Attached files
file | filename |
---|---|
8-K - 8-K - UFP TECHNOLOGIES INC | a11-11654_18k.htm |
Exhibit 99.1
UFP TECHNOLOGIES, INC. 172 East Main Street Georgetown, MA 01833 USA |
|
Tel. 978-352-2200 www.ufpt.com Contact: Ron Lataille |
FOR IMMEDIATE RELEASE
UFP Technologies Announces Strong Q1 Results
Georgetown, Mass., May 4, 2011. UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today reported net income of $2.2 million or $0.32 per diluted common share outstanding for its first quarter ended March 31, 2011, 46% higher than net income of $1.5 million or $0.23 per diluted common share outstanding for the same period in 2010. Sales for the first quarter of 2011 were $31.5 million or 9.8% higher than 2010 first quarter sales of $28.7 million.
I am very pleased with our first quarter results, said R. Jeffrey Bailly, Chairman and CEO. Strong demand in our military and automotive markets helped fuel our 10% organic sales growth, and a higher-margin book of business overlaid on improved factory efficiencies generated impressive bottom line gains. We believe the strength of our platform is building momentum in the marketplace among customers, strategic vendor partners and potential acquisition candidates, many of whom have contacted us about joining forces.
Although a portion of our substantial automotive door panel program is scheduled to end mid-year, which we expect will reduce revenues in our Georgia facility by approximately $625,000 per month, we believe 2011 will again be a year of overall record sales and earnings, Bailly continued. With our tremendous depth of talent, diverse capabilities and wide range of opportunities, combined with a strong balance sheet, I believe UFP Technologies has an extremely bright future.
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 Companys prospects, anticipated advantages the Company expects to realize from its acquisition strategies and momentum in the marketplace, its participation and growth in multiple markets, its business opportunities, the Companys growth potential and strategies for growth, anticipated revenues and the timing of such revenues, and any indication that the Company may be able to sustain or increase its sales and earnings or sales and earnings growth rates. 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 Companys 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 Companys 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 |
| ||||
|
|
31-Mar-11 |
|
31-Mar-10 |
| ||
Net sales |
|
$ |
31,504 |
|
$ |
28,700 |
|
Cost of sales |
|
22,702 |
|
21,243 |
| ||
Gross profit |
|
8,802 |
|
7,457 |
| ||
SG&A |
|
5,726 |
|
5,012 |
| ||
Gain on sale of assets |
|
(834 |
) |
|
| ||
Operating income |
|
3,910 |
|
2,445 |
| ||
Interest expense, other income & expenses |
|
2 |
|
(35 |
) | ||
Income before income taxes |
|
3,912 |
|
2,410 |
| ||
Income taxes |
|
1,279 |
|
888 |
| ||
Net income from consolidated operations |
|
2,633 |
|
1,522 |
| ||
Net income attributable to noncontrolling interests |
|
(428 |
) |
(11 |
) | ||
Net income attributable to UFP Technologies, Inc. |
|
$ |
2,205 |
|
$ |
1,511 |
|
Weighted average shares outstanding |
|
6,394 |
|
5,997 |
| ||
Weighted average diluted shares outstanding |
|
6,969 |
|
6,642 |
| ||
Per Share Data |
|
|
|
|
| ||
Net income per share outstanding |
|
$ |
0.34 |
|
$ |
0.25 |
|
Net income per diluted share outstanding |
|
$ |
0.32 |
|
$ |
0.23 |
|
Consolidated Condensed Balance Sheets
($ in thousands)
|
|
31-Mar-11 |
|
31-Dec-10 |
| ||
|
|
(unaudited) |
|
|
| ||
Assets: |
|
|
|
|
| ||
Cash |
|
$ |
25,244 |
|
$ |
24,434 |
|
Receivables |
|
15,863 |
|
14,633 |
| ||
Inventories |
|
9,102 |
|
8,044 |
| ||
Other current assets |
|
3,380 |
|
3,658 |
| ||
Net property, plant, and equipment |
|
11,807 |
|
12,575 |
| ||
Other assets |
|
8,474 |
|
8,465 |
| ||
Total assets |
|
$ |
73,870 |
|
$ |
71,809 |
|
Liabilities and equity: |
|
|
|
|
| ||
Short-term debt |
|
$ |
650 |
|
$ |
654 |
|
Accounts payable |
|
5,729 |
|
5,169 |
| ||
Other current liabilities |
|
5,751 |
|
6,679 |
| ||
Long-term debt |
|
6,695 |
|
6,847 |
| ||
Other liabilities |
|
2,294 |
|
2,234 |
| ||
Total liabilities |
|
21,119 |
|
21,583 |
| ||
Total equity |
|
52,751 |
|
50,226 |
| ||
Total liabilities and stockholders equity |
|
$ |
73,870 |
|
$ |
71,809 |
|