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UFP Technologies, Inc. Message Board

  • nyoe_schwab nyoe_schwab May 9, 2011 12:32 PM Flag

    They made $0.28 a share which is inline.

    $834-428 = 406.
    They are taxed at 32.7% effective rate.
    406*.327 = $133
    406 - 133 = $273 which is the net gain the company experienced to total equity from a one-time gain from sale of assets.

    $2205 - 273 = $1932K net income from continuing operations.
    Earnings per share for the quarter:
    $0.277 = $0.28 which is inline

    I also believe FCF was higher than net income judging by the cash created on the balance sheet as well as total equity increasing by $2.6M compared to net income reported of $2.2M ($1.93M from operations)

    All together an excellent quarter

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    • Where to catch the knife. $15 looks like support.

    • this is absolutely correct as the 10Q will show.

    • I see your point that all the $834K one-time gain on assets shouldn't be attributed to UFPT since the net attributable to non-controlling interests rose so much implies the sales were in a JV. But I don't agree that only $406K of this gain is attributable to UFPT. First, because UFPT must get a majority of this line item as consolidated items are majority-owned by definition. Second because there is income from other sources in that $428K; for instance last quarter that item was $119K without any asset sales. I'm not going to get precise with the math, it isn't worthwhile without knowing how much of the one-time gain went to the partner, but I'd agree the true economic earnings were more like $0.27/sh than $0.24.

      I don't think earnings were in line, whether they were $0.27 or $0.28, as the estimate was $0.30, but think the size of the selloff is greater than can be explained by the few $100K of earnings miss. Wish these guys bothered to hold a conference call to elaborate on the bigger picture.

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