House & Home
Wed, August 25, 2010Tue, August 24, 2010Mon, August 23, 2010Fri, August 20, 2010Thu, August 19, 2010Wed, August 18, 2010Tue, August 17, 2010Mon, August 16, 2010Fri, August 13, 2010Thu, August 12, 2010Wed, August 11, 2010Tue, August 10, 2010Mon, August 9, 2010Fri, August 6, 2010Thu, August 5, 2010Wed, August 4, 2010Tue, August 3, 2010Mon, August 2, 2010Fri, July 30, 2010Thu, July 29, 2010Wed, July 28, 2010Tue, July 27, 2010Mon, July 26, 2010Sun, July 25, 2010Fri, July 23, 2010Thu, July 22, 2010Wed, July 21, 2010Tue, July 20, 2010Mon, July 19, 2010Fri, July 16, 2010Thu, July 15, 2010Wed, July 14, 2010UFP Technologies Announces Record Q2 Results
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Published in House and Home on Tuesday, August 3rd 2010 at 9:50 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
GEORGETOWN, Mass.--([ BUSINESS WIRE ])--UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today reported net income of $2.3 million or $0.34 per diluted common share outstanding for its second quarter ended June 30, 2010, compared to $566,000 or $0.09 per diluted common share outstanding for the same period in 2009. Sales for the quarter were a record $30.0 million or 43% higher than 2009 second quarter sales of 21.0million. For the six-month period ended June 30, 2010, the Company reported net income of $3.8 million or $0.57 per diluted common share outstanding, compared to $911,000 or $0.15 per diluted common share outstanding in the same 2009 period. Sales for the six-month period ended June 30, 2010, were $58.7million or 38% higher then sales of $42.6 million for the same 2009 six-month period.
"Our dramatic increase in profitability is a testament to our strategy and our teama™s ability to execute it."
aI am very pleased with our continuing progress,a said R. Jeffrey Bailly, Chairman & CEO of UFP Technologies. aOur dramatic increase in profitability is a testament to our strategy and our teama™s ability to execute it.a
aOur Q2 revenue growth was driven primarily by our three 2009 acquisitions, which accounted for slightly more than half of our sales increase. The rest was organic growth driven by strength in our medical, automotive, and industrial markets,a Bailly continued. aThis added revenue, overlaid on our streamlined organization, yielded the substantial earnings increase.a Bailly added that a growing cash balance, currently in excess of $19 million, puts the Company in excellent position to pursue additional strategic growth opportunities.
UFP Technologies is a leading designer and manufacturer of interior protective packaging and component product solutions using molded and fabricated foams, plastics, laminated composites, and natural fiber materials. The Company primarily serves the medical, automotive, computers and electronics, aerospace and defense, consumer, and industrial markets.
This news release contains forward-looking information that involves risks and uncertainties, including statements about the Companya™s prospects, anticipated advantages the Company expects to realize from its acquisition strategies, its participation in multiple markets, and the Companya™s growth potential and strategies for growth. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions and integration of any such acquisition candidates, as well as other risks and uncertainties that are detailed in the documents filed by the Company with the SEC. Accordingly, actual results may differ materially. Readers are referred to the documents filed by the Company with the SEC, specifically the last reports on Forms 10-K and 10-Q. The forward-looking statements contained herein speak only of the Companya™s expectations as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Companya™s expectations or any change in events, conditions, or circumstances on which any such statement is based.
Consolidated Condensed Statements of Income ($ in thousands, except Per ShareData) | ||||||||||||||||
| Unaudited | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| 30-Jun-10 | 30-Jun-09 | 30-Jun-10 | 30-Jun-09 | |||||||||||||
| Net sales | $ | 29,957 | $ | 20,959 | $ | 58,658 | $ | 42,567 | ||||||||
| Cost of sales | 20,911 | 15,588 | 42,154 | 32,253 | ||||||||||||
| Gross profit | 9,046 | 5,371 | 16,504 | 10,314 | ||||||||||||
| SG&A | 5,387 | 4,416 | 10,399 | 8,807 | ||||||||||||
| Operating income | 3,659 | 955 | 6,105 | 1,507 | ||||||||||||
| Gain on acquisitions | - | - | - | 81 | ||||||||||||
| Interest expense, other income & expenses | (22 | ) | (54 | ) | (58 | ) | (132 | ) | ||||||||
| Income before income taxes | 3,637 | 901 | 6,047 | 1,456 | ||||||||||||
| Income taxes | 1,339 | 319 | 2,227 | 513 | ||||||||||||
| Net income from consolidated operations | 2,298 | 582 | 3,820 | 943 | ||||||||||||
| Net income attributable to noncontrolling interests | (16 | ) | (16 | ) | (27 | ) | (32 | ) | ||||||||
| Net income attributable to UFP Technologies, Inc. | $ | 2,282 | $ | 566 | $ | 3,793 | $ | 911 | ||||||||
| Weighted average shares outstanding | 6,138 | 5,787 | 6,068 | 5,750 | ||||||||||||
| Weighted average diluted shares outstanding | 6,725 | 6,191 | 6,691 | 6,175 | ||||||||||||
| Per Share Data | ||||||||||||||||
| Net income per share outstanding | $ | 0.37 | $ | 0.10 | $ | 0.63 | $ | 0.16 | ||||||||
| Net income per diluted share outstanding | $ | 0.34 | $ | 0.09 | $ | 0.57 | $ | 0.15 | ||||||||
Consolidated Condensed Balance Sheets ($ in thousands) | ||||||
| 30-Jun-10 | 31-Dec-09 | |||||
| Assets: | (unaudited) | |||||
| Cash | $ | 19,240 | $ | 14,999 | ||
| Receivables | 14,340 | 14,218 | ||||
| Inventories | 7,993 | 7,647 | ||||
| Other current assets | 2,186 | 1,887 | ||||
| Net property, plant, and equipment | 11,586 | 12,218 | ||||
| Other assets | 8,388 | 8,483 | ||||
| Total assets | $ | 63,733 | $ | 59,452 | ||
| Liabilities and equity: | ||||||
| Short-term debt | $ | 625 | $ | 623 | ||
| Accounts payable | 5,066 | 4,274 | ||||
| Other current liabilities | 5,030 | 6,153 | ||||
| Long-term debt | 7,189 | 7,502 | ||||
| Other liabilities | 1,950 | 1,895 | ||||
| Total liabilities | 19,860 | 20,447 | ||||
| Total UFP Technologies stockholders' equity | 43,481 | 38,535 | ||||
| Noncontrolling interests | 392 | 470 | ||||
| Total liabilities and stockholders' equity | $ | 63,733 | $ | 59,452 | ||