0001171843-19-007361.txt : 20191108 0001171843-19-007361.hdr.sgml : 20191108 20191108084619 ACCESSION NUMBER: 0001171843-19-007361 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191108 DATE AS OF CHANGE: 20191108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UFP TECHNOLOGIES INC CENTRAL INDEX KEY: 0000914156 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS FOAM PRODUCTS [3086] IRS NUMBER: 042314970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12648 FILM NUMBER: 191202253 BUSINESS ADDRESS: STREET 1: 100 HALE STREET CITY: NEWBURYPORT STATE: MA ZIP: 01950 BUSINESS PHONE: 978-352-2200 MAIL ADDRESS: STREET 1: 100 HALE STREET CITY: NEWBURYPORT STATE: MA ZIP: 01950 10-Q 1 f10q_110819p.htm FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended SEPTEMBER 30, 2019

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 001-12648

UFP Technologies, Inc.

(Exact name of registrant as specified in its charter)

Delaware	04-2314970
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

100 Hale Street, Newburyport, MA 01950, USA

(Address of principal executive offices) (Zip Code)

(978) 352-2200

(Registrant's telephone number, including area code)

_________________________________________

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UFPT	The NASDAQ Stock Market L.L.C.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X ; No ____

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X ; No ____

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☒
	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ____; No X

7,437,136 shares of registrant’s Common Stock, $0.01 par value, were outstanding as of November 1, 2019.

UFP Technologies, Inc.

Index

Page

PART I - FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Condensed Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018	3
Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2019 and September 30, 2018 (unaudited)	4
Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2019 and September 30, 2018 (unaudited)	5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and September 30, 2018 (unaudited)	7
Notes to Interim Condensed Consolidated Financial Statements	8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	19
Item 4. Controls and Procedures	24
PART II - OTHER INFORMATION	24
Item 1A. Risk Factors	24
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 6. Exhibits	24
Signatures	25

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

UFP Technologies, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

	September 30, 2019			December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	11,390		$	3,238
Receivables, less allowance for doubtful accounts of $533 at September 30, 2019 and $564 at December 31, 2018		28,796			28,321
Inventories		19,219			19,576
Prepaid expenses		2,659			2,206
Refundable income taxes		2,036			2,285
Total current assets		64,100			55,626
Property, plant and equipment		115,208			111,779
Less accumulated depreciation and amortization		(58,128	)		(54,112	)
Net property, plant and equipment		57,080			57,667
Goodwill		51,838			51,838
Intangible assets, net		21,289			22,232
Non-qualified deferred compensation plan		2,615			2,034
Operating lease right of use assets		3,276			-
Other assets		140			201
Total assets	$	200,338		$	189,598

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	6,825		$	6,836
Accrued expenses		8,326			8,458
Deferred revenue		2,532			2,507
Operating lease liabilities		821			-
Current portion of long-term debt		2,857			2,857
Total current liabilities		21,361			20,658
Long-term debt, excluding current portion		12,143			22,286
Deferred income taxes		5,381			4,129
Non-qualified deferred compensation plan		2,643			2,044
Operating lease liabilities		2,511			-
Other liabilities		410			24
Total liabilities		44,449			49,141
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized; no shares issued		-			-
Common stock, $.01 par value, 20,000,000 shares authorized; 7,466,695 and 7,437,136 shares issued and outstanding, respectively at September 30, 2019;7,415,002 and 7,385,443 shares issued and outstanding, respectively at December 31, 2018		74			74
Additional paid-in capital		30,627			29,168
Retained earnings		125,775			111,802
Treasury stock at cost, 29,559 shares at September 30, 2019 and December 31, 2018		(587	)		(587	)
Total stockholders’ equity		155,889			140,457
Total liabilities and stockholders' equity	$	200,338		$	189,598

The accompanying notes are an integral part of these condensed consolidated financial statements.

UFP Technologies, Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2019		2018			2019		2018
Net sales	$	49,394	$	47,808		$	148,120	$	139,758
Cost of sales		36,073		35,377			107,932		104,156
Gross profit		13,321		12,431			40,188		35,602
Selling, general & administrative expenses		7,183		6,541			22,226		20,550
Acquisition-related costs		-		-			-		1,089
Material overcharge settlement		-		-			-		(104	)
Loss (Gain) on sale of fixed assets		-		5			-		(51	)
Operating income		6,138		5,885			17,962		14,118
Interest income		-		(12	)		-		(44	)
Interest expense		165		355			590		1,032
Other expense (income)		24		(85	)		461		(137	)
Income before income tax expense		5,949		5,627			16,911		13,267
Income tax expense		308		1,493			2,938		3,366
Net income	$	5,641	$	4,134		$	13,973	$	9,901

Net income per share:
Basic	$	0.76	$	0.56		$	1.88	$	1.35
Diluted	$	0.75	$	0.56		$	1.87	$	1.34
Weighted average common shares outstanding:
Basic		7,432		7,366			7,419		7,338
Diluted		7,493		7,435			7,476		7,406

The accompanying notes are an integral part of these condensed consolidated financial statements.

UFP TECHNOLOGIES, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

Nine-Month Period Ended September 30, 2019

						Additional										Total
	Common Stock					Paid-in			Retained		Treasury Stock					Stockholders'
	Shares			Amount		Capital			Earnings		Shares		Amount			Equity
Balance at January 1, 2019		7,385		$	74	$	29,168		$	111,802		30	$	(587	)		140,457
Share-based compensation		20			-		294			-		-		-			294
Exercise of stock options net of shares presented for exercise		17			-		285			-		-		-			285
Net share settlement of restricted stock units and stock option tax withholding		(8	)		-		(271	)		-		-		-			(271	)
Net income		-			-		-			3,734		-		-			3,734
Balance at March 31, 2019		7,414		$	74	$	29,476		$	115,536		30	$	(587	)	$	144,499
Share-based compensation		-			-		402			-		-		-			402
Exercise of stock options net of shares presented for exercise		14			-		155			-		-		-			155
Net income		-			-		-			4,598		-		-			4,598
Balance at June 30, 2019		7,428		$	74	$	30,033		$	120,134		30	$	(587	)	$	149,654
Share-based compensation		-			-		473			-		-		-			473
Exercise of stock options net of shares presented for exercise		9			-		121			-		-		-			121
Net income		-			-		-			5,641		-		-			5,641
Balance at September 30, 2019		7,437		$	74	$	30,627		$	125,775		30	$	(587	)	$	155,889

The accompanying notes are an integral part of these consolidated financial statements.

Nine-Month Period Ended September 30, 2018

						Additional											Total
	Common Stock					Paid-in			Retained			Treasury Stock					Stockholders'
	Shares			Amount		Capital			Earnings			Shares		Amount			Equity
Balance at January 1, 2018		7,280		$	73	$	26,664		$	97,562			30	$	(587	)	$	123,712
Share-based compensation		16			-		237			-			-		-			237
Exercise of stock options net of shares presented for exercise		30			-		367			-			-		-			367
Net share settlement of restricted stock units and stock option tax withholding		(5	)		-		(144	)		-			-		-			(144	)
Excess tax benefits on share-based compensation - adjustment		-			-		167			-			-		-			167
Adoption of ASC 606		-			-		-			(95	)		-		-			(95	)
Net income		-			-		-			1,777			-		-			1,777
Balance at March 31, 2018		7,321		$	73	$	27,291		$	99,244			30	$	(587	)	$	126,021
Share-based compensation		3			1		453			-			-		-			454
Exercise of stock options net of shares presented for exercise		35			-		597			-			-		-			597
Adoption of ASC 606		-			-		-			24			-		-			24
Net income		-			-		-			3,990			-		-			3,990
Balance at June 30, 2018		7,359		$	74	$	28,341		$	103,258			30	$	(587	)	$	131,086
Share-based compensation		-			-		272			-			-		-			272
Exercise of stock options net of shares presented for exercise		14			-		305			-			-		-			305
Net income		-			-		-			4,134			-		-			4,134
Balance at September 30, 2018		7,373		$	74	$	28,918		$	107,392			30	$	(587	)	$	135,797

The accompanying notes are an integral part of these consolidated financial statements.

UFP Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Nine Months Ended
	September 30
	2019			2018
Cash flows from operating activities:
Net income	$	13,973			9,901
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,120			5,820
Gain on sale of fixed assets		-			(51	)
Share-based compensation		1,169			963
Deferred income taxes		1,252			1,007
Changes in operating assets and liabilities:
Receivables, net		(475	)		(4,379	)
Inventories		357			(2,621	)
Prepaid expenses		(453	)		(262	)
Refundable income taxes		249			51
Other assets		35			(439	)
Accounts payable		(220	)		2,249
Accrued expenses		689			157
Deferred revenue		25			872
Non-qualified deferred compensation plan and other liabilities		(335	)		281
Net cash provided by operating activities		22,386			13,549
Cash flows from investing activities:
Additions to property, plant, and equipment		(4,381	)		(4,521	)
Acquisition of Dielectrics, net of cash acquired		-			(76,978	)
Proceeds from sale of fixed assets		-			77
Net cash used in investing activities		(4,381	)		(81,422	)
Cash flows from financing activities:
Proceeds from advances on revolving line of credit		-			36,000
Payments on revolving line of credit		(8,000	)		(20,000	)
Proceeds from the issuance of long-term debt		-			20,000
Principal repayments of long-term debt		(2,143	)		(2,143	)
Proceeds from exercise of stock options, net of shares presented for exercise		561			1,270
Payment of statutory withholdings for stock options exercised and restricted stock units vested		(271	)		(144	)
Net cash (used in) provided by financing activities		(9,853	)		34,983
Net increase (decrease) in cash and cash equivalents		8,152			(32,890	)
Cash and cash equivalents at beginning of period		3,238			37,978
Cash and cash equivalents at end of period	$	11,390		$	5,088

The accompanying notes are an integral part of these condensed consolidated financial statements.

Notes to Interim Condensed Consolidated Financial Statements

(1)

Basis of Presentation

The interim condensed consolidated financial statements of UFP Technologies, Inc. (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10-Q and do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2018, included in the Company's 2018 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission.

The condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018, the condensed consolidated statements of income for the three- and nine-month periods ended September 30, 2019 and 2018, the condensed consolidated statements of stockholders’ equity for the three- and nine-month periods ended September 30, 2019 and 2018, and the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2019 and 2018 are unaudited but, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of results for these interim periods. The condensed consolidated balance sheet as of December 31, 2018 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The results of operations for the three- and nine-month periods ended September 30, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2019.

Recent Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “Leases (Accounting Standards Codification (ASC) 842),” and issued subsequent amendments to the initial guidance in January 2018 within ASU No. 2018-01 and in July 2018 within ASU Nos. 2018-10 and 2018-11. The Company adopted ASC 842 on January 1, 2019. See Note 7 for further details.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (ASC 350), Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test and eliminates the need to determine the fair value of individual assets and liabilities to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance will be applied prospectively and is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed on testing dates after January 1, 2017. The Company does not believe adoption will have a material impact on its financial condition or results of operations.

Revisions

Certain revisions have been made to the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018, due to a reclassification of deferred revenue. The reclassification resulted in a decrease to the change in deferred revenue and an increase in the change in accrued expenses in the amount of approximately $574 thousand. These revisions had no impact on previously reported net income and are deemed immaterial to the previously issued financial statements.

(2)

Revenue Recognition

The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for promised goods or services. The Company recognizes revenue in accordance with the core principles of ASC 606 which include (1) identifying the contract with a customer, (2) identifying separate performance obligations within the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing revenue. The Company recognizes all but an immaterial portion of its product sales upon shipment. The Company recognizes revenue from the sale of tooling and machinery primarily upon customer acceptance, except for certain tooling where control does not transfer to the customer, which results in revenue being recognized over the estimated time for which parts are produced with the use of each respective tool. The Company recognizes revenue from engineering services as the services are performed. Although only applicable to an insignificant number of transactions, the Company has elected to exclude sales taxes from the transaction price. The Company has elected to account for shipping and handling activities for which the Company is responsible under the terms and conditions of the sale not as performance obligations but rather as fulfillment costs. These activities are required to fulfill the Company’s promise to transfer the good and are expensed when revenue is recognized.

Disaggregated Revenue

The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to the Company’s customers (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Net sales of:	2019		2018		2019		2018
Products	$	47,400	$	46,423	$	144,386	$	135,670
Tooling and machinery		952		537		1,920		2,135
Engineering services		1,042		848		1,814		1,953
Total net sales	$	49,394	$	47,808	$	148,120	$	139,758

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has deferred revenue, or contract liabilities, included within “deferred revenue” on the condensed consolidated balance sheet.

The following table presents opening and closing balances of contract liabilities for the nine-month periods ended September 30, 2019 and 2018 (in thousands):

	Contract Liabilities
	Nine Months Ended September 30,
	2019			2018
Deferred revenue - beginning of period	$	2,507		$	871
Acquired in Dielectrics business combination		-			2,175
Increases due to consideration received from customers		2,256			3,088
Revenue recognized		(2,231	)		(2,216	)
Deferred revenue - end of period	$	2,532		$	3,918

Revenue recognized during the nine-month periods ended September 30, 2019 and 2018 from amounts included in deferred revenue at the beginning of the period were approximately $1.3 million and $527 thousand, respectively.

When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the condensed consolidated balance sheet.

The following table presents opening and closing balances of contract assets for the nine-month periods ended September 30, 2019 and 2018 (in thousands):

	Contract Assets
	Nine Months Ended September 30,
	2019			2018
Unbilled Receivables - beginning of period	$	65		$	-
Increases due to revenue recognized - not invoiced to customers		660			236
Decreases due to customer invoicing		(712	)		(188	)
Unbilled Receivables - end of period	$	13		$	48

(3)

Supplemental Cash Flow Information

	Nine Months Ended
	September 30,
	2019		2018
	(in thousands)
Cash paid for:
Interest	$	579	$	853
Income taxes, net of refunds		1,593		2,308

Non-cash investing and financing activities:
Capital additions accrued but not yet paid	$	209	$	216
Recognition of lease asset and liability (ASC 842)	$	3,831	$	-

(4)

Fair Value of Financial Instruments

Financial instruments recorded at fair value in the consolidated balance sheets, or disclosed at fair value in the footnotes, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels defined by ASC 820, Fair Value Measurements and Disclosures, and directly related to the amount of subjectivity associated with inputs to fair valuation of these assets and liabilities, are as follows:

Level 1

Valued based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2

Valued based on either directly or indirectly observable prices for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3

Valued based on management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The following table presents the fair value and hierarchy levels, for financial assets that are measured at fair value on a recurring basis (in thousands):

Level 2	September 30, 2019			December 31, 2018
(Liabilities) Assets:
Derivative financial instruments	$	(397	)	$	64

Derivative financial instruments consist of an interest rate swap for which fair value is determined through the use of a pricing model that utilizes verifiable inputs such as market interest rates that are observable at commonly quoted intervals for the full term of the swap agreement.

The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, that are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the Company.

(5)

Share-Based Compensation

Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant).

The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2018. The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Share-based compensation related to:	2019		2018		2019		2018
Common stock grants	$	100	$	100	$	300	$	405
Stock option grants		60		9		91		143
Restricted Stock Unit Awards ("RSUs")		313		163		778		415
Total share-based compensation	$	473	$	272	$	1,169	$	963

The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately $176 thousand and $289 thousand for the three-month periods ended September 30, 2019 and 2018, respectively, and approximately $524 thousand and $649 thousand for the nine-month periods ended September 30, 2019 and 2018, respectively.

The following is a summary of stock option activity under all plans for the nine-month period ended September 30, 2019:

	Shares Under Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2018		134,043		$	20.46
Granted		16,536			38.61
Exercised		(39,965	)		14.06
Outstanding at September 30, 2019		110,614		$	25.49		5.83	$	1,450
Exercisable at September 30, 2019		86,578		$	22.71		5.32	$	1,376
Vested and expected to vest at September 30, 2019		110,614		$	25.49		5.83	$	1,450

On June 5, 2019, the Company granted options to its directors for the purchase of 16,536 shares of common stock at that day’s closing price of $38.61. The compensation expense related to these grants was determined as the fair value of the options using the Black-Scholes option pricing model based on the following assumptions:

Expected volatility		28.9	%
Expected dividends		None
Risk-free interest rate		2.3	%
Exercise price	$	38.61
Expected term (years)		6.0
Weighted-average grant date fair value	$	12.70

The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity.

During the nine-month periods ended September 30, 2019 and 2018, the total intrinsic value of all options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employees to exercise the options) was approximately $867 thousand and $1.2 million, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $562 thousand and $1.3 million, respectively. At its discretion, the Company allows option holders to surrender previously-owned common stock in lieu of paying the exercise price and withholding taxes. No shares were surrendered for this purpose for the periods ended September 30, 2019 and 2018.

On February 19, 2019, the Company’s Compensation Committee approved the award of $400 thousand, payable in shares of common stock to the Company’s Chairman, Chief Executive Officer, and President under the 2003 Incentive Plan, subject to his continued employment and the terms of his employment agreement. The shares will be issued in December 2019.

The following table summarizes information about RSU activity during the nine-month period ended September 30, 2019:

	Restricted Stock Units			Weighted Average Award Date Fair Value
Outstanding at December 31, 2018		72,176		$	23.60
Awarded		67,540			33.53
Shares vested		(19,860	)		23.53
Outstanding at September 30, 2019		119,856		$	28.25

At the Company’s discretion, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares. During the nine-month periods ended September 30, 2019 and 2018, 8,132 and 5,238 shares were surrendered at an average market price of $33.35 and $27.60, respectively.

As of September 30, 2019, the Company had approximately $2.8 million of unrecognized compensation expense that is expected to be recognized over a period of 3.5 years.

(6)

Inventories

Inventories are stated at the lower of cost (determined using the first-in, first-out method) or net realizable value, and consist of the following at the stated dates (in thousands):

	September 30, 2019		December 31, 2018
Raw materials	$	9,880	$	11,727
Work in process		3,162		2,521
Finished goods		6,177		5,328
Total inventory	$	19,219	$	19,576

(7)

Leases

The Company adopted ASC 842 - Leases (“ASC 842”) as of January 1, 2019, using the transition method wherein entities could initially apply the new leases standard at adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Accordingly, all periods prior to January 1, 2019 were presented in accordance with the previous ASC Topic 840, Leases, and no retrospective adjustments were made to the comparative periods presented. The adoption of ASC 842 resulted in an increase to total assets due to the recording of operating lease right-of-use ("ROU") assets and operating lease liabilities of approximately $4.0 million and $4.1 million, respectively, as of January 1, 2019. The Company did not have any finance leases at the adoption date. The adoption did not materially impact the Company’s condensed consolidated statements of income or cash flows.

The Company has operating leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. The Company also elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carry forward historical lease classification. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or operating lease liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at the inception of a contract. Operating lease ROU assets and operating lease liabilities are stated separately in the condensed consolidated balance sheet.

ROU assets represent the Company's right to use an underlying asset during the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. ROU assets will also be adjusted for any deferred or accrued rent. As the Company's operating leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating fixed lease expense is recognized on a straight-line basis over the lease term.

	Nine Months Ended
	September 30, 2019
	($ in thousands)
Lease cost:
Operating	$	918
Variable		167
Short-term		20
Total lease cost	$	1,105

Cash paid for amounts included in measurement of lease liabilities:
Operating	$	905

Weighted-average remaining lease term (years):
Operating		2.92
Weighted-average discount rate:
Operating		4.45	%

The aggregate future lease payments for operating leases as of September 30, 2019 were as follows (in thousands):

Remainder of 2019		299
2020		1,149
2021		1,119
2022		957
2023		36
Thereafter		-
Total lease payments		3,560
Less: Interest		(228	)
Present value of lease liabilities	$	3,332

The aggregate future lease payments for operating leases as of December 31, 2018 were as follows (in thousands):

2019	$	1,051
2020		1,070
2021		1,063
2022		975
2023		36
Total	$	4,195

(8)

Income Per Share

Basic income per share is based on the weighted average number of shares of common stock outstanding. Diluted income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period.

The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Basic weighted average common shares outstanding		7,432		7,366		7,419		7,338
Weighted average common equivalent shares due to stock, stock options and RSUs		61		69		57		68
Diluted weighted average common shares outstanding		7,493		7,435		7,476		7,406

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related options during the period. These outstanding stock awards are not included in the computation of diluted income per share because the effect would be antidilutive. For both the three- and nine-month periods ended September 30, 2019, the number of stock awards excluded from the computation of diluted earnings per share for this reason was 16,536. For the three- and nine-month periods ended September 30, 2018, the number of stock awards excluded from the computation of diluted earnings per share for this reason was zero and 10,344, respectively.

(9)

Segment Reporting

The Company consists of a single operating and reportable segment.

Revenues from customers outside of the United States are not material. No customer comprised more than 10% of the Company’s consolidated revenues for the three- and nine-month periods ended September 30, 2019 and 2018. All of the Company’s assets are located in the United States.

The Company’s products are primarily sold to customers within the Medical, Automotive, Consumer, Aerospace and Defense, Industrial, and Electronics markets. Net sales by market for the three- and nine-month periods ended September 30, 2019 and 2018 are as follows (in thousands):

	Three Months Ended September 30,										Nine Months Ended September 30,
	2019					2018					2019					2018
Market	Net Sales		%			Net Sales		%			Net Sales		%			Net Sales		%

Medical	$	32,175		65.1	%	$	27,623		57.8	%	$	94,164		63.6	%	$	80,988		57.9	%
Automotive		4,946		10.0	%		4,572		9.6	%		15,634		10.6	%		14,993		10.7	%
Consumer		4,602		9.3	%		6,589		13.8	%		13,693		9.2	%		17,826		12.8	%
Aerospace & Defense		3,246		6.6	%		3,819		8.0	%		10,893		7.4	%		9,386		6.7	%
Industrial		2,421		4.9	%		2,405		5.0	%		7,232		4.9	%		7,924		5.7	%
Electronics		2,004		4.1	%		2,800		5.9	%		6,504		4.4	%		8,641		6.2	%
Net Sales	$	49,394		100.0	%	$	47,808		100.0	%	$	148,120		100.0	%	$	139,758		100.0	%

Certain amounts for the three and nine months ended September 30, 2018 were reclassified between markets to conform to the current period presentation.

(10)

Other Intangible Assets

The carrying values of the Company’s definite lived intangible assets as of September 30, 2019 are as follows (in thousands):

	Tradename & Brand			Non- Compete			Customer List			Total
Estimated useful life	10 years			5 years			20 years
Gross amount	$	367		$	462		$	22,555		$	23,384
Accumulated amortization		(61	)		(154	)		(1,880	)		(2,095	)
Net balance	$	306		$	308		$	20,675		$	21,289

Amortization expense related to intangible assets was approximately $314 thousand for both the three-month periods ended September 30, 2019 and 2018, and $943 thousand and $838 thousand for the nine-month periods ended September 30, 2019 and 2018, respectively. The estimated remaining amortization expense as of September 30, 2019 is as follows (in thousands):

Remainder of 2019	$	314
2020		1,257
2021		1,257
2022		1,257
2023		1,172
Thereafter		16,032
Total	$	21,289

(11)

Income Taxes

The income tax expense included in the accompanying unaudited condensed consolidated statements of income principally relates to the Company’s proportionate share of the pre-tax income of its wholly-owned subsidiaries. The determination of income tax expense for interim reporting purposes is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur. The Company recorded tax expense of approximately 5.2% and 26.5% of income before income tax expense for the three-month periods ended September 30, 2019 and 2018, respectively. The Company recorded tax expense of approximately 17.4% and 25.4% of income before income tax expense, for each of the nine-month periods ended September 30, 2019 and 2018, respectively. The decline in the Company’s effective tax rate for both the three- and nine-month periods ended September 30, 2019, was largely due to a significant increase in the amount of business tax credits earned in its federal and state 2018 tax returns due to qualifying research expenses at Dielectrics as well as growing development work at the rest of the Company. As a result of these credits, the Company has also lowered its estimated effective tax rate for the current year in anticipation of again qualifying for higher than historical business tax credits.

(12)

Indebtedness

On February 1, 2018, the Company, as the borrower, entered into an unsecured $70 million Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with certain of the Company’s subsidiaries (the “Subsidiary Guarantors”) and Bank of America, N.A., in its capacity as the initial lender, Administrative Agent, Swingline Lender and L/C Issuer, and certain other lenders from time to time party thereto. The Amended and Restated Credit Agreement amends and restates the Company’s prior credit agreement.

The credit facilities under the Amended and Restated Credit Agreement (the “Amended and Restated Credit Facilities”) consist of a $20 million unsecured term loan and an unsecured revolving credit facility, under which the Company may borrow up to $50 million. The Amended and Restated Credit Agreement matures on February 1, 2023. The proceeds borrowed pursuant to the Amended and Restated Credit Agreement may be used for general corporate purposes, as well as permitted acquisitions. The Company’s obligations under the Amended and Restated Credit Agreement are guaranteed by the Subsidiary Guarantors.

The Amended and Restated Credit Agreement calls for interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from 0.25% to zero. In both cases the applicable margin is dependent upon Company performance. Under the Amended and Restated Credit Agreement, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant. The Amended and Restated Credit Agreement contains other covenants customary for transactions of this type, including restrictions on certain payments, permitted indebtedness and permitted investments. As of September 30, 2019, there were $0.7 million in standby letters of credit outstanding drawable as a financial guarantee on worker’s compensation insurance policies. As of September 30, 2019, the applicable interest rate was approximately 3.0%, and the Company was in compliance with all covenants under the Amended and Restated Credit Agreement.

Long-term debt consists of the following (in thousands):

	September 30, 2019			December 31, 2018
Revolving credit facility	$	-		$	8,000
Term loan		15,000			17,143
Total long-term debt		15,000			25,143
Current portion		(2,857	)		(2,857	)
Long-term debt, excluding current portion	$	12,143		$	22,286

Derivative Financial Instruments

The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is not exposed to the counterparty’s credit risk. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with carefully selected major financial institutions based upon their credit profile. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Company assesses interest rate risk by identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. The Company’s debt obligations expose the Company to variability in interest payments due to changes in interest rates. The Company believes that it is prudent to limit the variability of a portion of its interest payments. To meet this objective, in connection with the Amended and Restated Credit Agreement, the Company entered into a $20 million, 5-year interest rate swap agreement under which the Company receives three-month LIBOR plus the applicable margin and pays a 2.7% fixed rate plus the applicable margin. The swap modifies the Company’s interest rate exposure by converting the term loan from a variable rate to a fixed rate to hedge against the possibility of rising interest rates during the term of the loan. The notional amount was approximately $15.0 million at September 30, 2019. The fair value of the swap as of September 30, 2019 was approximately $(397) thousand and is included in other liabilities on the condensed consolidated balance sheet. The fair value of the swap at December 31, 2018 was approximately $64 thousand and is included in other assets on the condensed consolidated balance sheet. Changes in the fair value of the swap are recorded in other expense (income) on the condensed consolidated statements of income and were approximately $24 thousand and $461 thousand during the three- and nine-months ended September 30, 2019, and $(85) thousand and $(137) thousand, respectively during the same periods in 2018.

(13)

Acquisition

On February 1, 2018 the Company purchased 100% of the outstanding shares of common stock of Dielectrics Inc., pursuant to a stock purchase agreement and related agreements, for an aggregate purchase price of $80 million in cash. The purchase price was subject to adjustment based upon Dielectrics’ working capital at closing. An additional $250 thousand of consideration was paid by the Company as a result of the final working capital adjustment. A portion of the purchase price is being held in escrow to indemnify the Company against certain claims, losses and liabilities. The Purchase Agreement contains customary representations, warranties and covenants customary for transactions of this type.

The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands):

Consideration paid:
Cash paid at closing	$	80,000
Working capital adjustment		250
Cash from Dielectrics		(3,272	)
Total consideration	$	76,978

Purchase price allocation:
Accounts receivable	$	4,384
Inventory		4,418
Other current assets		122
Property, plant and equipment		4,600
Customer list		22,555
Non-compete		462
Trade name and brand		367
Goodwill		44,516
Total identifiable assets	$	81,424
Accounts payable		(1,325	)
Accrued expenses		(946	)
Deferred revenue		(2,175	)
Net assets acquired	$	76,978

Acquisition costs associated with the transaction were approximately $1.1 million and were charged to expense in the nine-month period ended September 30, 2018. These costs were primarily for investment banking and legal fees and are reflected on the face of the income statement.

The following table contains an unaudited pro forma condensed consolidated statement of operations for the three- and nine-month periods ended September 30, 2018, as if the Dielectrics acquisition had occurred at the beginning of the respective periods (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2018		2018
		(Unaudited)		(Unaudited)
Sales	$	47,808	$	142,813
Operating income	$	5,885	$	13,970
Net income	$	4,134	$	9,700
Earnings per share:
Basic	$	0.56	$	1.32
Diluted	$	0.56	$	1.31

The above unaudited pro forma information is presented for illustrative purposes only and may not be indicative of the results of operations that would have actually occurred had the Dielectrics acquisition occurred as presented. In addition, future results may vary significantly from the results reflected in such pro forma information.

(14)

Subsequent Event

Subsequent to September 30, 2019, the Company, in accordance with the allowable provisions of the Amended and Restated Credit Agreement, elected to prepay $8.0 million of the outstanding term loan.

ITEM 2:

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking Statements

Some of the statements contained in this Report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). These statements are subject to known and unknown risks, uncertainties, and other factors, which may cause our or our industry’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company’s prospects, anticipated trends in the different markets in which the Company competes, including the medical, automotive, consumer, aerospace and defense, industrial and electronics markets, statements regarding anticipated advantages the Company expects to realize from its investments and capital expenditures, expectations regarding the manufacturing capacity and efficiencies of the Company’s new production equipment and cost cutting efforts, statements about the Company’s acquisition opportunities and strategies, statements about the Company’s acquisition of Dielectrics and the integration of the Dielectrics business, the Company’s 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, and any indication that the Company may be able to sustain or increase its sales or 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 Company’s acquisition and integration of Dielectrics, risks associated with expected efficiencies from consolidating manufacturing and cost cutting efforts, risks associated with manufacturing inefficiencies that may affect the ability to generate profits, risks that the Company will sustain its manufacturing efficiencies and existing customer margins, 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, and risks related to our indebtedness and compliance with covenants contained in our financing arrangements. Accordingly, actual results may differ materially.

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential,” and similar expressions intended to identify forward-looking statements. Our actual results could be different from the results described in or anticipated by our forward-looking statements due to the inherent uncertainty of estimates, forecasts, and projections, and may be materially better or worse than anticipated. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date of this Report. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this Report, in order to reflect changes in circumstances or expectations, or the occurrence of unanticipated events, except to the extent required by applicable securities laws. All the forward-looking statements are qualified in their entirety by reference to the factors discussed above and under “Risk Factors” set forth in Part I Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as well as the risks and uncertainties discussed elsewhere in this Report. We qualify all of our forward-looking statements by these cautionary statements. We caution you that these risks are not exhaustive. We operate in a continually changing business environment and new risks emerge from time to time.

Unless the context requires otherwise, the terms “we”, “us”, “our”, or “the Company” refer to UFP Technologies, Inc. and its consolidated subsidiaries.

Overview

UFP Technologies is an innovative designer and custom manufacturer of components, subassemblies, products and packaging primarily for the medical market. Utilizing highly specialized foams, films and plastics, the Company converts raw materials through laminating, molding, radio frequency welding and fabricating techniques. The Company is diversified by also providing highly engineered solutions to customers in the aerospace & defense, automotive, consumer, electronics and industrial markets. The Company consists of a single operating and reportable segment.

Sales for the Company for the nine-month period ended September 30, 2019 grew 6.0% to $148.1 million from $139.8 million in the same period last year largely due to one additional month of sales at Dielectrics as well as strong growth in sales to the customers in the medical market. Streamlined manufacturing operations and a better mix of business enabled the Company to improve gross margins to 27.1% for the nine-month period ended September 30, 2019, from 25.5% in the same period last year. Operating income and net income for the nine-month period ended September 30, 2019 grew by 27.2% and 41.1%, respectively.

The Company’s current strategy includes further organic growth and growth through strategic acquisitions.

Results of Operations

Sales

Sales for the three-month period ended September 30, 2019 increased approximately 3.3% to $49.4 million from sales of $47.8 million for the same period in 2018. The increase in sales was primarily due to increased sales to customers in the medical and automotive markets of 16.5% and 8.2%, respectively. These increases were partially offset by a decline in sales to customers in the aerospace & defense market of approximately 15.0% and a collective decline in sales to customers in the consumer, electronics, and industrial markets of 23.5%. The increase in sales to customers in the medical market was primarily due to strong sales at Dielectrics as well as increased demand from legacy UFP medical customers. The increase in sales to customers in the automotive market was primarily due to increased demand for the Company’s new products for this market. The decline in sales to customers in the aerospace & defense market was primarily due to the timing of customer orders. The collective decline in sales to customers in the consumer, electronics and industrial markets was primarily due to decreased demand for molded fiber packaging.

Sales for the nine-month period ended September 30, 2019 increased approximately 6.0% to $148.1 million from sales of $139.8 million for the same period in 2018. The increase in sales was primarily due to increased sales to customers in the medical, automotive and aerospace & defense markets of 16.3%, 4.3% and 16.0%, respectively. These increases were partially offset by a collective decline in sales to the consumer, electronics and industrial markets of 20.2%. The increase in sales to customers in the medical market was primarily due to strong sales at Dielectrics (including one additional month of sales) as well as increased demand from legacy UFP medical customers. The increase in sales to customers in the automotive market was primarily due to increased demand for the Company’s new products for this market. The increased demand for sales to customers in the aerospace & defense market is due to increased government spending. The collective decline in sales to customers in the consumer, electronics and industrial markets was primarily due to decreased demand for molded fiber packaging.

Gross Profit

Gross profit as a percentage of sales (“gross margin”) increased to 27.0% for the three-month period ended September 30, 2019, from 26.0% for the same period in 2018. As a percentage of sales, material and labor costs collectively decreased 0.3%, while overhead decreased 0.7%. The decrease in collective material and labor costs as a percentage of sales is primarily due to gains in manufacturing efficiencies resulting from continuous improvement initiatives and an improvement in the overall book of business. The decline in overhead as a percentage of sales was primarily due to leveraging fixed overhead costs against increased sales as well as targeted cost cuts.

Gross margin increased to 27.1% for the nine-month period ended September 30, 2019, from 25.5% for the same period in 2018. As a percentage of sales, material and labor costs collectively decreased 0.3%, while overhead decreased 1.4%. The decrease in collective material and labor costs as a percentage of sales is primarily due to gains in manufacturing efficiencies resulting from continuous improvement initiatives and an improvement in the overall book of business. The decline in overhead as a percentage of sales was primarily due to leveraging fixed overhead costs against increased sales as well as targeted cost cuts.

Selling, General and Administrative Expenses

Selling, general, and administrative expenses (“SG&A”) increased approximately 9.8% to $7.2 million for the three-month period ended September 30, 2019, from $6.5 million for the same period in 2018. As a percentage of sales, SG&A increased to 14.5% for the three-month period ended September 30, 2019, from 13.7% for the same three-month period in 2018. The increase in SG&A for the three-month period ended September 30, 2019 is primarily due to compensation increases as well as new strategic management hires at the Company’s plants.

SG&A increased approximately 8.2% to $22.2 million for the nine-month period ended September 30, 2019, from $20.5 million in the same period in 2018. As a percentage of sales, SG&A increased slightly to 15.0% for the nine-month period ended September 30, 2019 from 14.7% the same nine-month period in 2018. The increase in SG&A for the nine-month period ended September 30, 2019 is primarily due to one extra month of operations at Dielectrics as well as compensation increases as well as new strategic management hires at the Company’s plants.

Interest Income and Expense

The Company had net interest expense of approximately $165 thousand for the three-month period ended September 30, 2019, compared to net interest expense of $343 thousand in the same period of 2018. The decrease in net interest expense was primarily due to lower debt levels.

The Company had net interest expense of approximately $590 thousand for the nine-month period ended September 30, 2019, compared to net interest expense of $988 thousand in the same period of 2018. The decrease in net interest expense was primarily due to lower debt levels.

Income Taxes

The Company recorded tax expense of approximately 5.2% and 26.5% of income before income tax expense, respectively, for each of the three-month periods ended September 30, 2019 and 2018. The Company recorded tax expense of approximately 17.4% and 25.4% of income before income tax expense, respectively, for each of the nine-month periods ended September 30, 2019 and 2018. The decline in the Company’s effective tax rate for both the three- and nine-month periods ended September 30, 2019, was largely due to a significant increase in the amount of business tax credits earned in its federal and state 2018 tax returns due to qualifying research expenses at Dielectrics as well as growing development work at the rest of the Company. As a result of these credits, the Company has also lowered its estimated effective tax rate for the current year in anticipation of again qualifying for higher than historical business tax credits.

The Company notes the potential for volatility in its effective tax rate, as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly into income tax expense.

Liquidity and Capital Resources

The Company generally funds its operating expenses, capital requirements, and growth plan through internally generated cash and bank credit facilities.

Cash Flows

Net cash provided by operations for the nine-month period ended September 30, 2019 was approximately $22.4 million and was primarily a result of net income generated of approximately $14.0 million, depreciation and amortization of approximately $6.1 million, share-based compensation of approximately $1.2 million, an increase in deferred taxes of approximately $1.3 million, a decrease in inventory of approximately $0.4 million, a decrease in refundable income taxes of approximately $0.2 million and an increase in accrued expenses of approximately $0.7 million. These cash inflows and adjustments to income were partially offset by an increase in accounts receivable of approximately $0.5 million primarily due to increased sales in the last two months of the third quarter of 2019 over the same period of the fourth quarter of 2018, an increase in prepaid expenses of approximately $0.5 million due primarily to new equipment deposits, a decrease in other liabilities of approximately $0.3 million and a decrease in accounts payable of approximately $0.2 million due to the timing of vendor payments in the ordinary course of business.

Net cash used in investing activities during the nine-month period ended September 30, 2019 was approximately $4.4 million and was primarily the result of additions of manufacturing machinery and equipment across the Company.

Net cash used in financing activities was approximately $9.9 million during the nine-month period ended September 30, 2019, resulting from repayments on the Company’s credit facility of approximately $10.1 million and payments of statutory withholding for stock options exercised and restricted stock units vested of approximately $0.3 million, partially offset by net proceeds received upon stock options exercises of approximately $0.5 million.

Outstanding and Available Debt

The credit facilities under the Amended and Restated Credit Agreement (the “Amended and Restated Credit Facilities”) consist of a $20 million unsecured term loan to the Company and an unsecured revolving credit facility, under which the Company may borrow up to $50 million. The Amended and Restated Credit Facilities mature on February 1, 2023. The proceeds of the Amended and Restated Credit Agreement may be used for general corporate purposes, including funding the acquisition of Dielectrics, as well as certain other permitted acquisitions. The Company’s obligations under the Amended and Restated Credit Agreement are guaranteed by the Subsidiary Guarantors.

The Amended and Restated Credit Facilities call for interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from 0.25% to zero. In both cases the applicable margin is dependent upon Company performance. Under the Amended and Restated Credit Agreement, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant. The Amended and Restated Credit Agreement contains other covenants customary for transactions of this type, including restrictions on certain payments, permitted indebtedness and permitted investments. As of September 30, 2019, there were $0.7 million in standby letters of credit outstanding drawable as a financial guarantee on worker’s compensation insurance policies. As of September 30, 2019, the applicable interest rate was approximately 3.0% and the Company was in compliance with all covenants under the Amended and Restated Credit Agreement.

Long-term debt consists of the following (in thousands):

	September 30, 2019			December 31, 2018
Revolving credit facility	$	-		$	8,000
Term loan		15,000			17,143
Total long-term debt		15,000			25,143
Current portion		(2,857	)		(2,857	)
Long-term debt, excluding current portion	$	12,143		$	22,286

Subsequent Event

Subsequent to September 30, 2019, the Company, in accordance with the allowable provisions of the Amended and Restated Credit Agreement, elected to prepay $8.0 million of the outstanding term loan.

Derivative Financial Instruments

The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is not exposed to the counterparty’s credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with carefully selected major financial institutions based upon their credit profile. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Company assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. The Company’s debt obligations expose the Company to variability in interest payments due to changes in interest rates. The Company believes that it is prudent to limit the variability of a portion of its interest payments. To meet this objective, in connection with the Amended and Restated Credit Agreement, the Company entered into a $20 million, 5-year interest rate swap agreement under which the Company receives three-month LIBOR plus the applicable margin and pays a 2.7% fixed rate plus the applicable margin. The swap modifies the Company’s interest rate exposure by converting the term loan from a variable rate to a fixed rate to hedge against the possibility of rising interest rates during the term of the loan. The notional amount was approximately $15.0 million at September 30, 2019. The fair value of the swap as of September 30, 2019 was approximately $(397) thousand and is included in other liabilities on the condensed consolidated balance sheet. The fair value of the swap at December 31, 2018 was approximately $64 thousand and is included in other assets on the condensed consolidated balance sheet. Changes in the fair value of the swap are recorded in other expense (income) on the condensed consolidated statements of income and were approximately $24 thousand and $461 thousand during the three- and nine-months ended September 30, 2019, and $(85) thousand and $(137) thousand, respectively during the same periods in 2018.

Future Liquidity

The Company requires cash to pay its operating expenses, purchase capital equipment, and to service its contractual obligations. The Company’s principal sources of funds are its operations and its Amended and Restated Credit Facilities. The Company generated cash of approximately $22.4 million from operations during the nine-month period ended September 30, 2019. The Company cannot guarantee that its operations will generate cash in future periods. The Company’s longer-term liquidity is contingent upon future operating performance.

Throughout fiscal 2019, the Company plans to continue to add capacity to enhance operating efficiencies in its manufacturing plants. The Company may consider additional acquisitions of companies, technologies, or products that are complementary to its business. The Company believes that its existing resources, including its revolving credit facility, together with cash expected to be generated from operations and funds expected to be available to it through any necessary equipment financings and additional bank borrowings, will be sufficient to fund its cash flow requirements, including capital asset acquisitions, through the next twelve months.

Stock Repurchase Program

On June 16, 2015, the Company announced that its Board of Directors authorized the repurchase of up to $10.0 million of the Company’s outstanding common stock. Under the program, the Company is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The stock repurchase program will end upon the earlier of the date on which the plan is terminated by the Board or when all authorized repurchases are completed. The timing and amount of stock repurchases, if any, will be determined based upon our evaluation of market conditions and other factors. The stock repurchase program may be suspended, modified, or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program. Through September 30, 2019, the Company repurchased a total of 29,559 shares of its common stock under this program at a cost of approximately $587 thousand (none of which were during the nine-month period ended September 30, 2019). At September 30, 2019, approximately $9.4 million was available for future repurchases of the Company’s common stock under this authorization.

Commitments and Contractual Obligations

There have been no material changes outside the ordinary course of business to our contractual obligations and commitments, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018.

Off-Balance-Sheet Arrangements

In addition to operating leases (2018 only), the Company’s off-balance-sheet arrangements include standby letters of credit which are included in the Company’s revolving credit facility. As of September 30, 2019, there was approximately $0.7 million in standby letters of credit drawable as a financial guarantee on worker’s compensation insurance policies.

ITEM 4:

CONTROLS AND PROCEDURES

As of the end of the period covered by this report (the “Evaluation Date”), the Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in SEC Rule 13a-15(e) or 15d-15(e)). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was also performed under the supervision and with the participation of our management, including the Company’s Chief Executive Officer and Chief Financial Officer, of any change in our internal control over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. That evaluation did not identify any change in the Company’s internal control over financial reporting that occurred during our latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II: OTHER INFORMATION

ITEM 1A:

RISK FACTORS

There have been no material changes from the risk factors previously disclosed in Part 1 - Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

ITEM 2:

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer’s Purchases of Equity Securities

On June 16, 2015, the Company issued a press release announcing that its Board of Directors authorized the repurchase of up to $10.0 million of the Company’s outstanding common stock. Through September 30, 2019, the Company repurchased a total of 29,559 shares of its common stock under this program at a cost of approximately $587 thousand (none of which were during the nine-month period ended September 30, 2019). At September 30, 2019, approximately $9.4 million was available for future repurchases of the Company's common stock under this authorization.

ITEM 6:

EXHIBITS

Exhibit No.	Description

31.1	Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.*
31.2	Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.*
32.1	Certifications pursuant to 18 U.S.C., Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	XBRL Instance Document.*
101.SCH	XBRL Taxonomy Extension Schema Document.*
101.CAL	XBRL Taxonomy Calculation Linkbase Document.*
101.LAB	XBRL Taxonomy Label Linkbase Document.*
101.PRE	XBRL Taxonomy Presentation Linkbase Document.*
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.*

__________________

Filed herewith.

Furnished herewith.

# Indicates management contract or compensatory plan or arrangement.

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 thereunto duly authorized.

UFP TECHNOLOGIES, INC.

Date: November 8, 2019		By: /s/ R. Jeffrey Bailly
		R. Jeffrey Bailly Chairman, Chief Executive Officer, President, and Director (Principal Executive Officer)

Date: November 8, 2019		By: /s/ Ronald J. Lataille
		Ronald J. Lataille Chief Financial Officer (Principal Financial Officer)

EX-31.1 2 exh_311.htm EXHIBIT 31.1

EXHIBIT 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, R. Jeffrey Bailly, President and Chief Executive Officer of UFP Technologies, Inc. certify that:

I have reviewed this quarterly report on Form 10-Q of UFP Technologies, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2019		/s/ R. Jeffrey Bailly
		R. Jeffrey Bailly
		Chairman, Chief Executive Officer, President and Director
		(Principal Executive Officer)

EX-31.2 3 exh_312.htm EXHIBIT 31.2

EXHIBIT 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Ronald J. Lataille, Chief Financial Officer of UFP Technologies, Inc., certify that:

I have reviewed this quarterly report on Form 10-Q of UFP Technologies, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2019		/s/ Ronald J. Lataille
		Ronald J. Lataille
		Chief Financial Officer
		(Principal Financial Officer)

EX-32.1 4 exh_321.htm EXHIBIT 32.1

EXHIBIT 32.1

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officers of UFP Technologies, Inc., a Delaware corporation (the “Company”) do hereby certify that, to the best of such officers’ knowledge and belief, that:

(1)

The Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Form 10-Q fairly presents, in all materials respects, the financial condition and results of operations of the Company.

Date: November 8, 2019		/s/ R. Jeffrey Bailly
		R. Jeffrey Bailly
		Chairman, Chief Executive Officer, President, and Director
		(Principal Executive Officer)



Date: November 8, 2019		/s/ Ronald J. Lataille
		Ronald J. Lataille
		Chief Financial Officer
		(Principal Financial Officer)

A signed original of these written statements required by Section 906 has been provided to UFP Technologies, Inc. and will be retained by UFP Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Common stock grants</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">300</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">405</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock option grants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">143</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted Stock Unit Awards ("RSUs")</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">163</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">778</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">415</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total share-based compensation</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">473</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">272</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,169</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">963</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div> 33.35 27.60

6825000

6836000

28796000

28321000

8326000

8458000

58128000

54112000

30627000

29168000

271000

144000

176000

289000

524000

649000

167000

100000

300000

405000

60000

9000

91000

143000

313000

163000

778000

415000

473000

272000

1169000

963000

533000

564000

314000

943000

838000

314000

16536

10344

16536

200338000

189598000

64100000

55626000

0.56

1.32

0.56

1.31

5885000

13970000

4134000

9700000

47808000

142813000

1100000

1089000

76978000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0; text-align: right"></td> <td style="width: 27pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div>)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Acquisition</div></div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 12pt; text-indent: 27pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018 </div>the Company purchased <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the outstanding shares of common stock of Dielectrics Inc., pursuant to a stock purchase agreement and related agreements, for an aggregate purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80</div> million in cash. The purchase price was subject to adjustment based upon Dielectrics’ working capital at closing. An additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250</div> thousand of consideration was paid by the Company as a result of the final working capital adjustment. A portion of the purchase price is being held in escrow to indemnify the Company against certain claims, losses and liabilities. The Purchase Agreement contains customary representations, warranties and covenants customary for transactions of this type.</div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands):</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt">Consideration paid:</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left; padding-left: 10pt">Cash paid at closing</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Working capital adjustment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Cash from Dielectrics</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,272</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total consideration</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,978</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Purchase price allocation:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Accounts receivable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,384</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Inventory</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,418</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Other current assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">122</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Property, plant and equipment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,600</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Customer list</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,555</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Non-compete</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">462</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Trade name and brand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">367</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">Goodwill</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,516</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total identifiable assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,424</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Accounts payable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,325</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Accrued expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(946</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred revenue</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,175</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net assets acquired</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,978</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">Acquisition costs associated with the transaction were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million and were charged to expense in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018. </div>These costs were primarily for investment banking and legal fees and are reflected on the face of the income statement.</div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The following table contains an unaudited pro forma condensed consolidated statement of operations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>- and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>as if the Dielectrics acquisition had occurred at the beginning of the respective periods (in thousands):</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended<br /> September 30,</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Nine Months Ended<br /> September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">(Unaudited)</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">(Unaudited)</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Sales</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,808</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">142,813</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,885</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,970</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,134</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,700</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Earnings per share:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Basic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.56</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.32</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.56</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.31</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The above unaudited pro forma information is presented for illustrative purposes only and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be indicative of the results of operations that would have actually occurred had the Dielectrics acquisition occurred as presented. In addition, future results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>vary significantly from the results reflected in such pro forma information.</div></div>

122000

4384000

1325000

2175000

22555000

462000

367000

4418000

4600000

76978000

209000

216000

3272000

11390000

3238000

37978000

5088000

8152000

-32890000

0.01

20000000

7466695

7415002

7437136

7385443

74000

65000

13000

48000

712000

188000

2507000

871000

2532000

3918000

2532000

2507000

2175000

1300000

527000

2231000

2216000

36073000

35377000

107932000

104156000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0; text-align: right"></td> <td style="width: 27pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Indebtedness</div></div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018, </div>the Company, as the borrower, entered into an unsecured <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$70</div> million Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with certain of the Company’s subsidiaries (the “Subsidiary Guarantors”) and Bank of America, N.A., in its capacity as the initial lender, Administrative Agent, Swingline Lender and L/C Issuer, and certain other lenders from time to time party thereto. The Amended and Restated Credit Agreement amends and restates the Company’s prior credit agreement.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The credit facilities under the Amended and Restated Credit Agreement (the “Amended and Restated Credit Facilities”) consist of a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20</div> million unsecured term loan and an unsecured revolving credit facility, under which the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>borrow up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50</div> million.  The Amended and Restated Credit Agreement matures on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2023.  </div>The proceeds borrowed pursuant to the Amended and Restated Credit Agreement <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be used for general corporate purposes, as well as permitted acquisitions. The Company’s obligations under the Amended and Restated Credit Agreement are guaranteed by the Subsidiary Guarantors.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div>   <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The Amended and Restated Credit Agreement calls for interest of LIBOR plus a margin that ranges from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.5%</div> or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.25%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>. In both cases the applicable margin is dependent upon Company performance.  Under the Amended and Restated Credit Agreement, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant.  The Amended and Restated Credit Agreement contains other covenants customary for transactions of this type, including restrictions on certain payments, permitted indebtedness and permitted investments.  As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.7</div> million in standby letters of credit outstanding drawable as a financial guarantee on worker’s compensation insurance policies. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the applicable interest rate was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0%,</div> and the Company was in compliance with all covenants under the Amended and Restated Credit Agreement.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt">Long-term debt consists of the following (in thousands):</div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">September 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2019</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Revolving credit facility</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Term loan</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,143</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total long-term debt</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,143</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Current portion</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,857</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,857</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Long-term debt, excluding current portion</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,143</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,286</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt"></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"><div style="display: inline; font-style: italic;">Derivative Financial Instruments</div></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> enter into derivative instruments for any purpose other than cash flow hedging. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> speculate using derivative instruments. By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exposed to the counterparty’s credit risk. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with carefully selected major financial institutions based upon their credit profile. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be undertaken. The Company assesses interest rate risk by identifying and monitoring changes in interest rate exposures that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>adversely impact expected future cash flows and by evaluating hedging opportunities. The Company’s debt obligations expose the Company to variability in interest payments due to changes in interest rates. The Company believes that it is prudent to limit the variability of a portion of its interest payments. To meet this objective, in connection with the Amended and Restated Credit Agreement, the Company entered into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>-year interest rate swap agreement under which the Company receives <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month LIBOR plus the applicable margin and pays a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.7%</div> fixed rate plus the applicable margin. The swap modifies the Company’s interest rate exposure by converting the term loan from a variable rate to a fixed rate to hedge against the possibility of rising interest rates during the term of the loan. The notional amount was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.0</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019. </div>The fair value of the swap as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>was approximately $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">397</div>) thousand and is included in other liabilities on the condensed consolidated balance sheet. The fair value of the swap at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$64</div> thousand and is included in other assets on the condensed consolidated balance sheet. Changes in the fair value of the swap are recorded in other expense (income) on the condensed consolidated statements of income and were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24</div> thousand and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$461</div> thousand during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>- and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>and $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85</div>) thousand and $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">137</div>) thousand, respectively during the same periods in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div></div>

0.01

0.015

0.0025

70000000

20000000

0.03

2643000

2044000

2615000

2034000

1252000

1007000

5381000

4129000

6120000

5820000

-397000

64000

397000

64000

0.027

24000

461000

85000

137000

20000000

15000000

P5Y

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 35px; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Net sales of:</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt">Products</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,400</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,423</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">144,386</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">135,670</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Tooling and machinery</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">952</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">537</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,920</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,135</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Engineering services</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,042</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">848</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,814</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,953</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total net sales</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,394</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,808</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,120</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,758</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 27pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>)</div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Share-Based Compensation</div></div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant).</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands):</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; color: #8497B0; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Share-based compensation related to:</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Common stock grants</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">300</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">405</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock option grants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">143</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted Stock Unit Awards ("RSUs")</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">163</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">778</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">415</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total share-based compensation</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">473</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">272</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,169</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">963</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt">The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$176</div> thousand and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$289</div> thousand for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$524</div> thousand and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$649</div> thousand for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 27.9pt 0pt 27pt; font-size: 10pt">The following is a summary of stock option activity under all plans for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019:</div></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div>   <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Shares Under Options</td> <td style="font-size: 10pt; font-weight: 400; font-style: normal; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: 400; font-style: normal; text-align: center">Weighted Average Exercise Price <div style="display: inline; font-size: 10pt; font-style: normal; font-weight: 400">(per share)</div></td> <td style="font-size: 10pt; font-weight: 400; font-style: normal; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: 400; font-style: normal; text-align: center">Weighted Average Remaining Contractual Life<div style="display: inline; font-size: 10pt; font-style: normal; font-weight: 400"> (in years)</div></td> <td style="font-size: 10pt; font-weight: 400; font-style: normal; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: 400; font-style: normal; text-align: center">Aggregate Intrinsic Value <div style="display: inline; font-size: 10pt; font-style: normal; font-weight: 400">(in thousands)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt">Outstanding at December 31, 2018</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">134,043</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.46</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; text-decoration: line-through"> </td> <td style="width: 1%; font-size: 10pt; text-decoration: line-through; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-decoration: line-through; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-decoration: line-through; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Granted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,536</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38.61</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Exercised</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(39,965</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.06</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Outstanding at September 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,614</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25.49</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.83</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,450</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Exercisable at September 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">86,578</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.71</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.32</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,376</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Vested and expected to vest at September 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,614</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25.49</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.83</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,450</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 5, 2019, </div>the Company granted options to its directors for the purchase of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,536</div> shares of common stock at that day’s closing price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$38.61.</div> The compensation expense related to these grants was determined as the fair value of the options using the Black-Scholes option pricing model based on the following assumptions:</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left">Expected volatility</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28.9</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected dividends</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">None</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.3</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Exercise price</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38.61</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected term (years)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Weighted-average grant date fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.70</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the total intrinsic value of all options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employees to exercise the options) was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$867</div> thousand and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million, respectively, and the total amount of consideration received by the Company from the exercised options was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$562</div> thousand and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.3</div> million, respectively. At its discretion, the Company allows option holders to surrender previously-owned common stock in lieu of paying the exercise price and withholding taxes. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> shares were surrendered for this purpose for the periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 19, 2019, </div>the Company’s Compensation Committee approved <div style="display: inline; color: black">the award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$400</div> thousand, payable in shares of common stock to the Company’s Chairman, Chief Executive Officer, and President under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2003</div> </div>Incentive Plan, subject to his continued employment and the terms of his employment agreement. The shares will be issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2019.</div></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 12pt"><div style="display: inline; font-size: 10pt">The following table summarizes information about RSU activity during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div></div> <div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019:</div></div></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div>   <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Restricted</div> <div style=" margin-top: 0; margin-bottom: 0">Stock Units</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average<br /> Award Date<br /> Fair Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Outstanding at December 31, 2018</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,176</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23.60</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Awarded</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,540</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33.53</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Shares vested</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,860</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23.53</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Outstanding at September 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">119,856</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">$</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28.25</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">At the Company’s discretion, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,132</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,238</div> shares were surrendered at an average market price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33.35</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27.60,</div> respectively.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company had approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.8</div> million of unrecognized compensation expense that is expected to be recognized over a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5</div> years.</div></div>

0.76

0.56

1.88

1.35

0.75

0.56

1.87

1.34

0.052

0.265

0.174

0.254

2800000

P3Y182D

61000

154000

1880000

2095000

16032000

314000

1172000

1257000

367000

462000

22555000

23384000

21289000

51000

-5000

51000

104000

44516000

51838000

13321000

12431000

40188000

35602000

5949000

5627000

16911000

13267000

308000

1493000

2938000

3366000

1593000

2308000

2036000

2285000

-220000

2249000

475000

4379000

-574000

689000

157000

-574000

25000

872000

-249000

-51000

-357000

2621000

-35000

439000

-335000

281000

453000

262000

61000

69000

57000

68000

21289000

22232000

306000

308000

20675000

165000

355000

590000

1032000

579000

853000

6177000

5328000

19219000

19576000

9880000

11727000

3162000

2521000

12000

44000

1105000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt">Remainder of 2019</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,149</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,119</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">957</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total lease payments</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,560</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(228</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Present value of lease liabilities</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,332</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

3560000

36000

957000

1119000

1149000

299000

228000

700000

44449000

49141000

200338000

189598000

21361000

20658000

50000000

8000000

15000000

17143000

15000000

25143000

2857000

12143000

22286000

-9853000

34983000

-4381000

-81422000

22386000

13549000

13973000

9901000

5641000

4134000

3734000

4598000

5641000

1777000

3990000

4134000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"><div style="display: inline; font-style: italic;">Recent Accounting Pronouncements</div></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"><div style="display: inline; font-style: italic;"> </div></div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt"><div style="display: inline; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “<div style="display: inline; font-style: italic;">Leases (Accounting Standards Codification (ASC) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>),</div>” and issued subsequent amendments to the initial guidance in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018 </div>within ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018 </div>within ASU Nos. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div> </div>The Company adopted ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> for further details.</div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt"><div style="display: inline; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div> <div style="display: inline; font-style: italic;">Intangibles—Goodwill and Other (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350</div>), Simplifying the Test for Goodwill Impairment</div>. The guidance removes Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the goodwill impairment test and eliminates the need to determine the fair value of individual assets and liabilities to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exceed the carrying amount of goodwill. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance will be applied prospectively and is effective for annual and interim goodwill impairment tests in fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> Early adoption is permitted for any impairment tests performed on testing dates after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe adoption will have a material impact on its financial condition or results of operations.</div></div></div></div></div>

6138000

5885000

17962000

14118000

918000

4100000

3332000

821000

2511000

905000

4000000

3276000

0.0445

P2Y335D

4195000

1051000

36000

975000

1063000

1070000

140000

201000

410000

24000

-24000

85000

-461000

137000

271000

144000

80000000

76978000

4381000

4521000

0.01

1000000

2659000

2206000

20000000

36000000

77000

562000

1300000

115208000

111779000

57080000

57667000

8000000

20000000

8000000

2143000

125775000

111802000

49394000

47808000

148120000

139758000

47400000

46423000

144386000

135670000

952000

537000

1920000

2135000

1042000

848000

1814000

1953000

32175000

27623000

94164000

80988000

4946000

4572000

15634000

14993000

4602000

6589000

13693000

17826000

3246000

3819000

10893000

9386000

2421000

2405000

7232000

7924000

2004000

2800000

6504000

8641000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 11pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 11pt"> </td> <td style="font-size: 11pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 11pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt">Medical</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,175</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65.1</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,623</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57.8</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,164</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63.6</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,988</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57.9</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Automotive</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,946</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,572</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.6</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,634</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.6</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,993</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.7</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Consumer</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,602</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.3</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,589</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.8</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,693</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.2</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,826</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.8</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Aerospace & Defense</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,246</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.6</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,819</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,893</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,386</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.7</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Industrial</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,421</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.9</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,405</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,232</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.9</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,924</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.7</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Electronics</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,004</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.1</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,800</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.9</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,504</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.4</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,641</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.2</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 10pt">Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,394</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,808</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,120</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,758</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>)</div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Segment Reporting</div></div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 27pt; text-indent: 0in">The Company consists of a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">single </div></div>operating and reportable segment.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">Revenues from customers outside of the United States are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> material. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> customer comprised more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the Company’s consolidated revenues for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>- and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> All of the Company’s assets are located in the United States.</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The Company’s products are primarily sold to customers within the Medical, Automotive, Consumer, Aerospace and Defense, Industrial, and Electronics markets. Net sales by market for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>- and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> are as follows (in thousands):</div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 36px; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 11pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 11pt"> </td> <td style="font-size: 11pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 11pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt">Medical</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,175</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65.1</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,623</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57.8</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,164</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63.6</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,988</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57.9</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Automotive</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,946</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,572</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.6</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,634</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.6</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,993</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.7</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Consumer</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,602</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.3</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,589</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.8</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,693</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.2</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,826</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.8</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Aerospace & Defense</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,246</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.6</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,819</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,893</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,386</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.7</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Industrial</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,421</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.9</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,405</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,232</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.9</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,924</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.7</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Electronics</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,004</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.1</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,800</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.9</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,504</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.4</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,641</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.2</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 10pt">Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,394</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,808</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; 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text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,758</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"> </div> <div style=" margin: 0pt 0 0pt 27.35pt; font-size: 10pt">Certain amounts for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>were reclassified between markets to conform to the current period presentation.</div></div>

7183000

6541000

22226000

20550000

1169000

963000

67540

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28.25

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Note 12 - Indebtedness (Details Textual) link:calculationLink link:definitionLink link:presentationLink 057 - Disclosure - Note 12 - Indebtedness - Long-term Debt (Details) link:calculationLink link:definitionLink link:presentationLink 058 - Disclosure - Note 13 - Acquisition (Details Textual) link:calculationLink link:definitionLink link:presentationLink 059 - Disclosure - Note 13 - Acquisition - Assets Acquires and Liabilities Assumed (Details) link:calculationLink link:definitionLink link:presentationLink 060 - Disclosure - Note 13 - Acquisition - Pro Forma Information (Unaudited) (Details) link:calculationLink link:definitionLink link:presentationLink 061 - Disclosure - Note 14 - Subsequent Event (Details Textual) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 7 ufpt-20190930_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 ufpt-20190930_def.xml XBRL DEFINITION FILE EX-101.LAB 9 ufpt-20190930_lab.xml XBRL LABEL FILE Document And Entity Information us-gaap_DerivativeLossOnDerivative Derivative, Loss on Derivative Expected dividends us-gaap_DerivativeNotionalAmount Derivative, Notional Amount Note To Financial Statement Details Textual Exercise price (in dollars per share) Intangible assets us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill Significant Accounting Policies Note 2 - Revenue Recognition Note 3 - Supplemental Cash Flow Information Risk-free interest rate Note 4 - Fair Value of Financial Instruments Note 5 - Share-based Compensation Note 6 - Inventories Note 7 - Leases Note 8 - Income Per Share Note 9 - Segment Reporting Accounts receivable Income Tax Disclosure [Text Block] Note 10 - Other Intangible Assets Other current assets Note 12 - Indebtedness Note 13 - Acquisition Expected volatility Inventory Note 2 - Revenue Recognition - Revenue Disaggregated by the Major Types of Goods and Services Sold (Details) us-gaap_LiabilitiesCurrent Total current liabilities Note 2 - Revenue Recognition - Contract Assets and Liabilities (Details) Note 3 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) Note 4 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) Note 5 - Share-Based Compensation - Compensation Cost (Details) Expected term (years) (Year) Note 5 - Share-Based Compensation - Summary of Stock Option Activity (Details) Note 5 - Stock-Based Compensation - Black-scholes Option Pricing Model (Details) Note 5 - Share-Based Compensation - Restricted Stock Unit Activity (Details) Note 6 - Inventories - Summary of Inventory (Details) us-gaap_BusinessCombinationConsiderationTransferred1 Total consideration Note 7 - Leases - Lease Cost (Details) Note 7 - Leases - Aggregate Future Lease Payments (Details) Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Note 7 - Leases - Future Minimum Lease Payments For Operating Leases (Details) Note 8 - Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) Note 9 - Segment Reporting - Net Sales by Market (Details) Note 10 - Other Intangible Assets - Definite-lived Intangible Assets (Details) Note 10 - Other Intangible Assets - Future Amortization of Intangible Assets (Details) Share-based Payment Arrangement, Option, Activity [Table Text Block] Note 12 - Indebtedness - Long-term Debt (Details) Note 13 - Acquisition - Assets Acquires and Liabilities Assumed (Details) Awarded, weighted average award date fair value (in dollars per share) Note 13 - Acquisition - Pro Forma Information (Unaudited) (Details) us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired Business Acquisition, Percentage of Voting Interests Acquired Shares vested, weighted average award date fair value (in dollars per share) Notes To Financial Statements Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] Notes To Financial Statements [Abstract] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue Outstanding, weighted average award date fair value (in dollars per share) Outstanding, weighted average award date fair value (in dollars per share) us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic Basic (in dollars per share) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber Outstanding, restricted stock units (in shares) Outstanding, restricted stock units (in shares) us-gaap_DerivativeTermOfContract Derivative, Term of Contract Awarded, restricted stock units (in shares) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod Shares vested, restricted stock units (in shares) us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted Diluted (in dollars per share) Vested and expected to vest, weighted average remaining contractual life (Year) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice Vested and expected to vest, weighted average exercise price (in dollars per share) Current portion of long-term debt Current portion us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber Vested and expected to vest, shares under options (in shares) Vested and expected to vest, aggregate intrinsic value us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice Exercisable, weighted average exercise price (in dollars per share) us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax Operating income Exercisable, weighted average remaining contractual life (Year) us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss Net income Exercisable, aggregate intrinsic value us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value Business Acquisition, Pro Forma Information [Table Text Block] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber Exercisable, shares under options (in shares) us-gaap_BusinessAcquisitionsProFormaRevenue Sales Outstanding, weighted average remaining contractual life (Year) Outstanding, aggregate intrinsic value Weighted-average grant date fair value (in dollars per share) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice Outstanding, weighted average exercise price (in dollars per share) Outstanding, weighted average exercise price (in dollars per share) Deferred revenue us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice Granted, weighted average exercise price (in dollars per share) us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice Exercised, weighted average exercise price (in dollars per share) Accrued expenses Lessee, Operating Leases [Text Block] Accounts payable us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber Outstanding, shares under options (in shares) Outstanding, shares under options (in shares) Revolving Credit Facility [Member] Capital additions accrued but not yet paid Credit Facility [Axis] Proceeds from sale of fixed assets Credit Facility [Domain] Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] us-gaap_PolicyTextBlockAbstract Accounting Policies us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Additions to property, plant, and equipment Weighted average common equivalent shares due to stock, stock options and RSUs (in shares) Non-cash investing and financing activities: Weighted average common shares outstanding: Noncompete Agreements [Member] Income taxes, net of refunds Current liabilities: Product [Member] us-gaap_Assets Total assets Cash paid for: Plan Name [Axis] Plan Name [Domain] us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition Customer Lists [Member] Share-based Payment Arrangement [Text Block] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation Net share settlement of restricted stock units and stock option tax withholding us-gaap_ContractWithCustomerAssetNet Unbilled Receivables - beginning of period Unbilled Receivables - end of period Award Type [Domain] Award Type [Axis] Net income Net income us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization Accumulated amortization us-gaap_FiniteLivedIntangibleAssetsNet Total Net balance Intangible assets, net Restricted Stock Units (RSUs) [Member] Gross amount Share-based Payment Arrangement [Member] Business Combination Disclosure [Text Block] us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment Less accumulated depreciation and amortization us-gaap_PropertyPlantAndEquipmentNet Net property, plant and equipment Goodwill Property, plant and equipment Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Proceeds from exercise of stock options, net of shares presented for exercise The cash inflow associated with the amount received from holders exercising their stock options, net of attestation. The 2003 Incentive Plan [Member] Represents the reporting entity's "2003 Incentive Plan." ufpt_SharesPaidForTaxWithholdingForShareBasedCompensationMarketPrice Shares Paid for Tax Withholding for Share Based Compensation Market Price For net-share settlement of share-based awards when the employer settles employees' income tax withholding obligations, this element represents the market price per share of shares used by the employees to repay the employer. Derivative financial instruments Employee and Nonemployee Stock Option [Member] Contract that gives the holder the right, but not the obligation, either to purchase or to sell a certain number of shares of stock at a predetermined price for a specified period of time. Medical [Member] Information pertaining to the Medical group of major customers. Derivative Instrument [Axis] Derivative Contract [Domain] Consumer [Member] Information pertaining to the Consumer group of major customers. Cash flows from investing activities: Automotive [Member] Information pertaining to the Automotive group of major customers. Industrial [Member] Information pertaining to the Industrial group of major customers. Electronics [Member] Information pertaining to the Electronics group of major customers. Aerospace & Defense [Member] Information pertaining to the Aerospace & Defense group of major customers. Net income per share: Earnings Per Share [Text Block] Non-qualified deferred compensation plan and other liabilities Dielectrics [Member] Related to the entity Dielectrics. Accrued expenses us-gaap_IncreaseDecreaseInAccruedLiabilities Increase (Decrease) in Accrued Liabilities, Total Income tax expense Amended and Restated Credit Agreement [Member] Related to the amended and restated credit agreement. Unsecured Term Loan [Member] Related to the unsecured term loan. Subsidiary Guarantors [Member] Related to the subsidiary guarantors granting the credit agreement to the company. Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. The amounts are aggregated by award type. Unsecured Revolving Credit Facility [Member] Related to the unsecured revolving credit facility. Accounts payable us-gaap_IncreaseDecreaseInAccountsPayable Chairman Chief Executive Officer and President [Member] Represents the entity's Chairman, the highest ranking executive officer, who has an ultimate managerial responsibility for the entity and who reports to the board of directors and the first or second ranking officer who may be appointed by the board of directors. Cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Allocated share based compensation Amendment Flag New Accounting Pronouncements, Policy [Policy Text Block] us-gaap_GainLossOnSaleOfPropertyPlantEquipment Loss (Gain) on sale of fixed assets Deferred revenue us-gaap_IncreaseDecreaseInContractWithCustomerLiability Increase (Decrease) in Contract with Customer, Liability us-gaap_SharesOutstanding Balance (in shares) Balance (in shares) Common stock, shares outstanding (in shares) Preferred stock, shares outstanding (in shares) us-gaap_IncreaseDecreaseInOtherOperatingAssets Other assets Current Fiscal Year End Date us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 Debt Instrument, Basis Spread on Variable Rate Variable Total lease cost us-gaap_DebtInstrumentInterestRateEffectivePercentage Debt Instrument, Interest Rate, Effective Percentage Operating, weighted-average discount rate Lease cost: Document Fiscal Period Focus Operating Document Fiscal Year Focus Short-term Lease, Cost [Table Text Block] Document Period End Date us-gaap_IncreaseDecreaseInPrepaidExpense Prepaid expenses Operating, weighted average remaining lease term (Year) Entity Emerging Growth Company us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Document Type Entity Small Business us-gaap_GainLossRelatedToLitigationSettlement Material overcharge settlement Entity Shell Company Document Information [Line Items] Document Information [Table] Entity Filer Category EX-101.PRE 10 ufpt-20190930_pre.xml XBRL PRESENTATION FILE XML 11 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Allowance of doubtful accounts	$ 533	$ 564
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	7,466,695	7,415,002
Common stock, shares outstanding (in shares)	7,437,136	7,385,443
Treasury stock, shares (in shares)	29,559	29,559

XML 12 R7.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

(

)

Basis of Presentation

-Q and do

not

include all the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended

December 31, 2018,

included in the Company's

2018

Annual Report on Form

-K, as filed with the Securities and Exchange Commission.

The condensed consolidated balance sheets as of

September 30, 2019

and

December 31, 2018,

the condensed consolidated statements of income for the

three

- and

nine

-month periods ended

September 30, 2019

and

2018,

the condensed consolidated statements of stockholders’ equity for the

three

- and

nine

-month periods ended

September 30, 2019

and

2018,

and the condensed consolidated statements of cash flows for the

nine

-month periods ended

September 30, 2019

and

2018

are unaudited but, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of results for these interim periods. The condensed consolidated balance sheet as of

December

31,

2018

has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does

not

include all of the information and footnotes required for complete annual financial statements.

The results of operations for the

three

- and

nine

-month periods ended

September 30, 2019

are

not

necessarily indicative of the results to be expected for the entire fiscal year ending

December

31,

2019.

Recent Accounting Pronouncements

February 2016,

the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)

No.

2016

02,

“

Leases (Accounting Standards Codification (ASC)

842

” and issued subsequent amendments to the initial guidance in

January 2018

within ASU

No.

2018

and in

July 2018

within ASU Nos.

2018

and

2018

11.

The Company adopted ASC

842

January 1, 2019.

See Note

for further details.

January 2017,

the FASB issued ASU

No.

2017

04,

Intangibles—Goodwill and Other (ASC

350

), Simplifying the Test for Goodwill Impairment

. The guidance removes Step

of the goodwill impairment test and eliminates the need to determine the fair value of individual assets and liabilities to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value,

not

to exceed the carrying amount of goodwill. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance will be applied prospectively and is effective for annual and interim goodwill impairment tests in fiscal years beginning after

December

15,

2019.

Early adoption is permitted for any impairment tests performed on testing dates after

January

2017.

The Company does

not

believe adoption will have a material impact on its financial condition or results of operations.

Revisions

Certain revisions have been made to the Condensed Consolidated Statements of Cash Flows for the

nine

months ended

September 30, 2018,

due to a reclassification of deferred revenue. The reclassification resulted in a decrease to the change in deferred revenue and an increase in the change in accrued expenses in the amount of approximately

$574

thousand. These revisions had

impact on previously reported net income and are deemed immaterial to the previously issued financial statements.

XML 13 R53.htm IDEA: XBRL DOCUMENT

Note 10 - Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amortization of Intangible Assets, Total	$ 314	$ 314	$ 943	$ 838

XML 14 R57.htm IDEA: XBRL DOCUMENT

Note 12 - Indebtedness (Details Textual) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 01, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Interest Rate Swap [Member]
Derivative, Notional Amount	$ 20,000	$ 15,000		$ 15,000
Derivative, Term of Contract	5 years
Derivative, Fixed Interest Rate	2.70%
Interest Rate Swap [Member] \| Other Nonoperating Income (Expense) [Member]
Derivative, Loss on Derivative		24	$ 85	461	$ 137
Interest Rate Swap [Member] \| Other Current Liabilities [Member]
Derivative, Fair Value, Net, Total		397		397		$ 64
Subsidiary Guarantors [Member] \| Unsecured Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Subsidiary Guarantors [Member] \| Amended and Restated Credit Agreement [Member]
Debt Instrument, Face Amount	$ 70,000
Letters of Credit Outstanding, Amount		$ 700		$ 700
Debt Instrument, Interest Rate, Effective Percentage		3.00%		3.00%
Subsidiary Guarantors [Member] \| Amended and Restated Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Subsidiary Guarantors [Member] \| Amended and Restated Credit Agreement [Member] \| Prime Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Subsidiary Guarantors [Member] \| Amended and Restated Credit Agreement [Member] \| Prime Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Subsidiary Guarantors [Member] \| Amended and Restated Credit Agreement [Member] \| Unsecured Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000
Subsidiary Guarantors [Member] \| Amended and Restated Credit Agreement [Member] \| Unsecured Term Loan [Member]
Debt Instrument, Face Amount	$ 20,000

XML 15 R36.htm IDEA: XBRL DOCUMENT

Note 2 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Deferred revenue	$ 2,507	$ 871
Acquired in Dielectrics business combination		2,175
Increases due to consideration received from customers	2,256	3,088
Revenue recognized	(2,231)	(2,216)
Deferred revenue	2,532	3,918
Unbilled Receivables - beginning of period	65
Increases due to revenue recognized - not invoiced to customers	660	236
Decreases due to customer invoicing	(712)	(188)
Unbilled Receivables - end of period	$ 13	$ 48

XML 16 R32.htm IDEA: XBRL DOCUMENT

Note 13 - Acquisition (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Consideration paid:
Cash paid at closing	$	80,000
Working capital adjustment		250
Cash from Dielectrics		(3,272	)
Total consideration	$	76,978

Purchase price allocation:
Accounts receivable	$	4,384
Inventory		4,418
Other current assets		122
Property, plant and equipment		4,600
Customer list		22,555
Non-compete		462
Trade name and brand		367
Goodwill		44,516
Total identifiable assets	$	81,424
Accounts payable		(1,325	)
Accrued expenses		(946	)
Deferred revenue		(2,175	)
Net assets acquired	$	76,978

Business Acquisition, Pro Forma Information [Table Text Block]

	Three Months Ended September 30,		Nine Months Ended September 30,
	2018		2018
		(Unaudited)		(Unaudited)
Sales	$	47,808	$	142,813
Operating income	$	5,885	$	13,970
Net income	$	4,134	$	9,700
Earnings per share:
Basic	$	0.56	$	1.32
Diluted	$	0.56	$	1.31

XML 18 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Share-based Compensation

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(

)

Share-Based Compensation

The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended

December 31, 2018.

The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Share-based compensation related to:	2019		2018		2019		2018
Common stock grants	$	100	$	100	$	300	$	405
Stock option grants		60		9		91		143
Restricted Stock Unit Awards ("RSUs")		313		163		778		415
Total share-based compensation	$	473	$	272	$	1,169	$	963

The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately

$176

thousand and

$289

thousand for the

three

-month periods ended

September 30, 2019

and

2018,

respectively, and approximately

$524

thousand and

$649

thousand for the

nine

-month periods ended

September

30,

2019

and

2018,

respectively.

The following is a summary of stock option activity under all plans for the

nine

-month period ended

September

30,

2019:

	Shares Under Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2018		134,043		$	20.46
Granted		16,536			38.61
Exercised		(39,965	)		14.06
Outstanding at September 30, 2019		110,614		$	25.49		5.83	$	1,450
Exercisable at September 30, 2019		86,578		$	22.71		5.32	$	1,376
Vested and expected to vest at September 30, 2019		110,614		$	25.49		5.83	$	1,450

June 5, 2019,

the Company granted options to its directors for the purchase of

16,536

shares of common stock at that day’s closing price of

$38.61.

The compensation expense related to these grants was determined as the fair value of the options using the Black-Scholes option pricing model based on the following assumptions:

Expected volatility		28.9	%
Expected dividends		None
Risk-free interest rate		2.3	%
Exercise price	$	38.61
Expected term (years)		6.0
Weighted-average grant date fair value	$	12.70

During the

nine

-month periods ended

September 30, 2019

and

2018,

the total intrinsic value of all options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employees to exercise the options) was approximately

$867

thousand and

$1.2

million, respectively, and the total amount of consideration received by the Company from the exercised options was approximately

$562

thousand and

$1.3

million, respectively. At its discretion, the Company allows option holders to surrender previously-owned common stock in lieu of paying the exercise price and withholding taxes.

shares were surrendered for this purpose for the periods ended

September 30, 2019

and

2018.

February 19, 2019,

the Company’s Compensation Committee approved

the award of

$400

thousand, payable in shares of common stock to the Company’s Chairman, Chief Executive Officer, and President under the

2003

Incentive Plan, subject to his continued employment and the terms of his employment agreement. The shares will be issued in

December 2019.

The following table summarizes information about RSU activity during the

nine

-month period ended

September

30,

2019:

	Restricted Stock Units			Weighted Average Award Date Fair Value
Outstanding at December 31, 2018		72,176		$	23.60
Awarded		67,540			33.53
Shares vested		(19,860	)		23.53
Outstanding at September 30, 2019		119,856		$	28.25

nine

-month periods ended

September 30, 2019

and

2018,

8,132

and

5,238

shares were surrendered at an average market price of

$33.35

and

$27.60,

respectively.

As of

September 30, 2019,

the Company had approximately

$2.8

million of unrecognized compensation expense that is expected to be recognized over a period of

3.5

years.

XML 19 R15.htm IDEA: XBRL DOCUMENT

Note 9 - Segment Reporting

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(

)

Segment Reporting

The Company consists of a

single

operating and reportable segment.

Revenues from customers outside of the United States are

not

material.

customer comprised more than

10%

of the Company’s consolidated revenues for the

three

- and

nine

-month periods ended

September 30, 2019

and

2018.

All of the Company’s assets are located in the United States.

The Company’s products are primarily sold to customers within the Medical, Automotive, Consumer, Aerospace and Defense, Industrial, and Electronics markets. Net sales by market for the

three

- and

nine

-month periods ended

September 30, 2019

and

2018

are as follows (in thousands):

	Three Months Ended September 30,										Nine Months Ended September 30,
	2019					2018					2019					2018
Market	Net Sales		%			Net Sales		%			Net Sales		%			Net Sales		%

Medical	$	32,175		65.1	%	$	27,623		57.8	%	$	94,164		63.6	%	$	80,988		57.9	%
Automotive		4,946		10.0	%		4,572		9.6	%		15,634		10.6	%		14,993		10.7	%
Consumer		4,602		9.3	%		6,589		13.8	%		13,693		9.2	%		17,826		12.8	%
Aerospace & Defense		3,246		6.6	%		3,819		8.0	%		10,893		7.4	%		9,386		6.7	%
Industrial		2,421		4.9	%		2,405		5.0	%		7,232		4.9	%		7,924		5.7	%
Electronics		2,004		4.1	%		2,800		5.9	%		6,504		4.4	%		8,641		6.2	%
Net Sales	$	49,394		100.0	%	$	47,808		100.0	%	$	148,120		100.0	%	$	139,758		100.0	%

Certain amounts for the

three

and

nine

months ended

September 30, 2018

were reclassified between markets to conform to the current period presentation.

XML 20 R19.htm IDEA: XBRL DOCUMENT

Note 13 - Acquisition

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Business Combination Disclosure [Text Block]

(

)

Acquisition

February 1, 2018

the Company purchased

100%

of the outstanding shares of common stock of Dielectrics Inc., pursuant to a stock purchase agreement and related agreements, for an aggregate purchase price of

$80

million in cash. The purchase price was subject to adjustment based upon Dielectrics’ working capital at closing. An additional

$250

thousand of consideration was paid by the Company as a result of the final working capital adjustment. A portion of the purchase price is being held in escrow to indemnify the Company against certain claims, losses and liabilities. The Purchase Agreement contains customary representations, warranties and covenants customary for transactions of this type.

Consideration paid:
Cash paid at closing	$	80,000
Working capital adjustment		250
Cash from Dielectrics		(3,272	)
Total consideration	$	76,978

Purchase price allocation:
Accounts receivable	$	4,384
Inventory		4,418
Other current assets		122
Property, plant and equipment		4,600
Customer list		22,555
Non-compete		462
Trade name and brand		367
Goodwill		44,516
Total identifiable assets	$	81,424
Accounts payable		(1,325	)
Accrued expenses		(946	)
Deferred revenue		(2,175	)
Net assets acquired	$	76,978

Acquisition costs associated with the transaction were approximately

$1.1

million and were charged to expense in the

nine

-month period ended

September 30, 2018.

These costs were primarily for investment banking and legal fees and are reflected on the face of the income statement.

The following table contains an unaudited pro forma condensed consolidated statement of operations for the

three

- and

nine

-month periods ended

September 30, 2018,

as if the Dielectrics acquisition had occurred at the beginning of the respective periods (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2018		2018
		(Unaudited)		(Unaudited)
Sales	$	47,808	$	142,813
Operating income	$	5,885	$	13,970
Net income	$	4,134	$	9,700
Earnings per share:
Basic	$	0.56	$	1.32
Diluted	$	0.56	$	1.31

The above unaudited pro forma information is presented for illustrative purposes only and

may

not

be indicative of the results of operations that would have actually occurred had the Dielectrics acquisition occurred as presented. In addition, future results

may

vary significantly from the results reflected in such pro forma information.

XML 21 R23.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Nine Months Ended
	September 30,
	2019		2018
	(in thousands)
Cash paid for:
Interest	$	579	$	853
Income taxes, net of refunds		1,593		2,308

Non-cash investing and financing activities:
Capital additions accrued but not yet paid	$	209	$	216
Recognition of lease asset and liability (ASC 842)	$	3,831	$	-

XML 22 R27.htm IDEA: XBRL DOCUMENT

Note 7 - Leases (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Lease, Cost [Table Text Block]

	Nine Months Ended
	September 30, 2019
	($ in thousands)
Lease cost:
Operating	$	918
Variable		167
Short-term		20
Total lease cost	$	1,105

Cash paid for amounts included in measurement of lease liabilities:
Operating	$	905

Weighted-average remaining lease term (years):
Operating		2.92
Weighted-average discount rate:
Operating		4.45	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Remainder of 2019		299
2020		1,149
2021		1,119
2022		957
2023		36
Thereafter		-
Total lease payments		3,560
Less: Interest		(228	)
Present value of lease liabilities	$	3,332

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

2019	$	1,051
2020		1,070
2021		1,063
2022		975
2023		36
Total	$	4,195

XML 23 R61.htm IDEA: XBRL DOCUMENT

Note 13 - Acquisition - Pro Forma Information (Unaudited) (Details) - Dielectrics [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Sales	$ 47,808	$ 142,813
Operating income	5,885	13,970
Net income	$ 4,134	$ 9,700
Basic (in dollars per share)	$ 0.56	$ 1.32
Diluted (in dollars per share)	$ 0.56	$ 1.31

XML 24 R46.htm IDEA: XBRL DOCUMENT

Note 7 - Leases - Lease Cost (Details) $ in Thousands	9 Months Ended
Note 7 - Leases - Lease Cost (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Lease cost:
Operating	$ 918
Variable	167
Short-term	20
Total lease cost	1,105
Operating, cash paid for amounts included in measurement of lease liabilities	$ 905
Operating, weighted average remaining lease term (Year)	2 years 335 days
Operating, weighted-average discount rate	4.45%

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Note 5 - Stock-Based Compensation - Black-scholes Option Pricing Model (Details)	9 Months Ended
	Sep. 30, 2019 $ / shares
Expected volatility	28.90%
Expected dividends	0.00%
Risk-free interest rate	2.30%
Exercise price (in dollars per share)	$ 38.61
Expected term (years) (Year)	6 years
Weighted-average grant date fair value (in dollars per share)	$ 12.70

XML 27 R22.htm IDEA: XBRL DOCUMENT

Note 2 - Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Net sales of:	2019		2018		2019		2018
Products	$	47,400	$	46,423	$	144,386	$	135,670
Tooling and machinery		952		537		1,920		2,135
Engineering services		1,042		848		1,814		1,953
Total net sales	$	49,394	$	47,808	$	148,120	$	139,758

Contract with Customer, Asset and Liability [Table Text Block]

	Contract Liabilities
	Nine Months Ended September 30,
	2019			2018
Deferred revenue - beginning of period	$	2,507		$	871
Acquired in Dielectrics business combination		-			2,175
Increases due to consideration received from customers		2,256			3,088
Revenue recognized		(2,231	)		(2,216	)
Deferred revenue - end of period	$	2,532		$	3,918

	Contract Assets
	Nine Months Ended September 30,
	2019			2018
Unbilled Receivables - beginning of period	$	65		$	-
Increases due to revenue recognized - not invoiced to customers		660			236
Decreases due to customer invoicing		(712	)		(188	)
Unbilled Receivables - end of period	$	13		$	48

XML 28 R26.htm IDEA: XBRL DOCUMENT

Note 6 - Inventories (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	September 30, 2019		December 31, 2018
Raw materials	$	9,880	$	11,727
Work in process		3,162		2,521
Finished goods		6,177		5,328
Total inventory	$	19,219	$	19,576

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Note 13 - Acquisition - Assets Acquires and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 01, 2018	Sep. 30, 2019	Dec. 31, 2018
Goodwill		$ 51,838	$ 51,838
Dielectrics [Member]
Cash paid at closing	$ 80,000
Working capital adjustment	250
Cash from Dielectrics	(3,272)
Total consideration	76,978
Accounts receivable	4,384
Inventory	4,418
Other current assets	122
Property, plant and equipment	4,600
Goodwill	44,516
Total identifiable assets	81,424
Accounts payable	(1,325)
Accrued expenses	(946)
Deferred revenue	(2,175)
Net assets acquired	76,978
Dielectrics [Member] \| Customer Lists [Member]
Intangible assets	22,555
Dielectrics [Member] \| Noncompete Agreements [Member]
Intangible assets	462
Dielectrics [Member] \| Trade Name and Brand [Member]
Intangible assets	$ 367

Note 7 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Remainder of 2019	$ 299
2020	1,149
2021	1,119
2022	957
2023	36
Thereafter
Total lease payments	3,560
Less: Interest	(228)
Present value of lease liabilities	$ 3,332

Note 5 - Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Outstanding, restricted stock units (in shares) \| shares	72,176
Outstanding, weighted average award date fair value (in dollars per share) \| $ / shares	$ 23.60
Awarded, restricted stock units (in shares) \| shares	67,540
Awarded, weighted average award date fair value (in dollars per share) \| $ / shares	$ 33.53
Shares vested, restricted stock units (in shares) \| shares	(19,860)
Shares vested, weighted average award date fair value (in dollars per share) \| $ / shares	$ 23.53
Outstanding, restricted stock units (in shares) \| shares	119,856
Outstanding, weighted average award date fair value (in dollars per share) \| $ / shares	$ 28.25

Note 11 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
Note 11 - Income Taxes (Details Textual)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	5.20%	26.50%	17.40%	25.40%

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 11,390	$ 3,238
Receivables, less allowance for doubtful accounts of $533 at September 30, 2019 and $564 at December 31, 2018	28,796	28,321
Inventories	19,219	19,576
Prepaid expenses	2,659	2,206
Refundable income taxes	2,036	2,285
Total current assets	64,100	55,626
Property, plant and equipment	115,208	111,779
Less accumulated depreciation and amortization	(58,128)	(54,112)
Net property, plant and equipment	57,080	57,667
Goodwill	51,838	51,838
Intangible assets, net	21,289	22,232
Non-qualified deferred compensation plan	2,615	2,034
Operating lease right of use assets	3,276	0
Other assets	140	201
Total assets	200,338	189,598
Current liabilities:
Accounts payable	6,825	6,836
Accrued expenses	8,326	8,458
Deferred revenue	2,532	2,507
Operating lease liabilities, current	821	0
Current portion of long-term debt	2,857	2,857
Total current liabilities	21,361	20,658
Long-term debt, excluding current portion	12,143	22,286
Deferred income taxes	5,381	4,129
Non-qualified deferred compensation plan	2,643	2,044
Operating lease liabilities, noncurrent	2,511	0
Other liabilities	410	24
Total liabilities	44,449	49,141
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized; no shares issued	0	0
Common stock, $.01 par value, 20,000,000 shares authorized; 7,466,695 and 7,437,136 shares issued and outstanding, respectively at September 30, 2019;7,415,002 and 7,385,443 shares issued and outstanding, respectively at December 31, 2018	74	74
Additional paid-in capital	30,627	29,168
Retained earnings	125,775	111,802
Treasury stock at cost, 29,559 shares at September 30, 2019 and December 31, 2018	(587)	(587)
Total stockholders’ equity	155,889	140,457
Total liabilities and stockholders' equity	$ 200,338	$ 189,598

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 13,973	$ 9,901
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,120	5,820
Gain on sale of fixed assets		(51)
Share-based compensation	1,169	963
Deferred income taxes	1,252	1,007
Changes in operating assets and liabilities:
Receivables, net	(475)	(4,379)
Inventories	357	(2,621)
Prepaid expenses	(453)	(262)
Refundable income taxes	249	51
Other assets	35	(439)
Accounts payable	(220)	2,249
Accrued expenses	689	157
Deferred revenue	25	872
Non-qualified deferred compensation plan and other liabilities	(335)	281
Net cash provided by operating activities	22,386	13,549
Cash flows from investing activities:
Additions to property, plant, and equipment	(4,381)	(4,521)
Acquisition of Dielectrics, net of cash acquired		(76,978)
Proceeds from sale of fixed assets		77
Net cash used in investing activities	(4,381)	(81,422)
Cash flows from financing activities:
Proceeds from advances on revolving line of credit		36,000
Payments on revolving line of credit	(8,000)	(20,000)
Proceeds from the issuance of long-term debt		20,000
Principal repayments of long-term debt	(2,143)	(2,143)
Proceeds from exercise of stock options, net of shares presented for exercise	561	1,270
Payment of statutory withholdings for stock options exercised and restricted stock units vested	(271)	(144)
Net cash (used in) provided by financing activities	(9,853)	34,983
Net increase (decrease) in cash and cash equivalents	8,152	(32,890)
Cash and cash equivalents at beginning of period	3,238	37,978
Cash and cash equivalents at end of period	$ 11,390	$ 5,088

Note 3 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash paid for:
Interest	$ 579	$ 853
Income taxes, net of refunds	1,593	2,308
Non-cash investing and financing activities:
Capital additions accrued but not yet paid	209	216
Recognition of lease asset and liability (ASC 842)	$ 3,831

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Contract with Customer, Liability	$ 25	$ 872
Increase (Decrease) in Accrued Liabilities, Total	$ 689	157
Restatement Adjustment [Member]
Increase (Decrease) in Contract with Customer, Liability		(574)
Increase (Decrease) in Accrued Liabilities, Total		$ (574)

Note 8 - Income Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
Note 8 - Income Per Share (Details Textual) - shares	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,536	0	16,536	10,344

Note 7 - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset	$ 3,276		$ 0
Operating Lease, Liability, Total	$ 3,332
Finance Lease, Liability, Total		$ 0
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		4,000
Operating Lease, Liability, Total		$ 4,100

Note 5 - Share-Based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019
Outstanding, shares under options (in shares)	134,043
Outstanding, weighted average exercise price (in dollars per share)	$ 20.46
Granted, shares under options (in shares)	16,536
Granted, weighted average exercise price (in dollars per share)	$ 38.61
Exercised, shares under options (in shares)	(39,965)
Exercised, weighted average exercise price (in dollars per share)	$ 14.06
Outstanding, shares under options (in shares)	110,614
Outstanding, weighted average exercise price (in dollars per share)	$ 25.49
Outstanding, weighted average remaining contractual life (Year)	5 years 302 days
Outstanding, aggregate intrinsic value	$ 1,450
Exercisable, shares under options (in shares)	86,578
Exercisable, weighted average exercise price (in dollars per share)	$ 22.71
Exercisable, weighted average remaining contractual life (Year)	5 years 116 days
Exercisable, aggregate intrinsic value	$ 1,376
Vested and expected to vest, shares under options (in shares)	110,614
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 25.49
Vested and expected to vest, weighted average remaining contractual life (Year)	5 years 302 days
Vested and expected to vest, aggregate intrinsic value	$ 1,450

Note 14 - Subsequent Event (Details Textual) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 08, 2019	Sep. 30, 2019	Sep. 30, 2018
Repayments of Long-term Debt, Total		$ 2,143	$ 2,143
Subsequent Event [Member] \| Subsidiary Guarantors [Member] \| Amended and Restated Credit Agreement [Member] \| Unsecured Term Loan [Member]
Repayments of Long-term Debt, Total	$ 8,000

Note 10 - Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Gross amount	$ 23,384
Accumulated amortization	(2,095)
Net balance	21,289	$ 22,232
Trade Name and Brand [Member]
Gross amount	367
Accumulated amortization	(61)
Net balance	306
Noncompete Agreements [Member]
Gross amount	462
Accumulated amortization	(154)
Net balance	308
Customer Lists [Member]
Gross amount	22,555
Accumulated amortization	(1,880)
Net balance	$ 20,675

Note 12 - Indebtedness - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Long-term debt	$ 15,000	$ 25,143
Current portion	(2,857)	(2,857)
Long-term debt, excluding current portion	12,143	22,286
Term Loan [Member]
Long-term debt	15,000	17,143
Revolving Credit Facility [Member]
Long-term debt		$ 8,000

Note 5 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended
	Jun. 05, 2019	Feb. 19, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation								$ 167
Share Price	$ 38.61
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total			$ 473	$ 402	$ 294	$ 272	$ 454	$ 237
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			2,800						$ 2,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition									3 years 182 days
The 2003 Incentive Plan [Member] \| Chairman Chief Executive Officer and President [Member] \| Common Stock [Member]
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total		$ 400
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total	16,536
Share-based Payment Arrangement [Member]
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation			$ 176			$ 289			$ 524	$ 649
Employee and Nonemployee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value									867	1,200
Proceeds from Stock Options Exercised									$ 562	$ 1,300
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation									8,132	5,238
Shares Paid for Tax Withholding for Share Based Compensation Market Price									$ 33.35	$ 27.60

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Entity Registrant Name	UFP TECHNOLOGIES INC
Entity Central Index Key	0000914156
Trading Symbol	ufpt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		7,437,136
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2017	7,280			30
Balance at Dec. 31, 2017	$ 73	$ 26,664	$ 97,562	$ (587)	$ 123,712
Share-based compensation (in shares)	16
Share-based compensation		237			237
Exercise of stock options net of shares presented for exercise (in shares)	30
Exercise of stock options net of shares presented for exercise		367			367
Net share settlement of restricted stock units and stock option tax withholding (in shares)	(5)
Net share settlement of restricted stock units and stock option tax withholding		(144)			(144)
Net income			1,777		1,777
Excess tax benefits on share-based compensation - adjustment		167			167
Adoption of ASC 606			(95)		(95)
Balance (in shares) at Mar. 31, 2018	7,321			30
Balance at Mar. 31, 2018	$ 73	27,291	99,244	$ (587)	126,021
Balance (in shares) at Dec. 31, 2017	7,280			30
Balance at Dec. 31, 2017	$ 73	26,664	97,562	$ (587)	123,712
Net income					9,901
Balance (in shares) at Sep. 30, 2018	7,373			30
Balance at Sep. 30, 2018	$ 74	28,918	107,392	$ (587)	135,797
Balance (in shares) at Mar. 31, 2018	7,321			30
Balance at Mar. 31, 2018	$ 73	27,291	99,244	$ (587)	126,021
Share-based compensation (in shares)	3
Share-based compensation	$ 1	453			454
Exercise of stock options net of shares presented for exercise (in shares)	35
Exercise of stock options net of shares presented for exercise		597			597
Net income			3,990		3,990
Adoption of ASC 606			24		24
Balance (in shares) at Jun. 30, 2018	7,359			30
Balance at Jun. 30, 2018	$ 74	28,341	103,258	$ (587)	131,086
Share-based compensation		272			272
Exercise of stock options net of shares presented for exercise (in shares)	14
Exercise of stock options net of shares presented for exercise		305			305
Net income			4,134		4,134
Balance (in shares) at Sep. 30, 2018	7,373			30
Balance at Sep. 30, 2018	$ 74	28,918	107,392	$ (587)	135,797
Balance (in shares) at Dec. 31, 2018	7,385			30
Balance at Dec. 31, 2018	$ 74	29,168	111,802	$ (587)	140,457
Share-based compensation (in shares)	20
Share-based compensation		294			294
Exercise of stock options net of shares presented for exercise (in shares)	17
Exercise of stock options net of shares presented for exercise		285			285
Net share settlement of restricted stock units and stock option tax withholding (in shares)	(8)
Net share settlement of restricted stock units and stock option tax withholding		(271)			(271)
Net income			3,734		3,734
Balance (in shares) at Mar. 31, 2019	7,414			30
Balance at Mar. 31, 2019	$ 74	29,476	115,536	$ (587)	144,499
Balance (in shares) at Dec. 31, 2018	7,385			30
Balance at Dec. 31, 2018	$ 74	29,168	111,802	$ (587)	140,457
Net income					13,973
Balance (in shares) at Sep. 30, 2019	7,437			30
Balance at Sep. 30, 2019	$ 74	30,627	125,775	$ (587)	155,889
Balance (in shares) at Mar. 31, 2019	7,414			30
Balance at Mar. 31, 2019	$ 74	29,476	115,536	$ (587)	144,499
Share-based compensation		402			402
Exercise of stock options net of shares presented for exercise (in shares)	14
Exercise of stock options net of shares presented for exercise		155			155
Net income			4,598		4,598
Balance (in shares) at Jun. 30, 2019	7,428			30
Balance at Jun. 30, 2019	$ 74	30,033	120,134	$ (587)	149,654
Share-based compensation		473			473
Exercise of stock options net of shares presented for exercise (in shares)	9
Exercise of stock options net of shares presented for exercise		121			121
Net income			5,641		5,641
Balance (in shares) at Sep. 30, 2019	7,437			30
Balance at Sep. 30, 2019	$ 74	$ 30,627	$ 125,775	$ (587)	$ 155,889

Note 9 - Segment Reporting (Details Textual)	9 Months Ended
Note 9 - Segment Reporting (Details Textual)	Sep. 30, 2019
Number of Reportable Segments	1
Number of Operating Segments	1

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Contract with Customer, Liability, Revenue Recognized	$ 2,231	$ 2,216
Deferred Revenue [Member]
Contract with Customer, Liability, Revenue Recognized	$ 1,300	$ 527

Note 4 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
(Liabilities) Assets:
Derivative financial instruments	$ (397)	$ 64

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016 - 02, “ Leases (Accounting Standards Codification (ASC) 842 ), ” and issued subsequent amendments to the initial guidance in January 2018 within ASU No. 2018 - 01 and in July 2018 within ASU Nos. 2018 - 10 and 2018 - 11. The Company adopted ASC 842 on January 1, 2019. See Note 7 for further details. In January 2017, the FASB issued ASU No. 2017 - 04, Intangibles—Goodwill and Other (ASC 350 ), Simplifying the Test for Goodwill Impairment . The guidance removes Step 2 of the goodwill impairment test and eliminates the need to determine the fair value of individual assets and liabilities to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance will be applied prospectively and is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed on testing dates after January 1, 2017. The Company does not believe adoption will have a material impact on its financial condition or results of operations.
Revisions Policy [Policy Text Block]	Revisions Certain revisions have been made to the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018, due to a reclassification of deferred revenue. The reclassification resulted in a decrease to the change in deferred revenue and an increase in the change in accrued expenses in the amount of approximately $574 thousand. These revisions had no impact on previously reported net income and are deemed immaterial to the previously issued financial statements.

Note 6 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Raw materials	$ 9,880	$ 11,727
Work in process	3,162	2,521
Finished goods	6,177	5,328
Total inventory	$ 19,219	$ 19,576