UFP Technologies Inc. (UFPT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ufp Technologies Inc. has a market cap of $55.2 million; its shares were traded at around $9.31 with a P/E ratio of 9.1 and P/S ratio of 0.5. UFPT is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Jim Simons of Renaissance Technologies LLC.
Sales Sales for the three-month period ended March 31, 2010, increased 32.8% to $28.7 million from sales of $21.6 million for the same period in 2009. The increase in sales was primarily due to sales from operations acquired during 2009 of approximately $5.7 million (Component Products segment) and increased sales of interior trim parts to the automotive industry of approximately $2.2 million (Component Products segment).
At March 31, 2010, and December 31, 2009, the Companys working capital was approximately $30.0 million and $27.7 million, respectively.
The increase in working capital for the three-month period ended March 31, 2010, is primarily due to increased cash of approximately $2.1 million and a decrease in accrued expenses of approximately $1.5 million caused by income tax and year-end bonus payments partially offset by a decrease in accounts receivable of approximately $1.0 million that was due largely to the collection of $900,000 in past due amounts from the Companys largest customer.
Net cash provided by operations for the three-month periods ended March 31, 2010, and 2009, was approximately $2.4 million and $1.3 million, respectively. The increase in cash provided by operations was primarily attributable to increased profits of $1.2 million.
On January 29, 2009, the Company amended and extended its credit facility with Bank of America, NA. The facility comprises: (i) a revolving credit facility of $17 million; (ii) a term loan of $2.1 million with a seven-year straight-line amortization; (iii) a term loan of $1.8 million with a 20-year straight-line amortization; and (iv) a term loan of $4.0 million with a 20-year straight-line amortization. Extensions of credit under the revolving credit facility are based in part upon accounts receivable and inventory levels. Therefore, the entire $17 million may not be available to the Company. At March 31, 2010, the Company had availability of approximately $14.5 million, based upon collateral levels as of that date. The credit facility calls for interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the option of the Company, the banks prime rate less a margin that ranges from 0.25% to zero. In both cases the applicable margin is dependent upon Company performance. The loans are collateralized by a first priority lien on all of the Companys assets, including its real estate located in Georgetown, Massachusetts, and in Grand Rapids, Michigan. Under the credit facility, the Company is subject to a minimum fixed-charge coverage financial covenant with which it was in compliance at March 31, 2010. The Companys $17 million revolving credit facility matures November 30, 2013; the term loans are all due on January 29, 2016. The interest rate on these facilities was approximately 1.25% at March 31, 2010.
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Ufp Technologies Inc. has a market cap of $55.2 million; its shares were traded at around $9.31 with a P/E ratio of 9.1 and P/S ratio of 0.5. UFPT is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In the first quarter of 2010, the Company experienced revenue growth from its newly acquired businesses (which are primarily focused on the medical market) and increased demand for automobile interior trim parts, overlaid on a streamlined organization. As a result, the Company significantly increased its net income in the first quarter of 2010. Both sales of $28.7 million and net income of $1.5 million represented the Companys strongest first quarter on record.Sales Sales for the three-month period ended March 31, 2010, increased 32.8% to $28.7 million from sales of $21.6 million for the same period in 2009. The increase in sales was primarily due to sales from operations acquired during 2009 of approximately $5.7 million (Component Products segment) and increased sales of interior trim parts to the automotive industry of approximately $2.2 million (Component Products segment).
At March 31, 2010, and December 31, 2009, the Companys working capital was approximately $30.0 million and $27.7 million, respectively.
The increase in working capital for the three-month period ended March 31, 2010, is primarily due to increased cash of approximately $2.1 million and a decrease in accrued expenses of approximately $1.5 million caused by income tax and year-end bonus payments partially offset by a decrease in accounts receivable of approximately $1.0 million that was due largely to the collection of $900,000 in past due amounts from the Companys largest customer.
Net cash provided by operations for the three-month periods ended March 31, 2010, and 2009, was approximately $2.4 million and $1.3 million, respectively. The increase in cash provided by operations was primarily attributable to increased profits of $1.2 million.
On January 29, 2009, the Company amended and extended its credit facility with Bank of America, NA. The facility comprises: (i) a revolving credit facility of $17 million; (ii) a term loan of $2.1 million with a seven-year straight-line amortization; (iii) a term loan of $1.8 million with a 20-year straight-line amortization; and (iv) a term loan of $4.0 million with a 20-year straight-line amortization. Extensions of credit under the revolving credit facility are based in part upon accounts receivable and inventory levels. Therefore, the entire $17 million may not be available to the Company. At March 31, 2010, the Company had availability of approximately $14.5 million, based upon collateral levels as of that date. The credit facility calls for interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the option of the Company, the banks prime rate less a margin that ranges from 0.25% to zero. In both cases the applicable margin is dependent upon Company performance. The loans are collateralized by a first priority lien on all of the Companys assets, including its real estate located in Georgetown, Massachusetts, and in Grand Rapids, Michigan. Under the credit facility, the Company is subject to a minimum fixed-charge coverage financial covenant with which it was in compliance at March 31, 2010. The Companys $17 million revolving credit facility matures November 30, 2013; the term loans are all due on January 29, 2016. The interest rate on these facilities was approximately 1.25% at March 31, 2010.
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