipated advantages the Company expects to realize
from its acquisition strategies, its participation and growth in multiple
markets, its engineering and product development initiatives, and the Company s
growth potential and strategies for growth.
Investors are cautioned that such forward-looking statements involve
risks and uncertainties, including without limitation risks associated with the
identification of suitable acquisition candidates and the successful, efficient
execution of acquisition transactions and integration of any such acquisition
candidates, as well as other risks and uncertainties that are detailed in the
documents filed by the Company with the SEC.
Accordingly, actual results may differ materially. Readers are referred to the documents filed
by the Company with the SEC, specifically the last reports on Forms 10-K and
10-Q. The forward-looking statements
contained herein speak only of the Company s expectations as of the date of
this press release. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statement to reflect any change in the Company s
expectations or any change in events, conditions, or circumstances on which any
such statement is based.
Consolidated Condensed Statements of Income
($ in thousands, except Per Share Data)
| Unaudited | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||
| 30-Sep-10 | 30-Sep-09 | 30-Sep-10 | 30-Sep-09 | ||||||||||
| Net sales | $ | 30,468 | $ | 27,620 | $ | 89,126 | $ | 70,187 | |||||
| Cost of sales | 21,562 | 20,166 | 63,716 | 52,419 | |||||||||
| Gross profit | 8,906 | 7,454 | 25,410 | 17,768 | |||||||||
| SG&A | 5,103 | 5,070 | 15,502 | 13,877 | |||||||||
| Operating income | 3,803 | 2,384 | 9,908 | 3,891 | |||||||||
| Gain on acquisitions | 759 | 840 | |||||||||||
| Interest expense, other income & expenses | (35 | ) | (43 | ) | (92 | ) | (175 | ) | |||||
| Income before income taxes | 3,768 | 3,100 | 9,816 | 4,556 | |||||||||
| Income taxes | 1,389 | 977 | 3,617 | 1,489 | |||||||||
| Net income from consolidated operations | 2,379 | 2,123 | 6,199 | 3,067 | |||||||||
| Net income attributable to noncontrolling interests | (14 | ) | (10 | ) | (41 | ) | (43 | ) | |||||
| Net income attributable to UFP Technologies, Inc. | $ | 2,365 | $ | 2,113 | $ | 6,158 | $ | 3,024 | |||||
| Weighted average shares outstanding | 6,215 | 5,894 | 6,117 | 5,799 | |||||||||
| Weighted average diluted shares outstanding | 6,785 | 6,301 | 6,728 | 6,222 | |||||||||
| Per Share Data | |||||||||||||
| Net income per share outstanding | $ | 0.38 | $ | 0.36 | $ | 1.01 | $ | 0.52 | |||||
| Net income per diluted share outstanding | $ | 0.35 | $ | 0.34 | $ | 0.92 | $ | 0.49 |
Consolidated Condensed Balance Sheets
| 30-Sep-10 | 31-Dec-09 | ||||||
| (unaudited) | |||||||
| Assets: | |||||||
| Cash | $ | 22,376 | $ | 14,999 | |||
| Receivables | 14,158 | 14,218 | |||||
| Inventories | 8,340 | 7,647 | |||||
| Other current assets | 1,983 | 1,887 | |||||
| Net property, plant, and equipment | 11,450 | 12,218 | |||||
| Other assets | 8,449 | 8,483 | |||||
| Total assets | $ | 66,756 | $ | 59,452 | |||
| Liabilities and equity: | |||||||
| Short-term debt | $ | 656 | $ | 623 | |||
| Accounts payable | 5,192 | 4,274 | |||||
| Other current liabilities | 5,562 | 6,153 | |||||
| Long-term debt | 7,002 | 7,502 | |||||
| Other liabilities | 2,058 | 1,895 | |||||
| Total liabilities | 20,470 | 20,447 | |||||
| Total UFP Technologies stockholders equity | 45,879 | 38,535 | |||||
| Noncontrolling interests | 407 | 470 | |||||
| Total liabilities and stockholders equity | $ | 66,756 | $ | 59,452 |