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UFP Technologies Reports 31% Increase in Q3 Sales

2 November 2000

UFP Technologies Reports 31% Increase in Q3 Sales

    GEORGETOWN, Mass.--Nov. 2, 2000--UFP Technologies, Inc. , a manufacturer of packaging and specialty products, today reported a 31% increase in sales to $18.9 million for the quarter ended September 30, 2000. Diluted earnings per share were $0.05 compared to $0.06 in the third quarter last year. For the nine months ended September 30, 2000, the company reported sales of $56.6 million, a 32% increase over nine-month sales a year ago. Diluted earnings per share for the nine-month period were $0.17 compared to $0.21 last year.
    Commenting on the quarter R. Jeffrey Bailly said, "We continue to experience solid revenue growth fueled by sales to our automotive customers. Our Detroit area acquisition of Simco Industries is experiencing steady improvements in its operating results, as our integration / turnaround efforts continue. During this quarter we exited one of Simco's unprofitable non-core business segments and finalized plans to move its two facilities into one more efficient and economical site nearby."
    "Although EPS for the quarter lagged $0.01/share behind last year results, we experienced a 26% increase in EBITDA(1), a measure we carefully monitor" Bailly added. He also indicated that the company's pipeline of new opportunities is very strong and its backlog continues to grow.
    

            Consolidated Condensed Statements of Operations
                ($ in Thousands, Except Per Share Data)
                              (Unaudited)
                      Three Months Ended      Nine Months Ended
                     30-Sep-00  30-Sep-99   30-Sep-00   30-Sep-99
Net sales             $18,898    $14,440     $56,598     $42,810
Cost of sales          14,478     10,920      43,282      32,170
   Gross profit         4,420      3,520      13,316      10,640
SG&A                    3,688      2,857      11,014       8,436
   Operating income       732        663       2,302       2,204
Interest expense /
 other income &
 expenses                 331        162         982         476
   Income before
   income taxes           401        501       1,320       1,728
Income taxes              181        201         594         695
   Net income             220        300         726       1,033
Weighted average
 diluted shares
 outstanding            4,394      4,905       4,390       4,918
Per Share Data:
Diluted net
 income per share     $  0.05    $  0.06     $  0.17     $  0.21



                 Consolidated Condensed Balance Sheets
                           ($ in Thousands)
                                  30-Sep-00         31-Dec-99
                                  Unaudited           Audited
Assets:
   Current assets                  $20,484            $15,755
   Net property, plant,
    and equipment                   12,311             10,566
   Other assets                      9,434              5,546
Total assets                        42,229             31,867
Liabilities and
 stockholders' equity:
   Current liabilities              16,287             12,207
   Long-term debt                    7,958              2,706
   Other liabilities                   812                746
   Total liabilities                25,057             15,659
   Total stockholders'
    equity                          17,172             16,208
Total liabilities and
 stockholders' equity              $42,229            $31,867