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8-K - 8-K - UFP TECHNOLOGIES INCa11-6743_18k.htm
EX-10.55 - EX-10.55 - UFP TECHNOLOGIES INCa11-6743_1ex10d55.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 Record 2010 Results

 

Georgetown, Mass., February 23, 2011.  UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today reported net income of $9.2 million or $1.37 per diluted common share outstanding for its fiscal year ended December 31, 2010, 56% higher than net income of $5.9 million or $0.94 per diluted common share outstanding for its 2009 fiscal year.  Sales for 2010 were $120.8 million, 22% higher than 2009 sales of $99.2 million.

 

For its fourth quarter ended December 31, 2010, the Company reported net income of $3.1 million or $0.45 per diluted common share outstanding, 6% higher than net income of $2.9 million or $0.45 per diluted common share outstanding in the same period in 2009.  Sales for the fourth quarter of 2010 were $31.6 million, 9% higher than 2009 fourth quarter sales of $29.0 million.

 

“I am extremely pleased with our 2010 results,” said R. Jeffrey Bailly, Chairman & CEO.  “Our investments in strategic growth initiatives and successful 2009 acquisitions helped drive 22% top-line growth. This revenue growth and related economies of scale, combined with greater manufacturing efficiencies, yielded a 76% improvement in operating income.  Our 56% gain in net income is particularly noteworthy because 2009 results included $840,000 in one-time acquisition gains.”

 

“Each of our recent acquisitions has expanded our capabilities and strengthened our competitive platform,” Bailly continued. “Our strategy is to identify acquisition candidates that are an excellent cultural fit and enhance our ability to serve customers. This, along with our internal focus on the market opportunities where our engineered solutions add the most value, has enabled us to accelerate our sales and earnings growth. Looking ahead, we believe our growing pipeline of new business opportunities and strong balance sheet, which currently includes approximately $25 million in cash, position us well to continue executing our growth strategy.”

 

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, anticipated advantages the Company expects to realize from its acquisition strategies, its participation and growth in multiple markets, its business opportunities, the Company’s growth potential and strategies for growth, 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

 

Twelve Months Ended

 

 

 

31-Dec-10

 

31-Dec-09

 

31-Dec-10

 

31-Dec-09

 

Net sales

 

$

31,640

 

$

29,044

 

$

120,766

 

$

99,231

 

Cost of sales

 

22,434

 

20,093

 

86,150

 

72,512

 

Gross profit

 

9,206

 

8,951

 

34,616

 

26,719

 

SG&A

 

4,734

 

4,662

 

20,236

 

18,539

 

Operating income

 

4,472

 

4,289

 

14,380

 

8,180

 

Gain on acquisitions

 

 

 

 

840

 

Interest expense, other income & expenses

 

139

 

(46

)

46

 

(221

)

Income before income taxes

 

4,611

 

4,243

 

14,426

 

8,799

 

Income taxes

 

1,403

 

1,327

 

5,019

 

2,817

 

Net income from consolidated operations

 

$

3,208

 

$

2,916

 

$

9,407

 

$

5,982

 

Net income attributable to noncontrolling interests

 

$

(119

)

$

(10

)

$

(160

)

$

(53

)

Net income attributable to UFP Technologies, Inc.

 

$

3,089

 

$

2,906

 

$

9,247

 

$

5,929

 

Weighted average shares outstanding

 

6,276

 

5,920

 

6,157

 

5,830

 

Weighted average diluted shares outstanding

 

6,875

 

6,497

 

6,749

 

6,294

 

Per Share Data

 

 

 

 

 

 

 

 

 

Net income per share outstanding

 

$

0.49

 

$

0.49

 

$

1.50

 

$

1.02

 

Net income per diluted share outstanding

 

$

0.45

 

$

0.45

 

$

1.37

 

$

0.94

 

 

Consolidated Condensed Balance Sheets

($ in thousands)

 

 

 

31-Dec-10

 

31-Dec-09

 

Assets:

 

 

 

 

 

Cash

 

$

24,434

 

$

14,999

 

Receivables

 

14,633

 

14,218

 

Inventories

 

8,044

 

7,647

 

Other current assets

 

3,658

 

1,887

 

Net property, plant, and equipment

 

12,575

 

12,218

 

Other assets

 

8,465

 

8,483

 

Total assets

 

$

71,809

 

$

59,452

 

Liabilities and equity:

 

 

 

 

 

Short-term debt

 

$

654

 

$

623

 

Accounts payable

 

5,169

 

4,274

 

Other current liabilities

 

6,679

 

6,153

 

Long-term debt

 

6,847

 

7,502

 

Other liabilities

 

2,234

 

1,895

 

Total liabilities

 

21,583

 

20,447

 

Total equity

 

50,226

 

39,005

 

Total liabilities and stockholders’ equity

 

$

71,809

 

$

59,452