UFP Technologies Inc. (UFPT, Financial) filed Quarterly Report for the period ended 2012-06-30.
Ufp Technologies, Inc. has a market cap of $113.7 million; its shares were traded at around $16.8 with a P/E ratio of 11.3 and P/S ratio of 0.9. Ufp Technologies, Inc. had an annual average earning growth of 27.2% over the past 10 years. GuruFocus rated Ufp Technologies, Inc. the business predictability rank of 2.5-star.
Sales for the three-month period ended June 30, 2012, increased slightly to $33.7 million from sales of $33.5 million for the same period in 2011. Sales for the six-month period ended June 30, 2012, increased approximately 1% to $65.6 million from sales of $65 million for the same period in 2011. The slight increase in sales for the three-month period ended June 30, 2012, is primarily due to increased sales to the medical industry of approximately $700,000 (Component Products segment) as well as an increase in sales of molded fiber packaging of approximately $570,000 (Packaging segment), mostly offset by a decrease in sales to the automotive industry of approximately $1.25 million. The increase in sales for the six-month period ended June 30, 2012, is primarily due to increased sales to the medical industry of approximately $1.2 million (Component Products segment) as well as an increase in sales of molded fiber packaging of approximately $1.6 million (Packaging segment), substantially offset by a decrease in sales to the automotive industry of approximately $2.2 million. The decline in sales to the automotive industry for both the three- and six-month periods ended June 30, 2012, is due to the phaseout of a significant portion of the Companys large door panel program in the Southeast. Excluding the door panel program sales from
Gross profit as a percentage of sales (gross margin) decreased to 28.8% both for the three- and six-month periods ended June 30, 2012, from 29.9% and 28.9% for the same respective periods in 2011. The decrease in gross margin for the three-month period ended June 30, 2012, is primarily due to a $250,000 tooling sale at zero gross margin and a $220,000 one time in nature inventory reserve created for potentially non-compliant materials (as a percentage of sales, material and direct labor collectively increased by 0.9%). The slight decline in gross margin for the six-month period ended June 30, 2012, is primarily due to higher fixed components of cost of sales (as a percentage of sales, material and labor collectively decreased 0.6% while overhead increased 0.7%), partially offset by an improvement in the mix of business.
As a percentage of sales, SG&A decreased to 16.0% for the three-month period ended June 30, 2012, from 17.0% for the same three-month period of 2011. As a percentage of sales, SG&A decreased to 16.6% for the six-month period ended June 30, 2012, from 17.6% for the same six-month period of 2011. The decrease in SG&A as a percentage of sales for both the three- and six-month periods ended June 30, 2012, is primarily due to the reduction in general and administrative expenses against relatively similar sales.
Net cash provided by operations for the six-month period ended June 30, 2012, was approximately $5.7 million primarily due to net income from consolidated operations of approximately $5.1 million and depreciation and amortization of approximately $1.4 million, partially offset by an increase in receivables, net of approximately $775,000 due to strong March sales.
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Ufp Technologies, Inc. has a market cap of $113.7 million; its shares were traded at around $16.8 with a P/E ratio of 11.3 and P/S ratio of 0.9. Ufp Technologies, Inc. had an annual average earning growth of 27.2% over the past 10 years. GuruFocus rated Ufp Technologies, Inc. the business predictability rank of 2.5-star.
Highlight of Business Operations:
In the first six months of 2012, the Company experienced organic sales growth of 1%, reflecting increased demand from most end-use markets. The increase in sales from these markets was substantially offset by a decrease in sales to the automotive market primarily due to the phase-out of a significant portion of the Companys large door panel program in the Southeast. Excluding the door panel program sales from our results for the six-month period ended June 30, 2011, our revenues for the six-month period ended June 30, 2012, grew 7.6%.Sales for the three-month period ended June 30, 2012, increased slightly to $33.7 million from sales of $33.5 million for the same period in 2011. Sales for the six-month period ended June 30, 2012, increased approximately 1% to $65.6 million from sales of $65 million for the same period in 2011. The slight increase in sales for the three-month period ended June 30, 2012, is primarily due to increased sales to the medical industry of approximately $700,000 (Component Products segment) as well as an increase in sales of molded fiber packaging of approximately $570,000 (Packaging segment), mostly offset by a decrease in sales to the automotive industry of approximately $1.25 million. The increase in sales for the six-month period ended June 30, 2012, is primarily due to increased sales to the medical industry of approximately $1.2 million (Component Products segment) as well as an increase in sales of molded fiber packaging of approximately $1.6 million (Packaging segment), substantially offset by a decrease in sales to the automotive industry of approximately $2.2 million. The decline in sales to the automotive industry for both the three- and six-month periods ended June 30, 2012, is due to the phaseout of a significant portion of the Companys large door panel program in the Southeast. Excluding the door panel program sales from
Gross profit as a percentage of sales (gross margin) decreased to 28.8% both for the three- and six-month periods ended June 30, 2012, from 29.9% and 28.9% for the same respective periods in 2011. The decrease in gross margin for the three-month period ended June 30, 2012, is primarily due to a $250,000 tooling sale at zero gross margin and a $220,000 one time in nature inventory reserve created for potentially non-compliant materials (as a percentage of sales, material and direct labor collectively increased by 0.9%). The slight decline in gross margin for the six-month period ended June 30, 2012, is primarily due to higher fixed components of cost of sales (as a percentage of sales, material and labor collectively decreased 0.6% while overhead increased 0.7%), partially offset by an improvement in the mix of business.
As a percentage of sales, SG&A decreased to 16.0% for the three-month period ended June 30, 2012, from 17.0% for the same three-month period of 2011. As a percentage of sales, SG&A decreased to 16.6% for the six-month period ended June 30, 2012, from 17.6% for the same six-month period of 2011. The decrease in SG&A as a percentage of sales for both the three- and six-month periods ended June 30, 2012, is primarily due to the reduction in general and administrative expenses against relatively similar sales.
Net cash provided by operations for the six-month period ended June 30, 2012, was approximately $5.7 million primarily due to net income from consolidated operations of approximately $5.1 million and depreciation and amortization of approximately $1.4 million, partially offset by an increase in receivables, net of approximately $775,000 due to strong March sales.
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