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Segment Reporting
 6 Months Ended
Jun. 30, 2011
Segment Reporting  
Segment Reporting

(10)              Segment Reporting

 

The Company is organized based on the nature of the products and services it offers.  Under this structure, the Company produces products within two distinct segments: Engineered Packaging and Component Products.  Within the Engineered Packaging segment, the Company primarily uses polyethylene and polyurethane foams, sheet plastics, and pulp fiber to provide customers with cushion packaging for their products.  Within the Component Products segment, the Company primarily uses cross-linked polyethylene and technical urethane foams to provide customers in the automotive, athletic, leisure, and health and beauty industries with custom-designed products for numerous purposes.

 

The accounting policies of the segments are the same as those described in Note 1 to the consolidated financial statements contained in the Company’s annual report on Form 10-K for the year ended December 31, 2010, as filed with the Securities and Exchange Commission.  The Company evaluates the performance of its operating segments based on operating income.

 

Inter-segment transactions are uncommon and not material.  Therefore, they have not been reflected separately in the financial table below.  Revenues from customers outside of the United States are not material.  One customer in the Component Products segment comprised 10.4% of the Company’s consolidated revenues for the six-month period ended June 30, 2011.  All of the Company’s assets are located in the United States.

 

The Company has expanded the disclosure of various financial statement accounts in its segment reporting and, in doing so, has revised its allocation of corporate assets to the two segments to present cash and cash equivalents as unallocated assets.  Prior year numbers have been adjusted to conform to the same allocation method.

 

 

 

 

 

Three Months Ended 6/30/11

 

 

 

 

 

Three Months Ended 6/30/10

 

 

 

 

 

Engineered
Packaging

 

Component
Products

 

Unallocated
Assets

 

Total
UFPT

 

Engineered
Packaging

 

Component
Products

 

Unallocated
Assets

 

Total
UFPT

 

Net sales

 

$

10,807,574

 

$

22,693,420

 

$

—

 

$

33,500,994

 

$

10,129,899

 

$

19,827,596

 

$

—

 

$

29,957,495

 

Operating income

 

492,527

 

3,824,185

 

—

 

$

4,316,712

 

966,453

 

2,693,026

 

—

 

$

3,659,479

 

Depreciation / amortization

 

347,576

 

363,478

 

—

 

$

711,054

 

274,278

 

548,452

 

—

 

$

822,730

 

Capital expenditures

 

539,732

 

211,820

 

—

 

$

751,552

 

574,719

 

104,638

 

—

 

$

679,357

 

 

 

 

 

 

Six Months Ended 6/30/11

 

 

 

 

 

Six Months Ended 6/30/10

 

 

 

 

 

Engineered
Packaging

 

Component
Products

 

Unallocated
Assets

 

Total
UFPT

 

Engineered
Packaging

 

Component
Products

 

Unallocated
Assets

 

Total
UFPT

 

Net sales

 

$

20,684,265

 

$

44,320,317

 

$

—

 

$

65,004,582

 

$

19,130,579

 

$

39,527,382

 

$

—

 

$

58,657,961

 

Operating income

 

1,408,601

 

6,817,907

 

—

 

$

8,226,508

 

1,226,801

 

4,877,947

 

—

 

$

6,104,748

 

Total assets

 

19,591,327

 

28,886,863

 

28,118,331

 

$

76,596,521

 

18,194,469

 

26,298,462

 

19,239,859

 

$

63,732,790

 

Depreciation / amortization

 

681,227

 

722,265

 

—

 

$

1,403,492

 

589,221

 

1,045,027

 

—

 

$

1,634,248

 

Capital expenditures

 

710,671

 

293,585

 

—

 

$

1,004,256

 

631,314

 

253,766

 

—

 

$

885,080