UFP TECHNOLOGIES, INC.
172 East Main Street
Georgetown, MA 01833 – USA
Contact: Ron Lataille
FOR IMMEDIATE RELEASE
November 3, 2008
UFP Technologies Announces Strong Q3 2008 Results
Georgetown, Mass., November 3, 2008. UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of
packaging and component products, today reported net income of $1.2 million or $0.20 per diluted
common share outstanding for its third quarter ended September 30, 2008, compared to net income of
$883,000 or $0.15 per diluted common share outstanding for the third quarter of 2007. Sales for the
quarter were $27.5 million or 19.9% higher than 2007 third quarter sales of $22.9 million. For the
nine-month period ended September 30, 2008, the Company reported net income of $4.0 million or
$0.63 per diluted common share outstanding, compared to net income of $2.4 million or $0.41 per
diluted common share outstanding in the same period last year. Sales for the nine-month period
ended September 30, 2008, were $84.0 million or 23.2% higher than 2007 sales of $68.1 million in
the same period.
"I am very pleased with our third quarter results, including the progress we made integrating our
Stephenson & Lawyer acquisition and consolidating our two Michigan operations," said R. Jeffrey
Bailly, Chairman, CEO and President. “We achieved our 41% increase in net income after absorbing
approximately $400,000 in consolidation-related expenses during the quarter, a testament to the
success of our continuous improvement and cost reduction efforts."
"UFP's diversity of products and markets is a wonderful asset in this time of economic uncertainty,"
continued Bailly. “Strength in our medical, military, and electronics markets has more than offset a
depressed automotive segment, and enabled us to continue growing our business. Plus, our healthy
cash reserves and bank line of credit position us well to pursue strategic acquisitions.”
UFP Technologies is a leading designer and manufactu