<SEC-DOCUMENT>0001171843-19-005260.txt : 20190807
<SEC-HEADER>0001171843-19-005260.hdr.sgml : 20190807
<ACCEPTANCE-DATETIME>20190807160957
ACCESSION NUMBER:		0001171843-19-005260
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190807
DATE AS OF CHANGE:		20190807

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:		191005541

	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_080719.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): <!--August 6, 2019-->August 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;">[ &#160; ]</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;">[ &#160; ]</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;">[ &#160; ]</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;">[ &#160; ]</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). 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[ &#160; ]</font></p><p style="font-size: 10pt; margin: 0pt 0;">Securities registered pursuant to Section 12(b) of the Act:</p><p style="font-size: 10pt; margin: 0pt 0;">&#160;</p><table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 39%; border: Black 1pt solid; text-align: center; white-space: nowrap;">Title of each class</td><td style="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">Trading Symbol(s)</td><td style="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">Name of each exchange on which registered</td></tr><tr style="vertical-align: top;"><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; white-space: nowrap;">Common Stock</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">UFPT</td><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">The NASDAQ Stock Market L.L.C.</td></tr></table><p style="margin: 0;">&#160;</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;"><font style="font-size:10pt;">On August 6, 2019, UFP Technologies, Inc. (the &#8220;Company&#8221;) issued a press release announcing its financial results for the second quarter ended June 30, 2019.&#160; A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.</font></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><font style="font-size:10pt; font-family:'Times New Roman';">Cautionary Note Regarding Forward-Looking Statements. </font></em></strong><font style="font-size:10pt; font-family:'Times New Roman';">&#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.</font></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 style="margin-left:0.6in; margin-right:0in;">(d) Exhibits.</p> <table style="width:79.74%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong><font style="font-size:10pt;">Exhibit<br /><font><u>Number</u></font></font></strong><strong><br /> </strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><font style="font-size:10pt;">&#160; &#160; &#160;</font></td><td style="vertical-align: bottom ; "><strong><font style="font-size:10pt;"><u>Description</u></font></strong><strong><br /> </strong></td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; "><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 style="vertical-align: top ; "><font style="font-size:10pt;"> &#160; </font></td><td style="vertical-align: top ; "><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 August 6, 2019 of UFP Technologies, Inc. announcing its financial results for the second quarter ended June 30, 2019.</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: August 7, 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 Record Q2 Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="left">NEWBURYPORT, Mass., Aug.  06, 2019  (GLOBE NEWSWIRE) -- UFP Technologies, Inc.&#160; (Nasdaq: UFPT), an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market, today reported net income of $4.6 million or $0.62 per diluted common share outstanding for its second quarter ended June&#160;30, 2019, compared to net income of $4.0 million or $0.54&#160;per diluted common share outstanding for the same period in 2018.&#160; Sales for the second quarter were $51.4&#160;million compared to second quarter sales of $49.0 million in 2018.&#160; Net income for the six-month period ended June 30, 2019 was $8.3 million or $1.11 per diluted common share outstanding compared to $5.8 million or $0.78 per diluted common share outstanding for the same period in 2018.&#160; Sales for the six-month period ended June&#160;30, 2019 were $98.7 million compared to sales of $91.9 million for the same period in 2018.<br ></p>      <p>"I am very pleased with our second quarter results and progress at the midpoint of the year," said R. Jeffrey Bailly, Chairman and CEO.&#160; "For the year to date, our medical business is up 16%, and aerospace &amp; defense sales are up 37%. These increases have more than offset softness in the consumer, electronics, and industrial markets."</p>      <p>"In Q2, higher revenue combined with improved efficiency enabled us to increase our gross margins to 28% and grow net income by 15%," Bailly said. &#8220;We also made an exciting addition to our leadership team, appointing Steve Cardin as chief operating officer at our Dielectrics operation.&#160; Steve comes to us from Viant Medical, where he was president of Medical Device Solutions, a $220 million contract manufacturer. With his operations expertise and 25 years of medical device experience with companies such as Vention Medical, Atek Medical, and Baxter, Steve will play a critical role in the execution of our medical growth strategy.&#8221;</p>      <p>"Looking ahead, with our strong balance sheet and robust pipeline of growth opportunities, both internal and through acquisition, we are bullish about our future," Bailly added.</p>      <p><u>Financial Highlights for Q2 and YTD 2019:</u></p>      <ul type="disc"><li>Sales for the second quarter grew 4.9% to $51.4 million, from $49.0 million in the same period of 2018.&#160; Year-to-date sales through June grew 7.4% to $98.7 million, from $91.9 million in the same period of 2018.</li><li>Second quarter sales to the medical market grew 13.1%.&#160; Sales to the aerospace &amp; defense market grew 33.6% while sales to the automotive market declined 2.3%.&#160; All other sales (consumer, electronics, and industrial) declined 20.2%.</li><li>Year-to-date sales to the medical market grew 16.2%.&#160; Sales to the aerospace &amp; defense and automotive markets grew 37.4% and 2.6%, respectively.&#160; All other sales (consumer, electronics, and industrial) declined 18.6%.</li><li>Gross profit as a percentage of sales (&#8220;gross margin&#8221;) grew to 28.0% for the second quarter, from 26.5% in the same quarter of 2018.&#160; Gross margin for the six-month period ended June 30, 2019 grew to 27.2% from 25.2% in the same period of 2018.</li><li>Selling, general and administrative expenses (&#8220;SG&amp;A&#8221;) as a percentage of sales for the second quarter was 15.2% compared to 15.1% in the same quarter of 2018.&#160;&#160; For the six-month period ended June 30, 2019, SG&amp;A as a percentage of sales was unchanged from the same period of 2018 at 15.2%.</li><li>For the second quarter, operating income grew 15.9% to $6.6 million, from $5.7 million in the same quarter of 2018, while operating income as a percentage of sales increased to 12.8% from 11.6%.&#160; For the six-month period ended June 30, 2019, operating income grew 43.6% to $11.8 million, from $8.2 million in the same period of 2018, while operating income as a percentage of sales grew to 12.0% from 9.0% in the same period of 2018.</li><li>Net income increased 15.2% to $4.6 million in the second quarter of 2019, from $4.0 million in the same period of&#160;2018.&#160; For the six-month period ended June 30, 2019 net income increased 44.5% to $8.3 million, from $5.8&#160;million in the same period of 2018.</li></ul>      <p align="justify">UFP Technologies is an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market.&#160; Utilizing highly specialized foams, films and plastics, UFP converts raw materials through laminating, molding, radio frequency welding and fabricating techniques. The Company is diversified by also providing highly engineered solutions 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 advantages of new hires, 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 associated with onboarding new talent, 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; The Company express&#173;ly disclaims any obligation or undertaking to release publicly any updates or revi&#173;sions to any such statement to reflect any change in the Company&#8217;s expectations or any change in events, conditions, or circumstances on which any such statement is based.</p>      <p><br ><br ></p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="max-width:50%; width:50%; min-width:50%;;text-align: left ;  vertical-align: middle; ">UFP Technologies, Inc.</td><td style="max-width:50%; width:50%; min-width:50%;;text-align: right ;  vertical-align: middle; ">Q2 2019 earnings</td></tr></table>    <p>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 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">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160; 6,197</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; ">Total liabilities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160; 45,311</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ; 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160; 140,457</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; ">Total liabilities and stockholders' equity</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160; 194,965</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160; 189,598</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="8" style="vertical-align: bottom ; ">&#160;</td></tr></table>   <p><br ></p>      <p>Contact: Ron Lataille<br >978-234-0926, rlataille@ufpt.com</p>      <p> </p>  </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
