$UFPT
UFP Technologies Inc

2016 Q3 Form 10-Q Financial Statement

#000117184316013061 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $37.22M $34.44M
YoY Change 8.07% -2.74%
Cost Of Revenue $28.77M $24.93M
YoY Change 15.39% -2.8%
Gross Profit $8.452M $9.510M
YoY Change -11.13% -2.46%
Gross Profit Margin 22.71% 27.61%
Selling, General & Admin $6.027M $5.604M
YoY Change 7.55% -5.66%
% of Gross Profit 71.31% 58.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.360M $1.170M
YoY Change 16.24% 21.88%
% of Gross Profit 16.09% 12.3%
Operating Expenses $6.027M $5.604M
YoY Change 7.55% -5.82%
Operating Profit $4.081M $3.055M
YoY Change 33.58% -19.61%
Interest Expense $17.00K $10.00K
YoY Change 70.0% -150.0%
% of Operating Profit 0.42% 0.33%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $4.106M $3.064M
YoY Change 34.01% -3.65%
Income Tax $1.437M $1.072M
% Of Pretax Income 35.0% 34.99%
Net Earnings $2.669M $1.992M
YoY Change 33.99% -3.77%
Net Earnings / Revenue 7.17% 5.78%
Basic Earnings Per Share $0.37 $0.28
Diluted Earnings Per Share $0.37 $0.28
COMMON SHARES
Basic Shares Outstanding 7.195M 7.131M
Diluted Shares Outstanding 7.282M 7.230M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.10M $29.40M
YoY Change 2.38% -10.91%
Cash & Equivalents $30.12M $29.36M
Short-Term Investments
Other Short-Term Assets $2.200M $2.500M
YoY Change -12.0% 13.64%
Inventory $14.57M $13.50M
Prepaid Expenses $2.161M
Receivables $22.30M $19.30M
Other Receivables $500.0K $900.0K
Total Short-Term Assets $69.64M $65.60M
YoY Change 6.15% -3.81%
LONG-TERM ASSETS
Property, Plant & Equipment $48.76M $44.60M
YoY Change 9.33% 33.13%
Goodwill $7.322M
YoY Change
Intangibles $397.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.927M $2.100M
YoY Change -8.24% 0.0%
Total Long-Term Assets $58.41M $54.60M
YoY Change 6.97% 24.37%
TOTAL ASSETS
Total Short-Term Assets $69.64M $65.60M
Total Long-Term Assets $58.41M $54.60M
Total Assets $128.0M $120.2M
YoY Change 6.52% 7.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.106M $4.700M
YoY Change 8.64% -11.32%
Accrued Expenses $5.372M $6.400M
YoY Change -16.06% -8.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.028M $1.000M
YoY Change 2.8% 0.0%
Total Short-Term Liabilities $11.51M $12.20M
YoY Change -5.69% -8.27%
LONG-TERM LIABILITIES
Long-Term Debt $84.00K $1.100M
YoY Change -92.36% -47.62%
Other Long-Term Liabilities $1.900M $1.500M
YoY Change 26.67% -6.25%
Total Long-Term Liabilities $84.00K $2.600M
YoY Change -96.77% -29.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.51M $12.20M
Total Long-Term Liabilities $84.00K $2.600M
Total Liabilities $16.56M $18.70M
YoY Change -11.47% -2.09%
SHAREHOLDERS EQUITY
Retained Earnings $86.86M
YoY Change
Common Stock $72.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $587.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $111.5M $101.6M
YoY Change
Total Liabilities & Shareholders Equity $128.0M $120.2M
YoY Change 6.52% 7.23%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $2.669M $1.992M
YoY Change 33.99% -3.77%
Depreciation, Depletion And Amortization $1.360M $1.170M
YoY Change 16.24% 21.88%
Cash From Operating Activities $4.980M $3.560M
YoY Change 39.89% -27.49%
INVESTING ACTIVITIES
Capital Expenditures -$1.690M -$2.540M
YoY Change -33.46% -30.6%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.690M -$2.540M
YoY Change -33.46% -29.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -170.0K -830.0K
YoY Change -79.52% 277.27%
NET CHANGE
Cash From Operating Activities 4.980M 3.560M
Cash From Investing Activities -1.690M -2.540M
Cash From Financing Activities -170.0K -830.0K
Net Change In Cash 3.120M 190.0K
YoY Change 1542.11% -82.57%
FREE CASH FLOW
Cash From Operating Activities $4.980M $3.560M
Capital Expenditures -$1.690M -$2.540M
Free Cash Flow $6.670M $6.100M
YoY Change 9.34% -28.82%

Facts In Submission

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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
31000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
96390000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
90564000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
48762000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
46555000
CY2016Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
22307000
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
17481000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
758000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
745000
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
25000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
103572000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6027000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5604000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18402000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18404000
us-gaap Share Based Compensation
ShareBasedCompensation
871000
us-gaap Share Based Compensation
ShareBasedCompensation
873000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
22.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.297
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.009
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
564000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
989000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.11
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
105000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
105000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
111488000
CY2016Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
40000
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
587000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
587000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7312000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7230000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7294000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7212000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7225000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7131000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7213000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7108000
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(13)</div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Material Overcharge Settlement</div></div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0 0pt 27pt; font-size: 10pt">The Company was a participant in a class action lawsuit against a number of polyurethane foam suppliers (&#x201c;Defendants&#x201d;) that recently reached settlement. The suit was filed to recover damages and obtain injunctive relief for Defendants&#x2019; alleged violations of the federal antitrust laws with respect to the fixing of prices of polyurethane foam sold from January 1, 1999 through August 2010. The Company recorded gains of approximately $1.7 million and $2.1 million during the three- and nine-month periods ended September 30, 2016, respectively, which represents the full settlement amount received. The settlement amount is recorded as &#x201c;Material overcharge settlement&#x201d; in the operating income section of the Condensed Consolidated Statements of Income.</div></div>
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
314000
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-4697000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-192000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-972000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6073000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12972000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
6579000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
9247000
us-gaap Net Income Loss
NetIncomeLoss
6479000
us-gaap Net Income Loss
NetIncomeLoss
5917000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
2669000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
1992000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
4081000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3055000
us-gaap Operating Income Loss
OperatingIncomeLoss
9978000
us-gaap Operating Income Loss
OperatingIncomeLoss
9110000
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1927000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1834000
CY2016Q3 us-gaap Other Liabilities
OtherLiabilities
1858000
CY2015Q4 us-gaap Other Liabilities
OtherLiabilities
1653000

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