UFP Technologies Q1 net income jumps 46% to US$2.2M, sales rise 9.8% to US$31.5M with strong demand from military, automotive markets and improved factory efficiencies
May 4, 2011
– UFP Technologies, Inc. (Nasdaq:UFPT - News), a manufacturer of packaging and component products, today reported net income of $2.2 million or $0.32 per diluted common share outstanding for its first quarter ended March 31, 2011, 46% higher than net income of $1.5 million or $0.23 per diluted common share outstanding for the same period in 2010. Sales for the first quarter of 2011 were $31.5 million or 9.8% higher than 2010 first quarter sales of $28.7 million.
“I am very pleased with our first quarter results,” said R. Jeffrey Bailly, Chairman and CEO. “Strong demand in our military and automotive markets helped fuel our 10% organic sales growth, and a higher-margin book of business overlaid on improved factory efficiencies generated impressive bottom line gains. We believe the strength of our platform is building momentum in the marketplace among customers, strategic vendor partners and potential acquisition candidates, many of whom have contacted us about joining forces.”
“Although a portion of our substantial automotive door panel program is scheduled to end mid-year, which we expect will reduce revenues in our Georgia facility by approximately $625,000 per month, we believe 2011 will again be a year of overall record sales and earnings,” Bailly continued. “With our tremendous depth of talent, diverse capabilities and wide range of opportunities, combined with a strong balance sheet, I believe UFP Technologies has an extremely bright future.”
UFP Technologies is a leading designer and manufacturer of interior protective packaging and component product solutions using molded and fabricated foams, plastics, laminated composites, and natural fiber materials. The Company primarily serves the medical, automotive, computers and electronics, aerospace and defense, consumer, and industrial markets.
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