8-K

UNITED STATES
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): August 2, 2017  

UFP Technologies, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-12648	04-2314970
(Commission File Number)	(I.R.S. Employer Identification Number)
100 Hale Street, Newburyport, MA - USA	01950-3504
(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:
	[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

Item 2.02. Results of Operations and Financial Condition.

On August 2, 2017, UFP Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2017.  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, including the press release attached hereto as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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, or the Exchange Act, 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 August 2, 2017 of UFP Technologies, Inc. announcing its financial results for the second

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.

	UFP TECHNOLOGIES, INC.
Dated: August 2, 2017	By:	/s/ Ronald J. Lataille
		Ronald J. Lataille
		Chief Financial Officer and Senior Vice President

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release dated August 2, 2017 of UFP Technologies, Inc. announcing its financial results for the second quarter ended June 30, 2017.

EX-99.1

EXHIBIT 99.1

UFP Technologies Announces Q2 Results

NEWBURYPORT, Mass., Aug. 02, 2017 (GLOBE NEWSWIRE) -- UFP Technologies, Inc.  (Nasdaq:UFPT), an innovative designer and custom converter of foams, plastics, and natural fiber materials, today reported net income of $2.6 million or $0.36 per diluted common share outstanding for its second quarter ended June 30, 2017, compared to net income of $2.7 million or $0.38 per diluted common share outstanding for the same period in 2016.  Sales for the second quarter were $37.9 million, consistent with second quarter sales of $37.9 million in 2016.  Net income for the six-month period ended June 30, 2017, was $4.8 million or $0.66 per diluted common share outstanding compared to $3.8 million or $0.53 per diluted common share outstanding for the same period in 2016.  Sales for the six-month period ended June 30, 2017, were $74.9 million compared to sales of $72.4 million for the same period in 2016.

“I am pleased with our second quarter results and our progress at the mid-point of 2017,” said R. Jeffrey Bailly, Chairman and CEO. “Although Q2 revenue was impacted by a significant drop in automotive demand, our medical sales continue to grow at double-digit rates. Overall, sales for the year are up 3.5% and net income is up 26%.”

“We continue to shift our business mix toward higher-margin opportunities, and continue to make progress improving our operating efficiency, particularly at plants affected by our recent consolidations,” Bailly added. “Both are having a positive impact on gross margins.” 

“We also have a very strong pipeline of growth opportunities, including a series of potential acquisitions that we are currently evaluating. We are targeting medically-focused companies that we believe will increase the value we bring to customers,” said Bailly. “With our strong balance sheet, enhanced management team, improving operating efficiency, and robust growth opportunities, we are bullish about our future.”

UFP Technologies is an innovative designer and custom converter of foams, plastics, and natural fiber materials, principally serving the medical, automotive, consumer, electronics, industrial, and aerospace and defense markets. The UFP team acts as an extension of its customers’ in-house research, engineering, and manufacturing groups, working closely with them to solve their most complex product and packaging challenges.

This news release contains statements relating to expected financial performance and/or future business prospects, events and plans that are forward-looking statements.  Such statements include, but are not limited to, statements about the Com­pany’s prospects, statements about the Company’s growth potential and strategies for growth, including its acquisition strategies and other opportunities, statements regarding new hires and anticipated trends in the different markets in which the Company competes, anticipated advantages relating to the Company’s decisions to consolidate its facilities and the expected cost savings and efficiencies associated therewith, expectations regarding the manufacturing capacity and efficiencies of the Company, statements about the Company’s business opportunities and strategies regarding, and participation and growth in, multiple markets, 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 and uncertainties associated with the identification of suitable ac­quisition candidates and the successful, efficient execution of acquisition transactions and integration of any such acquisition candi­dates, risks and uncertainties associated with plant closures and consolidations, and expected efficiencies from consolidating manufacturing, risks associated with fluctuations in the markets in which the Company and its customers compete, including risks relating to the Company’s ability to maintain, grow and sustain growth in new or current markets, as well as other risks and uncertainties that are detailed in the documents filed by the Company with the Securities and Exchange Commission (“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 Statement of Income
(in thousands, except per share data)
(unaudited)
	Three Months Ended						Six Months Ended
	June 30						June 30
		2017			2016			2017			2016
Net sales	$	37,886		$	37,902		$	74,939		$	72,406
Cost of sales		27,945			27,616			55,482			54,393
Gross profit		9,941			10,286			19,457			18,013
SG&A		6,061			6,470			12,376			12,374
Restructuring costs		63			55			63			178
Material overcharge settlement		(121	)		(432	)		(121	)		(432	)
Loss / (gain) on sale of fixed assets		8			-			3			(4	)
Operating income		3,930			4,193			7,136			5,897
Interest income, net		29			15			57			26
Income before income taxes		3,959			4,208			7,193			5,923
Income taxes		1,329			1,473			2,392			2,113
Net income from consolidated operations	$	2,630		$	2,735		$	4,801		$	3,810
Net income per share outstanding	$	0.36		$	0.38		$	0.66		$	0.53
Net income per diluted share outstanding	$	0.36		$	0.38		$	0.66		$	0.53
Weighted average shares outstanding		7,239			7,175			7,228			7,159
Weighted average diluted shares outstanding		7,323			7,250			7,312			7,238

Consolidated Condensed Balance Sheets
(in thousands)
	June 30,		December 31,
		2017		2016
Assets:	(unaudited)
Cash	$	34,514	$	31,359
Receivables		22,306		21,249
Inventories		14,095		14,151
Other current assets		2,464		3,088
Net property, plant, and equipment		50,836		48,516
Other assets		9,475		9,571
Total assets	$	133,690	$	127,934
Liabilities and equity:
Short-term debt	$	342	$	856
Accounts payable		4,394		4,002
Other current liabilities		4,629		4,698
Other liabilities		5,627		5,325
Total liabilities		14,992		14,881
Total equity		118,698		113,053
Total liabilities and stockholders' equity	$	133,690	$	127,934

www.ufpt.com
Contact:
Ron Lataille
978-234-0926, rlataille@ufpt.com