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UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today reported net income of $10.9 million or $1.55 per diluted common share outstanding for its fiscal year ended December 31, 2012, 5.3% higher than net income of $10.3 million or $1.48 per diluted common share outstanding for its 2011 fiscal year. Sales for 2012 were $131.0 million, 2.9% higher than 2011 sales of $127.2 million.
For its fourth quarter ended December 31, 2012, the Company reported net income of $3.2 million or $0.45 per diluted common share outstanding, 6.6% more than net income of $3.0 million or $0.43 per diluted common share outstanding in the same period of 2011. Sales for the fourth quarter 2012 were $33.4 million versus 2011 fourth quarter sales of $31.5 million.
“I am pleased with our 2012 results,” said R. Jeffrey Bailly, Chairman and CEO. “We delivered another year of record sales and earnings even as we continued to phase out a large automotive contract for Mercedes Benz vehicles, which lowered revenue by $5 million. That loss was more than offset by a 9% increase in medical market sales and an impressive 21% increase in molded fiber sales. To meet the growing demand for our molded fiber solutions and improve manufacturing efficiency, we installed two new state-of-the-art production lines in our Iowa facility. The year ended on an exciting note with the December 31 acquisition of Packaging Alternatives Corporation of Costa Mesa, California, a specialty converter of technical polyurethane foam products principally for the medical market.”
“In 2013, sales in our automotive and military markets started slowly due to reduced military spending and temporary plant shutdowns by two major automotive customers,” Bailly continued. “However, with our strong pipeline of opportunities and new strategic additions to our sales team, we are bullish about our future and believe we are well positioned to continue to grow the business.”