UFP Technologies Files Q2 2024 10-Q

TL;DR

UFP Tech's Q2 2024 10-Q is in. Check financials.

AI Summary

UFP Technologies Inc. reported its Q2 2024 results for the period ending June 30, 2024. The company's filing details its financial performance and operational updates. Key financial figures and operational metrics are presented within the report.

Why It Matters

This filing provides investors with the latest financial health and operational performance of UFP Technologies Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 0.25 — Value (Likely a ratio or percentage from the filing.)
• 0.01 — Value (Likely a financial metric from the filing.)

Key Players & Entities

• UFP TECHNOLOGIES INC (company) — Filer
• 0000914156 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240809 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.01 — 63 shares of registrant's Common Stock, $0.01 par value, were outstanding as of Augus

Filing Documents

• ufpt20240630_10q.htm (10-Q) — 1138KB
• ex_707766.htm (EX-31.1) — 13KB
• ex_707767.htm (EX-31.2) — 12KB
• ex_707768.htm (EX-32.1) — 5KB
• 0001171843-24-004633.txt ( ) — 6808KB
• ufpt-20240630.xsd (EX-101.SCH) — 65KB
• ufpt-20240630_def.xml (EX-101.DEF) — 465KB
• ufpt-20240630_lab.xml (EX-101.LAB) — 392KB
• ufpt-20240630_pre.xml (EX-101.PRE) — 502KB
• ufpt-20240630_cal.xml (EX-101.CAL) — 68KB
• ufpt20240630_10q_htm.xml (XML) — 1101KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024, and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024, and June 30, 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024, and June 30, 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024, and June 30, 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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

- OTHER INFORMATION

PART II - OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

: 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 16,728 $ 5,263 Receivables, net 60,985 64,449 Inventories 77,976 70,191 Prepaid expenses and other current assets 4,296 3,433 Refundable income taxes 2,176 1,297 Total current assets 162,161 144,633 Property, plant and equipment, net 63,736 62,137 Goodwill 115,616 113,263 Intangible assets, net 62,382 64,116 Non-qualified deferred compensation plan 5,792 5,323 Right of use assets 12,223 13,588 Deferred income taxes 72 607 Other assets 414 469 Total assets $ 422,396 $ 404,136 Liabilities and Stockholders ' Equity Current liabilities: Accounts payable $ 22,966 $ 22,286 Accrued expenses 20,731 22,085 Deferred revenue 4,552 6,616 Lease liabilities 3,280 3,222 Income taxes payable 258 - Current portion of long-term debt - 4,000 Total current liabilities 51,787 58,209 Long-term debt, excluding current installments 35,200 28,000 Deferred income taxes 182 428 Non-qualified deferred compensation plan 5,818 5,412 Lease liabilities 9,473 10,815 Other liabilities 9,760 15,181 Total liabilities 112,220 118,045 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; 7,703,922 and 7,674,363 shares issued and outstanding, respectively, at June 30, 2024; 7,669,339 and 7,639,780 shares issued and outstanding, respectively, at December 31, 2023 77 76 Additional paid-in capital 37,418 38,814 Retained earnings 273,765 247,520 Accumulated other comprehensive (loss) income ( 497 ) 268 Treasury stock at cost, 29,559 shares at June 30, 2024 and 29,559 sh

View Full Filing

View this 10-Q filing on SEC EDGAR