<SEC-DOCUMENT>0001171843-19-001596.txt : 20190308
<SEC-HEADER>0001171843-19-001596.hdr.sgml : 20190308
<ACCEPTANCE-DATETIME>20190308095550
ACCESSION NUMBER:		0001171843-19-001596
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190306
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190308
DATE AS OF CHANGE:		20190308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UFP TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000914156
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS FOAM PRODUCTS [3086]
		IRS NUMBER:				042314970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12648
		FILM NUMBER:		19667844

	BUSINESS ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
		BUSINESS PHONE:		978-352-2200

	MAIL ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_030819.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 10pt;">Current Report Pursuant to<br />Section 13 or 15(d) of the<br />Securities Exchange Act of 1934 </font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--March 6, 2019-->March 6, 2019 &#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td style="border-bottom: Black 1pt solid;" align="center" width="50%"><font style="font-size: 12pt;"><strong>UFP Technologies, Inc.</strong></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></td></tr><tr style="vertical-align: top;"><td style="text-align: center;">&#160;</td></tr><tr valign="bottom"><td style="border-bottom: Black 1pt solid;" align="center" width="50%"><font style="font-size: 12pt;"><strong>Delaware</strong></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)<br /><br /></font></td></tr></table><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td style="text-align: center; width: 40%; border-bottom: Black 1pt solid;"><font style="font-size: 10pt;"><strong>001-12648</strong></font></td><td style="text-align: center; width: 20%;">&#160;</td><td style="text-align: center; width: 40%; border-bottom: Black 1pt solid;"><font style="font-size: 10pt;"><strong>04-2314970</strong></font></td></tr><tr valign="top"><td style="text-align: center;"><font style="font-size: 10pt;">(Commission File Number)</font></td><td style="text-align: center;">&#160;</td><td style="text-align: center;"><font style="font-size: 10pt;">(I.R.S. Employer Identification Number)</font></td></tr><tr style="vertical-align: top;"><td style="text-align: center;">&#160;</td><td style="text-align: center;">&#160;</td><td style="text-align: center;">&#160;</td></tr><tr style="vertical-align: top;"><td style="text-align: center; border-bottom: Black 1pt solid;"><font style="font-size: 10pt;"><strong>100 Hale Street, Newburyport, MA - USA </strong></font></td><td style="text-align: center;">&#160;</td><td style="text-align: center; border-bottom: Black 1pt solid;"><font style="font-size: 10pt;"><strong>01950-3504</strong></font></td></tr><tr style="vertical-align: top;"><td style="text-align: center;"><font style="font-size: 10pt;">(Address of Principal Executive Offices) </font></td><td style="text-align: center;">&#160;</td><td style="text-align: center;"><font style="font-size: 10pt;">(Zip Code)</font></td></tr></table><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td style="border-bottom: Black 1pt solid;" align="center" width="50%"><font style="font-size: 10pt;"><strong><br />978-352-2200</strong></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Registrant's telephone number, including area code)</font></td></tr><tr style="vertical-align: top;"><td style="text-align: center;">&#160;</td></tr><tr valign="bottom"><td style="border-bottom: Black 1pt solid;" align="center" width="50%"><font style="font-size: 10pt;"><strong>N/A</strong></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Former name or former address, if changed since last report)<br /><br /></font></td></tr></table><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br /><br /></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><p><font style="font-family: 'times new roman', roman, serif; font-size: 10pt;"><br />Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company [ &#160; ]</font></p><p><font style="font-family: 'times new roman', roman, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ &#160; ]</font></p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; margin-right:0in;">On March 6, 2019, UFP Technologies, Inc. (the &#8220;Company&#8221;) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2018.&#160; A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.</p>  <p style="margin-left:0in; text-indent:27pt; margin-right:0in;"><strong><em>Limitation on Incorporation by Reference.</em></strong>&#160;&#160;&#160;&#160;The information furnished in this Item 2.02, including the press release attached hereto as Exhibit 99.1, shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</p>  <p style="margin-left:0in; text-indent:27pt; margin-right:0in;"><strong><em>Cautionary Note Regarding Forward-Looking Statements. </em></strong>&#160;&#160;&#160;&#160;Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.&#160; Please refer to the cautionary note in the press release regarding these forward-looking statements.</p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p>(d) Exhibits.</p> <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td class="hugin"><font style="font-size:10pt;"><strong>Exhibit <br /><font><u>Number</u></font></strong></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><strong><u>Description</u></strong></font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></font></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Press release dated March 6, 2019 of UFP Technologies, Inc. announcing its financial results for the fourth quarter and year ended December 31, 2018.</a></font></font> </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong><u>SIGNATURES</u></strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>UFP TECHNOLOGIES, INC. <!--UFP Technologies, Inc.--></strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Dated: March 8, 2019</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Ronald J. Lataille&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Ronald J. Lataille</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Financial Officer and Senior Vice President </font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p /></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UFP Technologies Announces 2018 Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p>NEWBURYPORT, Mass., March  06, 2019  (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market, today reported net income of $14.3 million or $1.93 per diluted common share outstanding for its year ended December 31, 2018, compared to net income of $9.2 million or $1.26 per diluted common share outstanding for 2017. Sales for 2018 were $190.5 million compared to 2017 sales of $147.8 million. For its fourth quarter ended December 31, 2018, the Company reported net income of $4.4 million or $0.59 per diluted common share outstanding, compared to net income of $2.7 million or $0.37 per diluted common share outstanding in the same period of 2017. Sales for the fourth quarter 2018 were $50.7 million versus 2017 fourth quarter sales of $37.2 million.<br ></p>  <p>"I am pleased with our 2018 results and with our progress executing our strategic plan," said R. 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For the same periods, sales to the aerospace &amp; defense market grew 14.7% and 14.0%, respectively, while sales to the automotive market declined 1.6% and 13.4%, respectively.&#160; All other sales (consumer, electronics and industrial) grew 7.4% and 9.1% for the same periods, respectively.</li><li>Overall sales grew 36.2% and 28.8% for the fourth quarter and year ended December 31, 2018, respectively.</li><li>Gross profit as a percentage of sales (gross margin) grew to 25.1% in the fourth quarter, up from 21.1% in the same quarter of 2017.&#160; Gross margin for the year ended December 31, 2018 grew to 25.4% from 24.0% in 2017.</li><li>SG&amp;A as a percentage of sales dropped to 14.2% in the fourth quarter from 15.5% in the same quarter of 2017.&#160;&#160; SG&amp;A as a percentage of sales dropped to 14.6% for the year ended December 31, 2018, down from 16.1% in 2017.</li><li>Operating income for the fourth quarter grew to $5.5 million from $2.1 million in the same quarter of 2017.&#160;&#160; Operating income for the year ended December 31, 2018 grew to $19.6 million, from $11.7 million in 2017.</li><li>Net income for the fourth quarter grew 62.4% to $4.4 million from $2.7 million in the same quarter of 2017.&#160; Net income for the year ended December 31, 2018 grew 55.4% to $14.3 million from $9.2 million in 2017.</li></ul>  <p align="justify">The Company is an innovative designer and custom manufacturer of components, subassemblies, products, and packaging utilizing highly specialized foams, films, and plastics primarily for the medical market.&#160; The Company manufactures its products by converting raw materials using laminating, molding, radio frequency and impulse welding, and fabricating manufacturing techniques.&#160; The Company is diversified by also providing highly-engineered products and components to customers in the aerospace &amp; defense, automotive, consumer, electronics, and industrial markets.</p>  <p align="justify">This news release contains statements relating to expected financial performance and/or future business prospects, events and plans that are forward-looking statements.&#160; Such statements include, but are not limited to, statements regarding the Company's acquisition and integration of Dielectrics and the synergies, customer opportunities and other benefits anticipated in connection with the Dielectrics business and products, statements about the Company&#8217;s acquisition strategies and opportunities, statements regarding anticipated trends in the different markets in which the Company competes and expectations regarding customer demand, anticipated advantages the Company expects to realize from its investments and capital expenditures, expectations regarding the manufacturing capacity and efficiencies of the Company, expectations regarding the Company&#8217;s liquidity, statements about the Company&#8217;s participation and growth in multiple markets, its business opportunities, the Company&#8217;s growth potential and strategies for growth, anticipated revenues and the timing of such revenues, and any indication that the Company may be able to sustain or increase its sales, earnings and earnings per share or sales, earnings and earnings per share growth rates.&#160; Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, risks and uncertainties associated with the Company's acquisition and integration of Dielectrics, risks associated with the effect of the acquisition of Dielectrics on the Company's earnings, risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions and integration of any acquisition candidates, risks and uncertainties associated with the anticipated growth of the Company&#8217;s business and increases to sales, earnings and earnings per share, as well as other risks and uncertainties that are detailed in the documents filed by the Company with the SEC.&#160; Accordingly, actual results may differ materially.&#160; Readers are referred to the documents filed by the Company with the SEC, specifically the last reports on Forms 10-K and 10-Q.&#160; The forward-looking statements contained herein speak only of the Company&#8217;s expecta&#173;tions as of the date of this press release.&#160; 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  padding-left: 10.0px; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">Other current liabilities</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 10,965</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 5,763</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">Long-term debt, excluding current installments</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 22,286</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; -</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">Other liabilities</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 6,197</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 4,552</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 25.0px; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">Total liabilities</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 49,141</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 14,495</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 25.0px; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">Total equity</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 140,457</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 123,712</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 25.0px; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">Total liabilities and stockholders' equity</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="1" style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 189,598</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="1" style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 138,207</td></tr></table> <p align="left">www.ufpt.com<br ></p>  <p align="left">Contact: Ron Lataille<br >978-234-0926</p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
