UFP Technologies, Inc. : UFP Technologies Announces Q3 Results
11/03/2011| 08:10am US/Eastern
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UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and
component products, today reported net income of $2.435 million or $0.35
per diluted common share outstanding for its third quarter ended
September 30, 2011, 3% higher than net income of $2.365 million or $0.35
per diluted common share outstanding for the same period in 2010. Sales
for the third quarter of 2011 were $30.8 million or 1% higher than 2010
third quarter sales of $30.5 million. For the nine-month period ended
September 30, 2011, the Company reported net income of $7.3 million or
$1.05 per diluted common share outstanding, compared to $6.2 million or
$0.92 per diluted common share outstanding in the same 2010 period.
Sales for the nine-month period ended September 30, 2011, were
$95.8 million or 7.5% higher than sales of $89.1 million for the same
nine-month period in 2010.
"I am pleased with our third quarter results," said R. Jeffrey Bailly,
Chairman & CEO. "We were able to maintain - in fact, slightly increase -
our top and bottom lines despite the conclusion of our long-standing
door panel program for the Mercedes M-Class SUV, and expenses related to
closing our Alabama production facility, transferring most of that
business to other UFP plants, and opening our new Huntsville, Alabama,
tech center. Excluding the door panel program sales from our third
quarter results in 2010, our revenues for the quarter grew 7% over last
year."
"Although we have seen some softening in the industrial and military
markets, we continue to see robust demand in the medical market and for
our molded fiber products," Bailly added. "We are currently researching
and developing our next generation molded fiber production line. When
that project is complete, we plan to invest in new state-of-the-art
equipment with the goal of having new capacity on line in 2012."
"Also, with our strong balance sheet that includes over $30 million in
cash, we are patiently continuing our search for strategic acquisition
candidates to increase the value we bring to our customers and help take
UFP to the next level."
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 Company's
prospects, developments in its target markets, anticipated advantages
the Company expects to realize from its investments and capital
expenditures, including the development of and investments in its next
generation molded fiber production line, its acquisition strategies and
its efforts to centralize manufacturing operations and develop
technology support centers, its participation and growth in multiple
markets, its business opportunities, the Company's growth potential and
strategies for growth, anticipated revenues and the timing of such
revenues, the effects of the conclusion of the large automotive door
panel program, 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 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-11
30-Sep-10
30-Sep-11
30-Sep-10
Net sales
$
30,762
$
30,468
$
95,767
$
89,126
Cost of sales
22,278
21,562
68,478
63,716
Gross profit
8,484
8,906
27,289
25,410
SG&A
5,220
5,103
16,632
15,502
Gain on sale of assets
-
-
(838
)
(12
)
Operating income
3,264
3,803
11,495
9,920
Interest expense, other income & expenses
(6
)
(35
)
(19
)
(104
)
Income before income taxes
3,258
3,768
11,476
9,816
Income taxes
819
1,389
3,701
3,617
Net income from consolidated operations
2,439
2,379
7,775
6,199
Net income attributable to noncontrolling interests
(4
)
(14
)
(433
)
(41
)
Net income attributable to UFP Technologies, Inc.
$
2,435
$
2,365
$
7,342
$
6,158
Weighted average shares outstanding
6,511
6,215
6,457
6,117
Weighted average diluted shares outstanding
6,999
6,785
6,985
6,728
Per Share Data
Net income per share outstanding
$
0.37
$
0.38
$
1.14
$
1.01
Net income per diluted share outstanding
$
0.35
$
0.35
$
1.05
$
0.92
Consolidated Condensed Balance Sheets
($ in thousands)
30-Sep-11
31-Dec-10
Assets:
(unaudited)
Cash
$
30,659
$
24,434
Receivables
15,115
14,633
Inventories
9,006
8,044
Other current assets
2,815
3,658
Net property, plant, and equipment
13,012
12,575
Other assets
8,239
8,465
Total assets
$
78,846
$
71,809
Liabilities and equity:
Short-term debt
$
581
$
654
Accounts payable
5,657
5,169
Other current liabilities
6,226
6,679
Long-term debt
5,784
6,847
Other liabilities
2,147
2,234
Total liabilities
20,395
21,583
Total equity
58,451
50,226
Total liabilities and stockholders' equity
$
78,846
$
71,809
UFP Technologies, Inc. Ron Lataille, 978-352-2200 www.ufpt.com
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