Georgetown, Massachusetts - UFP Technologies Inc, a manufacturer of packaging and polymer foam components, has reported a net income of $566 000 for its second quarter of 2009 (Q2), compared to $1.57 million in the same period last year. Sales in Q2 fell by 26.3 percent to $21 million, compared to those of Q2 2008, the company said 6 Aug.
"The sluggish economy has continued to affect demand, particularly in the automotive market," said Jeffrey Bailly, UFP chairman and ceo. "We have taken steps to reduce operating costs and scale our business to operate profitably despite lower sales volumes," Bailly continued, adding that the company continues to "identify exciting acquisition opportunities" to increase market share.
UFP recently completed the integration of selected assets of Foamade Industries Inc, which it acquired in March 2009, and has folded both of the company's Hillsdale, Michigan facilities into UFP's Grand Rapids site. In June the company also acquired Colorado-based E.N. Murray Co., a full-service designer, converter, and distributor of foam plastic products, specialising in technical polyurethane foams, which gave UFP a stronger presence in the western US, the statement said.
"Currently, we have more than $10 million in cash and $13 million in available credit, giving us ample resources to fund other acquisitions and internal growth initiatives," Bailly concluded. (RD)