UFP Technologies Announces Record 2019 Results

About this update from Ufp Technologies, Inc.

[{"type":"text","content":"NEWBURYPORT, Mass., March 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 $19.8 million or $2.63 per diluted common share outstanding for its year ended December 31, 2019, compared to net income of $14.3 million or $1.93 per diluted common share outstanding for 2018. Sales for 2019 were $198.4 million compared to 2018 sales of $190.5 million. For its fourth quarter ended December 31, 2019, the Company reported net income of $5.8 million or $0.77 per diluted common share outstanding, compared to net income of $4.4 million or $0.59 per diluted common share outstand­ing in the same period of 2018. Sales for the fourth quarter 2019 were $50.3 million versus 2018 fourth quarter sales of $50.7 million.\n \"I am pleased with our 2019 results and continued progress executing our strategic plan,\" said Chairman & CEO R. Jeffrey Bailly. \"Revenues rose 4% to $198.4 million, operating income increased 26% to $24.7 million, and net income grew 38% to $19.8 million. This greater bottom line growth is due to continued improvements in our operating efficiency and the shift in our book of business toward higher-margin, longer-run medical opportunities.” \"Our medical sales increased 16.9% to $128.9 million, and now represent 65% of our business,\" Bailly said. \"We also experienced modest growth in our aerospace & defense business, where we still see high-margin opportunities, but posted declines in other segments where we are culling out lower-margin, less strategic programs.” \"Our 2018 Dielectrics acquisition continues to perform well,\" Bailly added. \"We integrated this business further into UFP by launching a duplicate manufacturing line in a UFP medical facility for one of our fastest-growing Dielectrics programs. This enabled us to increase capacity to meet the rising demand, transfer know-how from Dielectrics to UFP, provide a backup manufacturing location for our customers, and free up space for new programs at our Dielectrics facility. We also paid off the balance of the $56 million we borrowed to purchase Dielectrics, a testament to the quality of the acquisition and the value created by combining these two businesses. Now we again have ample borrowing...

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