<SEC-DOCUMENT>0001171843-20-005538.txt : 20200805
<SEC-HEADER>0001171843-20-005538.hdr.sgml : 20200805
<ACCEPTANCE-DATETIME>20200805084221
ACCESSION NUMBER:		0001171843-20-005538
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200805
DATE AS OF CHANGE:		20200805

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:		201075773

	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_080520.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 4, 2020-->August 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 style="font-size: 10pt; margin: 0pt 0;">&#160;</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><font style="font-family: 'times new roman', roman, serif; font-size: 10pt;">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 &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;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="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 color="black"><font style="color:black; font-size:10.5pt;">On August 4, 2020, UFP Technologies, Inc. (the &#8220;Company&#8221;) issued a press release announcing its financial results for the second quarter ended June 30, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.</font></font></p>   <p style="margin-left:0in; text-indent:27pt; margin-right:0in;"><em><strong><em><font color="black"><font style="color:black; font-size:10.5pt;"><strong>Limitation on Incorporation by Reference.</strong></font></font></em></strong></em><font color="black"><font style="color:black; font-size:10.5pt;">&#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 filing.</font></font></p>   <p style="margin-left:0in; text-indent:27pt; margin-right:0in;"><em><strong><em><font color="black"><font style="color:black; font-size:10.5pt;"><strong>Cautionary Note Regarding Forward-Looking Statements.&#160;</strong></font></font></em></strong></em><font color="black"><font style="color:black; font-size:10.5pt;">&#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></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;">
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</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 Q2 Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="left">NEWBURYPORT, Mass., Aug.  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 $2.3 million or $0.31 per diluted common share outstanding for its second quarter ended June&#160;30, 2020, compared to net income of $4.6 million or $0.62&#160;per diluted common share outstanding for the same period in 2019.&#160; Sales for the second quarter were $42.6&#160;million compared to second quarter sales of $51.4 million in 2019.&#160; Net income for the six-month period ended June 30, 2020 was $6.2 million or $0.82 per diluted common share outstanding compared to $8.3 million or $1.11 per diluted common share outstanding for the same period in 2019.&#160; Sales for the six-month period ended June&#160;30, 2020 were $90.9 million compared to sales of $98.7 million for the same period in 2019.</p>      <p align="left">"I am pleased with our Q2 results given the challenging market conditions caused by COVID-19," said R.&#160;Jeffrey Bailly, Chairman and CEO.&#160; "All of our factories are up and running, and safety protocols are working well.&#160; Our product development business, which is a key driver of future manufacturing revenue, is up 35% year to date."</p>      <p align="left">"Revenue for the quarter was down $8.8 million or 17% versus the prior year, while net income declined $2.3 million or 50%," Bailly said.&#160; "Each of our markets has been adversely impacted by the pandemic. Automotive, down 70%, was the hardest hit, while Medical had the smallest decline at 4.2%.&#160; Demand remains strong for personal protective equipment such as face shields, and for infection prevention products and patient surfaces. However, orders related to elective procedures have declined. Although it is difficult to predict the impact of COVID-19 on our future revenue, we anticipate continued near-term softness in elective procedures offsetting the modest gains forecasted in non-medical markets. We have responded with cost-cutting measures, including strategic reductions of our indirect and direct labor staffing.&#8221;</p>      <p align="left">"I remain very optimistic about the future of UFP Technologies," Bailly said. "The strong increase in our development business bodes well for revenue growth in 2021 and beyond.&#160; And Q2, despite the reduced operating results, still generated approximately $5 million in cash, bringing our cash balance to over $12 million.&#160; This, combined with our substantial borrowing capacity, enables us to continue to invest in both internal and external growth opportunities as well as efficiency improvements to enhance our competitive position."<br ></p>      <p align="left"><u>Financial Highlights for Q2 and YTD 2020:</u></p>      <ul type="disc"><li>Sales for the second quarter declined 17.0% to $42.6 million, from $51.4 million in the same period of 2019.&#160; Year-to-date sales through June declined 7.9% to $90.9 million, from $98.7 million in the same period of 2019.</li><li>Second quarter sales to the medical market declined 4.2%.&#160; Sales to the aerospace &amp; defense and automotive markets declined 26.3% and 70.7%, respectively. All other sales (consumer, electronics, and industrial) declined 30.0%.</li><li>Year-to-date sales to the medical market grew 5.4%.&#160; Sales to the aerospace &amp; defense and automotive markets declined 24.9% and 43.4%, respectively. All other sales (consumer, electronics, and industrial) declined 25.1%.</li><li>Gross profit as a percentage of sales (&#8220;gross margin&#8221;) declined to 23.3% for the second quarter, from 28.0% in the same quarter of 2019.&#160; Gross margin for the six-month period ended June 30, 2020 declined to 25.0% from 27.2% in the same period of 2019.</li><li>Selling, general and administrative expenses (&#8220;SG&amp;A&#8221;) for the second quarter declined 14.5% to $6.7 million in 2020 compared to $7.8 million in the same quarter of 2019.&#160;&#160; For the six-month period ended June 30, 2020, SG&amp;A declined 4.2% to $14.4 million from $15.0 million in the same period of 2019.</li><li>For the second quarter, operating income declined to $3.0 million, from $6.6 million in the same quarter of 2019.&#160; For the six-month period ended June 30, 2020, operating income declined to $8.1 million, from $11.8 million in the same period of 2019.</li><li>Net income declined to $2.3 million in the second quarter of 2020, from $4.6 million in the same period of&#160;2019.&#160; For the six-month period ended June 30, 2020 net income declined to $6.2 million, from $8.3&#160;million in the same period of 2019.</li></ul>      <p align="left">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="left">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 anticipated effects on the Company of the COVID-19 pandemic, including with respect to the different markets in which the Company participates, demand for the Company&#8217;s products, the Company&#8217;s product development efforts, the well-being and availability of the Company&#8217;s employees, the continuing operation of the Company&#8217;s locations, the effects of cost-cutting measures, including direct and indirect labor costs, and the effectiveness of the Company&#8217;s safety protocols; 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; statements regarding the potential for our product development business (for which we recognize revenue as engineering services in our financial statements) to drive future manufacturing revenue; 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 and its business opportunities; statements about the Company&#8217;s growth potential and strategies for growth; anticipated revenues and the timing of such revenues, and any statements implying 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 that could adversely affect the Company&#8217;s business and prospects, and otherwise cause actual results to differ materially from those anticipated by such forward-looking statements, or otherwise, including without limitation, the severity and duration of the COVID-19 pandemic and its impact on the markets in which the Company participates, including its impact on the Company&#8217;s customers, suppliers and employees, as well as the U.S. and worldwide economies; the timing, scope and effect of further governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic; risks relating to decreased, including substantially decreased, demand for our products; risks relating to the potential closure of any of our facilities or the unavailability of key personnel or other employees; risks relating to the success of our safety protocols; risks relating to operating with a decreased labor force; risks relating to the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions and integration of any acquisition candidates; risks that revenue from our product development business may not result in future manufacturing revenue; risks and uncertainties associated with maintaining and increasing 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; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">286</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Operating income</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; 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 ;  vertical-align: middle; 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text-align: right ;  vertical-align: middle; 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 ;  vertical-align: middle; vertical-align: bottom ; ">425</td></tr><tr><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">Other expense</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">35</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; 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">7,659</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; 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 ;  vertical-align: middle; vertical-align: bottom ; ">10,962</td></tr><tr><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">Income tax expense</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">608</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,582</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 ;  vertical-align: middle; vertical-align: bottom ; ">1,450</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; 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 ;  vertical-align: middle; vertical-align: bottom ; ">2,630</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Net income</td><td style="vertical-align: middle; 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vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6,209</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">8,332</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ; 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.82</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.11</td></tr><tr><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="vertical-align: bottom ; ">&#160;</td></tr></table>   <p>Contact: <br >Ron Lataille<br >978-234-0926<br >rlataille@ufpt.com</p> </p><p ></p></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
