<SEC-DOCUMENT>0001171843-20-001521.txt : 20200305
<SEC-HEADER>0001171843-20-001521.hdr.sgml : 20200305
<ACCEPTANCE-DATETIME>20200305161518
ACCESSION NUMBER:		0001171843-20-001521
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200304
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200305
DATE AS OF CHANGE:		20200305

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UFP TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000914156
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		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:		20690977

	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_030520.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 4, 2020-->March 4, 2020 &#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). 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><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;">On March 4, 2020 , UFP Technologies, Inc. (the &#8220;Company&#8221;) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2019.&#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 style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong>Exhibit<br /> <u>Number</u></strong></font></td><td class="hugin"><font style="font-size:10pt;">&#160; &#160; &#160; &#160; &#160; &#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Description</u></strong></font></td></tr><tr><td class="hugin">&#160;</td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><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">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 4, 2020 of UFP Technologies, Inc. announcing its financial results for the fourth quarter and year ended December 31, 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: March 5, 2020</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 2019 Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="justify">NEWBURYPORT, Mass., March  04, 2020  (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 $19.8&#160;million or $2.63 per diluted common share outstanding for its year ended December 31, 2019, compared to net income of $14.3&#160;million or $1.93 per diluted common share outstanding for 2018.&#160; Sales for 2019 were $198.4 million compared to 2018 sales of $190.5 million.&#160; For its fourth quarter ended December 31, 2019, the Company reported net income of $5.8 million or $0.77 per diluted common share outstanding, compared to net income of $4.4 million or $0.59 per diluted common share outstand&#173;ing in the same period of 2018.&#160; Sales for the fourth quarter 2019 were $50.3 million versus 2018 fourth quarter sales of $50.7 million.<br ></p>  <p align="justify">"I am pleased with our 2019 results and continued progress executing our strategic plan," said Chairman &amp; CEO R.&#160;Jeffrey Bailly.&#160; "Revenues rose 4% to $198.4 million, operating income increased 26% to $24.7 million, and net income grew 38% to $19.8 million. This greater bottom line growth is due to continued improvements in our operating efficiency and the shift in our book of business toward higher-margin, longer-run medical opportunities.&#8221;</p>  <p align="justify">"Our medical sales increased 16.9% to $128.9 million, and now represent 65% of our business," Bailly said.&#160; "We also experienced modest growth in our aerospace &amp; defense business, where we still see high-margin opportunities, but posted declines in other segments where we are culling out lower-margin, less strategic programs.&#8221; &#160;</p>  <p align="justify">"Our 2018 Dielectrics acquisition continues to perform well," Bailly added.&#160; "We integrated this business further into UFP by launching a duplicate manufacturing line in a UFP medical facility for one of our fastest-growing Dielectrics programs.&#160; This enabled us to increase capacity to meet the rising demand, transfer know-how from Dielectrics to UFP, provide a backup manufacturing location for our customers, and free up space for new programs at our Dielectrics facility. We also paid off the balance of the $56 million we borrowed to purchase Dielectrics, a testament to the quality of the acquisition and the value created by combining these two businesses. Now we again have ample borrowing capacity to finance future acquisitions."</p>  <p align="justify">"Looking ahead, we are focused on continuing to grow our medical business, both organically and through acquisition, to increase the value we bring to our customers,&#8221; Bailly said. &#8220;Although we did experience a slowdown in demand in certain segments at the end of 2019, we expect this to be short-term in nature.&#160; Given our very healthy pipeline of growth opportunities, both internal and through acquisition, we remain very bullish about our future."</p>  <p align="justify"><u>Financial Highlights:</u></p>  <ul type="disc"><li style="text-align:justify;">Sales grew 4.2% for the year ended December 31, 2019.&#160; Sales declined 0.9% for the fourth quarter of 2019.</li><li style="text-align:justify;">For the year and fourth quarter ended December 31, 2019, sales to the medical market grew 16.9% and 18.6%, respectively.&#160; For the same periods, sales to the aerospace &amp; defense market increased 4.9% and declined 22.9%, respectively, while sales to the automotive market declined 0.1% and 13.5%, respectively.&#160; All other sales (consumer, electronics and industrial) declined 24.1% and 34.5% for the same periods, respectively.</li><li style="text-align:justify;">Gross profit as a percentage of sales (gross margin) grew to 27.2% in the year ended December 31, 2019, up from 25.4% in 2018.&#160; Gross margin for the fourth quarter of 2019 grew to 27.4% from 25.1% in 2018.</li><li style="text-align:justify;">Selling, general and administrative expenses (&#8220;SG&amp;A&#8221;) as a percentage of sales increased to 14.7% for the year ended December 31, 2019 from 14.5% in 2018.&#160; SG&amp;A as a percentage of sales decreased to 14.0% for the fourth quarter of 2019, from 14.2% in the same period of 2018.</li><li style="text-align:justify;">Operating income for the year ended December 31, 2019 grew 26.0% to $24.7 million from $19.6 million in 2018.&#160;&#160; Operating income for the fourth quarter of 2019 grew 22.8% to $6.7 million, from $5.5 million in the same period of 2018.</li><li style="text-align:justify;">Net income for the year ended December 31, 2019 grew 38.0% to $19.8 million from $14.3 million in 2018.&#160; Net&#160;income for the fourth quarter of 2019 grew 31.0% to $5.8 million from $4.4 million in the same period of 2018.</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. 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 and the Company&#8217;s growth potential and strategies for growth, statements regarding anticipated trends in the different markets in which the Company competes and expectations about shifting the Company&#8217;s book of business to higher-margin opportunities, expectations regarding the duration and extent of slowdowns in demand in certain segments, expectations regarding customer demand, anticipated advantages the Company expects to realize from its investments and capital expenditures, expectations regarding the Company&#8217;s manufacturing capacity, operating efficiencies, and new manufacturing line, expectations regarding the Company&#8217;s liquidity, statements about the Company&#8217;s participation and growth in multiple markets, its business opportunities, 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. 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, the financing of such acquisitions and the integration of any acquisition candidates, risks associated with increasing manufacturing capacity and efficiencies, and new production equipment of the Company, risks associated with efforts to shift the Company&#8217;s book of business to higher-margin opportunities, risks associated with slowdowns in demand, 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. Accordingly, actual results may differ materially. Readers are referred to the documents filed by the Company with the SEC, specifically the last reports on Forms 10-K and 10-Q. The forward-looking statements contained herein speak only of the Company&#8217;s expectations as of the date of this press release. 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</DOCUMENT>
</SEC-DOCUMENT>
