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In a release on August 6, the Company noted that sales for the quarter were $21.0 million, 26.3 percent lower than 2008 second quarter sales of $28.5 million. For the six-month period ended June 30, the Company reported net income of $911,000 or $0.15 per diluted common share outstanding, compared to $2.7 million or $0.44 per diluted common share outstanding in the same 2008 period. Sales for the six-month period ended June 30, were $42.6 million compared to $56.5 million for the same 2008 six-month period.
"The sluggish economy has continued to affect demand, particularly in the automotive market," said R. Jeffrey Bailly, Chairman, CEO, and President. "However, we have taken steps to reduce operating costs and scale our business to operate profitably despite lower sales volumes. More importantly, we continue to identify exciting acquisition opportunities to increase our market share and add to current earnings."
"We've completed the integration of the selected assets of Foamade Industries, Inc., acquired in March 2009. Both of Foamade's Hillsdale, Michigan, facilities have been folded into our Grand Rapids operation. Then in early July we acquired E.N. Murray Company, which brought us a large profitable book of medical business, a strong management team, and a Colorado location that strengthens our position in the western U.S.," Bailly continued. "Currently, we have more than $10 million in cash and $13 million in available credit, giving us ample resources to fund other acquisitions and internal growth initiatives."
UFP Technologies is a designer and manufacturer of interior protective packaging solutions using molded fiber, vacuum-formed plastics, and molded and fabricated foam plastics.
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