UFP Technologies, Inc. (UFPT) has reported an 101.95 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.17 million, or $0.30 a share in the quarter, compared with $1.08 million, or $0.15 a share for the same period last year. Revenue during the quarter grew 7.39 percent to $37.05 million from $34.50 million in the previous year period. Gross margin for the quarter expanded 329 basis points over the previous year period to 25.68 percent. Total expenses were 91.35 percent of quarterly revenues, down from 95.06 percent for the same period last year. This has led to an improvement of 371 basis points in operating margin to 8.65 percent.
Operating income for the quarter was $3.20 million, compared with $1.70 million in the previous year period.
"I am very pleased with our first quarter results and strong start to the year," said R. Jeffrey Bailly, Chairman & CEO. "Sales increased 7.4%, fueled by continued strength in the medical market and an uptick in military/aerospace orders. Net income and earnings per share both doubled as well."
Working capital increases
UFP Technologies, Inc. has recorded an increase in the working capital over the last year. It stood at $62.37 million as at Mar. 31, 2017, up 16.33 percent or $8.75 million from $53.61 million on Mar. 31, 2016. Current ratio was at 6.89 as on Mar. 31, 2017, down from 7.12 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 56 days for the quarter from 84 days for the last year period. Days sales outstanding went down to 49 days for the quarter compared with 53 days for the same period last year.
Days inventory outstanding has decreased to 24 days for the quarter compared with 47 days for the previous year period. At the same time, days payable outstanding went up to 17 days for the quarter from 15 for the same period last year.
Debt comes down significantly
UFP Technologies, Inc. has recorded a decline in total debt over the last one year. It stood at $0.60 million as on Mar. 31, 2017, down 62.94 percent or $1.02 million from $1.62 million on Mar. 31, 2016. Total debt was 0.46 percent of total assets as on Mar. 31, 2017, compared with 1.36 percent on Mar. 31, 2016. Debt to equity ratio was at 0.01 as on Mar. 31, 2017, down from 0.02 as on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
