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UFP Technologies, Inc. Message Board

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  • x6unsound x6unsound Jun 30, 2011 1:24 AM Flag

    2009 Long term borrowings

    Sure, as far as I can tell the loan first popped up in their 10k for fiscal 2008:

    Ctrl-F "Bank of America" and it'll bring you straight to it.

    I also noticed that the amount of the loan was almost exactly the same as the sum they paid for their 2009 acquisitions, but it was taken out two months before their first acquisition and more than half a year before their other ones. I emailed their investor relations department about this, but never received a reply.

    It's true that for many companies it's wise to take advantage of the super low interest rates now, but only if you can put that money to use and earn a higher return than your borrowing rate. As far as I can tell, UFPT is just letting that cash sit there. Combined with their liberal use of stock awards and significantly higher than average executive compensation for a company their size, it makes me concerned about how they're handling their finances. Their outsized growth the past few years has made this a non-issue for investors so far, but I'm worried about what will happen when their growth slows down.

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