Business
UFP Technologies Announces Q2 Results
NEWBURYPORT, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), an innovative designer and custom manufacturer of components,
About this update from Ufp Technologies, Inc.
[{"type":"text","content":"NEWBURYPORT, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market, today reported net income of $2.3 million or $0.31 per diluted common share outstanding for its second quarter ended June 30, 2020, compared to net income of $4.6 million or $0.62 per diluted common share outstanding for the same period in 2019. Sales for the second quarter were $42.6 million compared to second quarter sales of $51.4 million in 2019. Net income for the six-month period ended June 30, 2020 was $6.2 million or $0.82 per diluted common share outstanding compared to $8.3 million or $1.11 per diluted common share outstanding for the same period in 2019. Sales for the six-month period ended June 30, 2020 were $90.9 million compared to sales of $98.7 million for the same period in 2019.\n \"I am pleased with our Q2 results given the challenging market conditions caused by COVID-19,\" said R. Jeffrey Bailly, Chairman and CEO. \"All of our factories are up and running, and safety protocols are working well. Our product development business, which is a key driver of future manufacturing revenue, is up 35% year to date.\" \"Revenue for the quarter was down $8.8 million or 17% versus the prior year, while net income declined $2.3 million or 50%,\" Bailly said. \"Each of our markets has been adversely impacted by the pandemic. Automotive, down 70%, was the hardest hit, while Medical had the smallest decline at 4.2%. Demand remains strong for personal protective equipment such as face shields, and for infection prevention products and patient surfaces. However, orders related to elective procedures have declined. Although it is difficult to predict the impact of COVID-19 on our future revenue, we anticipate continued near-term softness in elective procedures offsetting the modest gains forecasted in non-medical markets. We have responded with cost-cutting measures, including strategic reductions of our indirect and direct labor staffing.” \"I remain very optimistic about the future of UFP Technologies,\" Bailly said. \"The strong increase in our development business bodes well for revenue growth in 2021 and beyond. And Q2, despite the reduced operating results, still generated approximately $5 million ...