UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): November 3, 2011
UFP Technologies, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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001-12648 |
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04-2314970 |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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172 East Main Street, Georgetown, MA |
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01833-2107 |
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(Address of Principal Executive Offices) |
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(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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-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 November 3, 2011, the Company issued a press release announcing its financial results for the third quarter ended September 30, 2011. 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.
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Exhibit |
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Description |
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99.1 |
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Press release dated November 3, 2011 of UFP Technologies, Inc. announcing its financial results for the third quarter ended September 30, 2011. |
SIGNATURES
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.
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Dated: November 4, 2011 |
UFP TECHNOLOGIES, INC. | |
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By: |
/s/ Ronald J. Lataille |
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Ronald J. Lataille, Chief Financial |
Exhibit 99.1
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UFP TECHNOLOGIES, INC. |
Tel. 978-352-2200 |
FOR IMMEDIATE RELEASE
UFP Technologies Announces Q3 Results
Georgetown, Mass., November 3, 2011. 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)
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Unaudited |
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Three Months Ended |
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Nine Months Ended |
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30-Sep-11 |
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30-Sep-10 |
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30-Sep-11 |
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30-Sep-10 |
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Net sales |
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$ |
30,762 |
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$ |
30,468 |
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$ |
95,767 |
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$ |
89,126 |
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Cost of sales |
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22,278 |
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21,562 |
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68,478 |
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63,716 |
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Gross profit |
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8,484 |
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8,906 |
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27,289 |
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25,410 |
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SG&A |
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5,220 |
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5,103 |
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16,632 |
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15,502 |
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Gain on sale of assets |
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— |
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— |
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(838 |
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(12 |
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Operating income |
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3,264 |
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3,803 |
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11,495 |
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9,920 |
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Interest expense, other income & expenses |
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(6 |
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(35 |
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(19 |
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(104 |
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Income before income taxes |
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3,258 |
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3,768 |
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11,476 |
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9,816 |
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Income taxes |
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819 |
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1,389 |
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3,701 |
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3,617 |
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Net income from consolidated operations |
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2,439 |
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2,379 |
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7,775 |
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6,199 |
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Net income attributable to noncontrolling interests |
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(4 |
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(14 |
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(433 |
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(41 |
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Net income attributable to UFP Technologies, Inc. |
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$ |
2,435 |
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$ |
2,365 |
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$ |
7,342 |
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$ |
6,158 |
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Weighted average shares outstanding |
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6,511 |
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6,215 |
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6,457 |
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6,117 |
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Weighted average diluted shares outstanding |
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6,999 |
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6,785 |
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6,985 |
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6,728 |
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Per Share Data |
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Net income per share outstanding |
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$ |
0.37 |
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$ |
0.38 |
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$ |
1.14 |
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$ |
1.01 |
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Net income per diluted share outstanding |
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$ |
0.35 |
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$ |
0.35 |
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$ |
1.05 |
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$ |
0.92 |
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Consolidated Condensed Balance Sheets
($ in thousands)
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30-Sep-11 |
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31-Dec-10 |
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(unaudited) |
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Assets: |
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Cash |
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$ |
30,659 |
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$ |
24,434 |
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Receivables |
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15,115 |
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14,633 |
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Inventories |
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9,006 |
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8,044 |
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Other current assets |
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2,815 |
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3,658 |
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Net property, plant, and equipment |
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13,012 |
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12,575 |
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Other assets |
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8,239 |
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8,465 |
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Total assets |
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$ |
78,846 |
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$ |
71,809 |
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Liabilities and equity: |
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Short-term debt |
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$ |
581 |
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$ |
654 |
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Accounts payable |
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5,657 |
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5,169 |
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Other current liabilities |
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6,226 |
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6,679 |
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Long-term debt |
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5,784 |
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6,847 |
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Other liabilities |
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2,147 |
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2,234 |
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Total liabilities |
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20,395 |
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21,583 |
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Total equity |
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58,451 |
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50,226 |
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Total liabilities and stockholders’ equity |
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$ |
78,846 |
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$ |
71,809 |
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