UFP Technologies Inc. (UFPT)
UFP Technologies, Inc.
172 East Main Street
Georgetown, MA 01833, USA
UFP Technologies is a leading designer and manufacturer of interior protective packaging solutions using molded fiber, vacuum-formed plastics, and molded and fabricated foam plastics. The Company also designs and manufactures engineered component solutions using laminating, molding, and fabricating technologies. The Company primarily serves the automotive, computers and electronics, medical, aerospace and defense, consumer, and industrial markets.
8:30a ET May 1, 2008 (Business Wire)
UFP Technologies Doubles Net Income in First Quarter
UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today reported net income of $1.1 million or $0.19 per diluted share outstanding for its first quarter ended March 31, 2008, more than double the 2007 first quarter net income of $521,000 or $0.09 per diluted share outstanding. Sales for the quarter were $28.0 million or 27% higher than 2007 first quarter sales of $22.0 million.
"This was an exciting quarter for UFP Technologies," said R. Jeffrey Bailly, Chairman, CEO and President. "Of our $6 million revenue increase, approximately $2.5 million was organic growth, driven by strong sales in our medical and electronics markets, and increased demand for our environmentally sound molded fiber products. The remainder came from our acquisition of Stephenson and Lawyer. We completed this acquisition in Q1, and we are making great progress integrating them into our organization and improving their operating results."
"The net effect of our top-line growth was a 120% increase in net income for the quarter," Mr. Bailly continued. "Looking ahead, despite a challenging automotive market and uncertain economy, with our high level of product development activity we remain optimistic about the future."