Ufp Technologies, Inc. (NASDAQ:UFPT)

“I am very pleased with our continuing progress,” said R. Jeffrey Bailly, Chairman & CEO of UFP Technologies. “Our dramatic increase in profitability is a testament to our strategy and our team’s ability to execute it.”

“Our Q2 revenue growth was driven primarily by our three 2009 acquisitions, which accounted for slightly more than half of our sales increase. The rest was organic growth driven by strength in our medical, automotive, and industrial markets,” Bailly continued. “This added revenue, overlaid on our streamlined organization, yielded the substantial earnings increase.” Bailly added that a growing cash balance, currently in excess of $19 million, puts the Company in excellent position to pursue additional strategic growth opportunities.

"I am very pleased with our strong finish to 2009," said R. Jeffrey Bailly, Chairman & CEO. "Solid demand in our medical and military markets, coupled with the positive impact of our now fully integrated acquisitions, enabled us to generate record profits."

"These results are a testament to our company’s depth and our responsiveness to changing market conditions and growth opportunities," Bailly said. "Early in 2009, we scaled back the business in the face of significantly reduced customer demand. Yet we maintained the ability to identify exciting acquisition candidates, quickly close the transactions, and efficiently integrate those businesses." "We finished the year in excellent financial condition.

With $15 million in cash, we are well positioned to grow our business both internally and through additional strategic acquisitions," Bailly added. "This, combined with improving customer demand, leaves me optimistic about 2010 and beyond."

Source: Business Wire (March 3, 2010)