UFP Technologies, Inc., a leading designer and manufacturer of interior protective packaging solutions, recently announced the company’s third quarter earnings, ended September 30, 2009, with net income of $2.1 million or $0.34 per diluted share. Sales for the third quarter totaled $27.6 million, slightly higher than 2008 third quarter sales of $27.5 million.
For the nine-month period ended September 30, 2009, UFP Technologies reported net income of $3.0 million or $0.49 per diluted common share outstanding, compared to $4.0 million or $0.63 per diluted common share outstanding for the corresponding nine months in 2008. Sales over the same time period totaled $70.2 million, compared to $84.0 million for the same nine-month period in 2008. Due to bargain purchase gains from acquisitions during the year, earnings per share for the nine-month period ended September 30, 2009 was $0.13.
R. Jeffrey Bailly, UFP Technologies’ chairman, chief executive officer and president, stated, “I am very pleased with our third quarter results. We saw a solid improvement in our top line as demand increased across most of our target markets. That growth, combined with two new acquisitions completed during the third quarter and our cost-cutting initiatives in the first half of the year, yielded strong bottom line results.”
Mr. Bailey continued, “Our three acquisitions to date in 2009 have had a dual impact on our results. First and foremost, they have been profitable as a group and have added to our operating income. Second, we recorded one-time gains as a result of bargain purchases.”