Georgetown, Mass., May 4, 2011. UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of
packaging and component products, today reported net income of $2.2 million or $0.32 per diluted
common share outstanding for its first quarter ended March 31, 2011, 46% higher than net income of
$1.5 million or $0.23 per diluted common share outstanding for the same period in 2010. Sales for
the first quarter of 2011 were $31.5 million or 9.8% higher than 2010 first quarter sales of
"I am very pleased with our first quarter results," said R. Jeffrey Bailly, Chairman and CEO. "Strong
demand in our military and automotive markets helped fuel our 10% organic sales growth, and a
higher-margin book of business overlaid on improved factory efficiencies generated impressive
bottom line gains. We believe the strength of our platform is building momentum in the marketplace
among customers, strategic vendor partners and potential acquisition candidates, many of whom have
contacted us about joining forces."
"Although a portion of our substantial automotive door panel program is scheduled to end mid-year,
which we expect will reduce revenues in our Georgia facility by approximately $625,000 per month,
we believe 2011 will again be a year of overall record sales and earnings," Bailly continued. "With
our tremendous depth of talent, diverse capabilities and wide range of opportunities, combined with a
strong balance sheet, I believe UFP Technologies has an extremely bright future."
UFP Technologies is a leading designer and manufacturer of interior protective packaging and
component product solutions using molded and fabricated foams, plastics, laminated composites, and
natural fiber materials. The Company primarily serves the medical, automotive, computers and
electronics, aerospace and defense, consumer, and industrial markets.
This news release contains forward-looking information that involves risks and uncertainties, including statements about the Company's prospects, anticipated advantages the Company expects to realize from its acquisition strategies and momentum in the marketplace, its participation and growth in multiple markets, its business opportunities, the Company's growth potential and strategies for growth, anticipated revenues and the timing of such revenues, and any indication that the Company may be able to sustain or increase its sales and earnings or sales and earnings growth rates. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions and integration of any such acquisition candidates, as well as other risks and uncertainties that are detailed in the documents filed by the Company with the SEC. Accordingly, actual results may differ materially. Readers are referred to the documents filed by the Company with the SEC, specifically the last reports on Forms 10-K and 10-Q. The forward-looking statements contained herein speak only of the Company's expectations as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions, or circumstances on which any such statement is based.