8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2007

UFP Technologies, Inc.

(Exact Name Of Registrant As Specified In Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-12648	04-2314970
(Commission File Number)	(I.R.S. Employer Identification No.)
172 East Main Street, Georgetown, MA	01833-2107
(Address of Principal Executive Offices)	(Zip Code)

(978) 352-2200

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02               Results of Operations and Financial Condition

On May 8, 2007, the Company issued a press release announcing its financial results for the first quarter ended March 31, 2007.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.

Limitation on Incorporation by Reference.    The information furnished in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward-Looking Statements.     Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.  Please refer to the cautionary note in the press release regarding these forward-looking statements.

Item 9.01 Financial Statements and Exhibits.

   (d) Exhibits.

Exhibit Number	Description
99.1	Press release dated May 8, 2007 of UFP Technologies, Inc. announcing its financial results for the first quarter ended March 31, 2007.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 10, 2006	UFP TECHNOLOGIES, INC.
	By:	/s/ Ronald J. Lataille
		Ronald J. Lataille, Chief Financial
		Officer and Vice President

3

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release dated May 8, 2007 of UFP Technologies, Inc. announcing its financial results for the first quarter ended March 31, 2007.

4

EX-99.1

Exhibit 99.1

UFP TECHNOLOGIES, INC.	Tel. 978-352-2200
172 East Main Street	www.ufpt.com
Georgetown, MA 01833 – USA	Contact: Ron Lataille
FOR IMMEDIATE RELEASE
May 8, 2007

UFP TECHNOLOGIES ANNOUNCES Q1 2007 RESULTS

Georgetown, Mass., May 8, 2007.  UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today reported net income of $521,000 or $0.09 per diluted share outstanding for its first quarter ended March 31, 2007, slightly lower than 2006 first quarter net income of $574,000 or $0.11 per diluted share outstanding.  Sales for the quarter were $22.0 million compared to 2006 first quarter sales of $24.1 million.

“We had a solid start in 2007,” said R. Jeffrey Bailly, Chairman, CEO, and President. “As expected, first quarter sales were down, mainly due to weaker demand in the automotive industry. Several manufacturers extended their normally scheduled holiday plant shutdowns well into January, causing a ripple effect for suppliers like UFP.”

“However, our ongoing efforts to improve efficiencies and contain costs enabled us to improve our gross margins and mitigate the impact of the lower sales,” said Bailly. “With our strong balance sheet, we are well positioned to pursue both acquisition and organic growth opportunities. Plus, our pipeline of new opportunities remains solid. For example, we are seeing renewed interest in our environmentally friendly molded fiber solutions. For all these reasons, we remain optimistic about 2007 and beyond.”

UFP Technologies is a leading designer and manufacturer of interior protective packaging solutions using molded fiber, vacuum-formed plastics, and molded and fabricated foam plastics.  The Company also designs and manufactures engineered component solutions using laminating, molding, and fabricating technologies.  The Company primarily serves the automotive, computers and electronics, medical, aerospace and defense, consumer, and industrial markets.

This news release contains forward-looking information that involves risks and uncertainties, including statements about  operating results in 2007 and beyond, the Company’s strategies for growth, the Company’s sales opportunities, and customer interest in the Company’s molded fiber products.  Investors are cautioned that such forward-looking statements involve risks and uncertainties, including risks associated with the identification of suitable acquisition candidates and the successful, efficient execution and integration of such acquisitions, risks that the Company’s sales and marketing efforts will not be successful, the risk of lack of acceptance by current and potential new customers of the Company’s product offerings, recent increases and possible further increases in the cost of the Company’s raw materials and energy that the Company may not be able to pass through to its customers, risks associated with the current volatility in the automotive industry, other economic conditions that affect sales of the products of the Company’s customers, the ability of the Company to obtain new customers, the ability of the Company to achieve positive results due to competition, decisions by customers to cancel or defer orders for their products that previously had been accepted, evolving customer requirements, difficulties associated with the roll-out of new products, the costs of compliance with Sarbanes-Oxley related requirements, general economic and industry conditions and other factors. 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)

	Three Months Ended
	(unaudited)
	31-Mar-07		31-Mar-06
Net sales	$	22,013	$	24,141
Cost of sales	17,413		19,262
Gross profit	4,600		4,879
SG&A	3,613		3,657
Operating income	987		1,222
Interest expense, other income & expenses	146		295
Income before income taxes	841		927
Income taxes	320		353
Net income	$	521	$	574
Weighted average shares outstanding	5,206		4,874
Weighted average diluted shares outstanding	5,747		5,233
Per Share Data
Net income per share outstanding	$	0.10	$	0.12
Net income per diluted share outstanding	$	0.09	$	0.11

Consolidated Condensed Balance Sheets

($ in thousands)

	31-Mar-07		31-Dec-06
	(unaudited)
Assets:
Current assets	$	21,019	$	20,374
Net property, plant, and equipment	9,951		10,137
Other assets	8,265		8,526
Total assets	$	39,235	$	39,037
Liabilities and stockholders’ equity:
Current liabilities	$	11,661	$	12,138
Long-term debt	6,579		6,921
Other liabilities	1,455		1,353
Total liabilities	$	19,695	$	20,412
Total stockholders’ equity	19,540		18,625
Total liabilities and stockholders’ equity	$	39,235	$	39,037