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UFP Technologies, Inc. (UFPT) Announces Strong 2009 Results

UFP Technologies Inc. is a leading designer and manufacturer of interior protective packaging solutions using molded fiber, vacuum-formed plastics along with molded and fabricated foam plastics. The company also designs and manufactures engineered component solutions using laminating, molding and fabricating technologies.

The company yesterday announced strong 2009 results. Net income was $5.9 million, or $0.94 per diluted share. These figures were 16 percent higher than net income of $5.1 million, or $0.82 per share, for its fiscal year 2008. Sales, however, were $99.2 million or 9.8 percent less than 2008 sales of $110 million.

UFP Technologies did finish the year on a strong note. For the fourth quarter, the company reported net income of $2.9 million, or $0.45 per share. This was ahead of the same period last year when the company reported net income of only $1.1 million, or $0.19 per share. Sales for the fourth quarter of 2009 were also strong. Sales came in at $29 million, which were 11.4 percent higher than 2008 fourth quarter sales of $26.1 million.

Chairman and CEO of UFP Technologies, R. Jeffrey Bailly, commented, “I am very pleased with our strong finish to 2009. Solid demand in our medical and military markets, coupled with the positive impact of our now fully integrated acquisitions, enabled us to generate record profits.”

Mr. Bailly also commented on the company’s future. He said, “We finished the year in excellent financial condition. With $15 million in cash, we are well positioned to grow our business both internally and through additional strategic acquisitions. This, combined with improving consumer demand, leaves me optimistic about 2010 and beyond.”

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