UFP Technologies Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>UFP Technologies Inc. filed its Q1 2024 10-Q report, detailing financial performance and operational aspects.</b>

AI Summary

UFP TECHNOLOGIES INC (UFPT) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. UFP Technologies Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. UFP Technologies Inc. is classified under SIC code 3841 (Surgical & Medical Instruments & Apparatus). The filing address is 100 Hale Street, Newburyport, MA 01950.

Why It Matters

For investors and stakeholders tracking UFP TECHNOLOGIES INC, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on UFP Technologies' financial health, operational segments, and any material changes since the last filing. Understanding the details within this report is crucial for assessing the company's current performance, identifying potential risks, and making informed investment decisions.

Risk Assessment

Risk Level: medium — UFP TECHNOLOGIES INC shows moderate risk based on this filing. The filing does not contain specific financial performance data (revenue, net income, EPS) for the current quarter, making a direct assessment of financial trends difficult without further information.

Analyst Insight

Review the full 10-Q filing to analyze specific revenue, net income, and EPS figures for Q1 2024 to understand the company's financial performance.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 0.25 — Diluted EPS (basic EPS for the three months ended March 31, 2024)
• 1 — Number of Shares Outstanding (basic weighted-average shares outstanding for the three months ended March 31, 2024)

Key Players & Entities

• UFP TECHNOLOGIES INC (company) — FILER
• 0000914156 (company) — CENTRAL INDEX KEY
• 3841 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 100 HALE STREET (company) — BUSINESS ADDRESS STREET 1
• NEWBURYPORT (company) — BUSINESS ADDRESS CITY
• MA (company) — BUSINESS ADDRESS STATE
• 01950 (company) — BUSINESS ADDRESS ZIP

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces customer concentration risk, with a significant portion of its accounts receivable from one or two customers in 2023.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial performance and operations.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize UFP Technologies within the broader market, specifically in Surgical & Medical Instruments & Apparatus.)

Key Financial Figures

• $0.01 — 87 shares of registrant's Common Stock, $0.01 par value, were outstanding as of May 3

Filing Documents

• ufpt20240331_10q.htm (10-Q) — 913KB
• ex_666740.htm (EX-31.1) — 18KB
• ex_666741.htm (EX-31.2) — 18KB
• ex_666742.htm (EX-32.1) — 8KB
• 0001171843-24-002737.txt (&nbsp;) — 5895KB
• ufpt-20240331.xsd (EX-101.SCH) — 61KB
• ufpt-20240331_def.xml (EX-101.DEF) — 401KB
• ufpt-20240331_lab.xml (EX-101.LAB) — 359KB
• ufpt-20240331_pre.xml (EX-101.PRE) — 440KB
• ufpt-20240331_cal.xml (EX-101.CAL) — 64KB
• ufpt20240331_10q_htm.xml (XML) — 892KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024, and March 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024, and March 31, 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024, and March 31, 2023 (unaudited) 6 Notes to Interim Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

- OTHER INFORMATION

PART II - OTHER INFORMATION 24 Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 25

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS UFP Technologies, Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 11,372 $ 5,263 Receivables, net 61,250 64,449 Inventories 73,900 70,191 Prepaid expenses and other current assets 4,017 3,433 Refundable income taxes - 1,297 Total current assets 150,539 144,633 Property, plant and equipment, net 61,931 62,137 Goodwill 113,104 113,263 Intangible assets, net 62,914 64,116 Non-qualified deferred compensation plan 5,711 5,323 Right of use assets 12,995 13,588 Deferred income taxes 72 607 Other assets 413 469 Total assets $ 407,679 $ 404,136 Liabilities and Stockholders ' Equity Current liabilities: Accounts payable $ 23,654 $ 22,286 Accrued expenses 16,466 22,085 Deferred revenue 4,527 6,616 Lease liabilities 3,369 3,222 Income taxes payable 420 - Current portion of long-term debt 4,000 4,000 Total current liabilities 52,436 58,209 Long-term debt, excluding current installments 30,000 28,000 Deferred income taxes 575 428 Non-qualified deferred compensation plan 5,713 5,412 Lease liabilities 10,118 10,815 Other liabilities 13,821 15,181 Total liabilities 112,663 118,045 Commitments and contingencies Stockholders' equity: Preferred stock, $ .01 par value, 1,000,000 shares authorized; no shares issued - - Common stock, $ .01 par value, 20,000,000 shares authorized; 7,700,046 and 7,670,487 shares issued and outstanding, respectively, at March 31, 2024; 7,669,339 and 7,639,780 shares issued and outstanding, respectively, at December 31, 2023 77 76 Additional paid-in capital 35,629 38,814 Retained earnings 260,213 247,520 Accumulated other comprehensive (loss) income ( 316 ) 268 Treasury stock at cost, 29,559 shares at March 31, 2024 and 29,

View Full Filing

View this 10-Q filing on SEC EDGAR