UFP Technologies, a designer and custom converter of foams, plastics, composites, and natural fiber materials, reported net income of $2.7m or $0.38 per diluted common share outstanding for its second quarter ended 30 June 2016, a 20.4% increase over net income of $2.3m or $0.32 per diluted common share outstanding for the same period in 2015.
Sales for the second quarter were $37.9 million, 3.8% higher than second quarter sales of $36.5 million in 2015. Net income for the six-month period ended June 30, 2016 was $3.8 million or $0.53 per diluted common share outstanding compared to $3.9 million or $0.55 for the same period in 2015. Sales for the six-month period ended June 30, 2016 were $72.4 million, compared to sales of $70.5 million for the same period in 2015.
“I am pleased with our second quarter results and progress,” said R. Jeffrey Bailly, Chairman and CEO. “We have seen steady improvements in both our top and bottom lines, as the inefficiencies and extra labor associated with our plant moves and re-qualifications have begun to give way to the synergies we anticipated. Revenue grew nearly 4% over last year’s Q2, and has improved steadily throughout the year. A 31% decrease in military sales compared to the second quarter of 2015 was more than offset by 12% sales growth in our largest market, medical/biotech.”
“We also made good progress attracting new talent for key positions, including a general manager for our largest facility, our 250,000-square-foot Michigan operation,” Bailly continued. “And we have had increased activity on the acquisition front. With our ERP implementation completed and final plant consolidation mostly behind us, we feel we now have the bandwidth to integrate a new acquisition.”
“With continued growth anticipated in our medical business, our Northeast consolidation moving toward completion, increased acquisition activity, and an infusion of energetic new talent, we are bullish about our future,” said Bailly.
UFP Technologies is an innovative designer and custom converter of foams, plastics, composites, and natural fiber materials, principally serving the medical, automotive, aerospace and defense, electronics, consumer, and industrial markets. The UFP team acts as an extension of our customers’ in-house research, engineering, and manufacturing groups, working closely with them to solve their most complex product and packaging challenges.
