0001171843-17-004876.txt : 20170809 0001171843-17-004876.hdr.sgml : 20170809 20170809090115 ACCESSION NUMBER: 0001171843-17-004876 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170809 DATE AS OF CHANGE: 20170809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UFP TECHNOLOGIES INC CENTRAL INDEX KEY: 0000914156 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS FOAM PRODUCTS [3086] IRS NUMBER: 042314970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12648 FILM NUMBER: 171016574 BUSINESS ADDRESS: STREET 1: 100 HALE STREET CITY: NEWBURYPORT STATE: MA ZIP: 01950 BUSINESS PHONE: 978-352-2200 MAIL ADDRESS: STREET 1: 100 HALE STREET CITY: NEWBURYPORT STATE: MA ZIP: 01950 10-Q 1 f10q_080917p.htm FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark one)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended JUNE 30, 2017

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 001-12648

UFP Technologies, Inc.

(Exact name of registrant as specified in its charter)

Delaware	04-2314970
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

100 Hale Street, Newburyport, MA 01950, USA

(Address of principal executive offices) (Zip Code)

(978) 352-2200

(Registrant's telephone number, including area code)

_________________________________________

(Former name, former address, and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X ; No ____

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes X ; No ____

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer		☐
	Accelerated filer		☒
	Non–accelerated filer		☐ [Do not check if a smaller reporting company]
	Smaller reporting company		☐
	Emerging growth company		☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ____; No X

7,267,662 shares of registrant’s Common Stock, $0.01 par value, were outstanding as of August 1, 2017.

UFP Technologies, Inc.

Index

	Page

PART I - FINANCIAL INFORMATION	3

Item 1. Financial Statements	3

Condensed Consolidated Balance Sheets as of June 30, 2017 (unaudited) and December 31, 2016	3

Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2017 and June 30, 2016 (unaudited)	4

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and June 30, 2016 (unaudited)	5

Notes to Interim Condensed Consolidated Financial Statements	6

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3. Quantitative and Qualitative Disclosures about Market Risk	16

Item 4. Controls and Procedures	16

PART II - OTHER INFORMATION	17

Item 1A. Risk Factors	17

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	17

Item 6. Exhibits	17

Signatures	18

Exhibit Index	18

	PART I:	FINANCIAL INFORMATION
	ITEM 1:	FINANCIAL STATEMENTS

UFP Technologies, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

	June 30, 2017			December 31, 2016
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	34,514		$	31,359
Receivables, less allowance for doubtful accounts of $617 at June 30, 2017 and $567 at December 31, 2016		22,306			21,249
Inventories		14,095			14,151
Prepaid expenses		2,455			2,281
Refundable income taxes		9			807
Total current assets		73,379			69,847
Property, plant and equipment		101,357			96,806
Less accumulated depreciation and amortization		(50,521	)		(48,290	)
Net property, plant and equipment		50,836			48,516
Goodwill		7,322			7,322
Intangible assets, net		159			318
Other assets		1,994			1,931
Total assets	$	133,690		$	127,934

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	4,394		$	4,002
Accrued expenses		4,629			4,698
Current installments of long-term debt		342			856
Total current liabilities		9,365			9,556
Deferred income taxes		3,619			3,459
Non-qualified deferred compensation plan		1,876			1,682
Other liabilities		132			184
Total liabilities		14,992			14,881
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized; zero shares issued or outstanding		-			-
Common stock, $.01 par value, 20,000,000 shares authorized; 7,281,632 and 7,252,073 shares issued and outstanding, respectively at June 30, 2017; and 7,242,023 and 7,212,464 shares issued and outstanding, respectively at December 31, 2016		73			72
Additional paid-in capital		26,059			25,216
Retained earnings		93,153			88,352
Treasury stock at cost, 29,559 shares at June 30, 2017 and December 31, 2016		(587	)		(587	)
Total stockholders’ equity		118,698			113,053
Total liabilities and stockholders' equity	$	133,690		$	127,934

The accompanying notes are an integral part of these condensed consolidated financial statements.

UFP Technologies, Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30						Six Months Ended June 30
	2017			2016			2017			2016
Net sales	$	37,886		$	37,902		$	74,939		$	72,406
Cost of sales		27,945			27,616			55,482			54,393
Gross profit		9,941			10,286			19,457			18,013
Selling, general & administrative expenses		6,061			6,470			12,376			12,374
Restructuring costs		63			55			63			178
Material overcharge settlement		(121	)		(432	)		(121	)		(432	)
Loss (Gain) on sale of fixed assets		8			-			3			(4	)
Operating income		3,930			4,193			7,136			5,897
Interest income		42			32			84			62
Interest expense		(13	)		(17	)		(27	)		(36	)
Income before income tax expense		3,959			4,208			7,193			5,923
Income tax expense		1,329			1,473			2,392			2,113
Net income	$	2,630		$	2,735		$	4,801		$	3,810

Net income per share:
Basic	$	0.36		$	0.38		$	0.66		$	0.53
Diluted	$	0.36		$	0.38		$	0.66		$	0.53
Weighted average common shares outstanding:
Basic		7,239			7,175			7,228			7,159
Diluted		7,323			7,250			7,312			7,238

The accompanying notes are an integral part of these condensed consolidated financial statements.

UFP Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six Months Ended June 30,
	2017			2016
Cash flows from operating activities:
Net income	$	4,801		$	3,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,796			2,749
Gain on sale of fixed assets		3			(4	)
Share-based compensation		636			642
Excess tax benefit on share-based compensation		-			(126	)
Deferred income taxes		160			224
Changes in operating assets and liabilities:
Receivables, net		(1,057	)		(5,539	)
Inventories		56			318
Prepaid expenses		(174	)		(1,665	)
Refundable income taxes		798			1,147
Other assets		(63	)		(35	)
Accounts payable		(103	)		581
Accrued expenses		(69	)		(920	)
Non-qualified deferred compensation plan and other liabilities		142			112
Net cash provided by operating activities		7,926			1,294
Cash flows from investing activities:
Additions to property, plant and equipment		(4,471	)		(4,076	)
Proceeds from sale of fixed assets		6			4
Net cash used in investing activities		(4,465	)		(4,072	)
Cash flows from financing activities:
Principal repayments of long-term debt		(514	)		(505	)
Proceeds from exercise of stock options, net of attestation		315			449
Excess tax benefit on share-based compensation		-			126
Payment of statutory withholdings for stock options exercised and restricted stock units vested		(107	)		(89	)
Net cash used in financing activities		(306	)		(19	)
Net increase (decrease) in cash and cash equivalents		3,155			(2,797	)
Cash and cash equivalents at beginning of period		31,359			29,804
Cash and cash equivalents at end of period	$	34,514		$	27,007

The accompanying notes are an integral part of these condensed consolidated financial statements.

Notes to Interim Condensed Consolidated Financial Statements

(1)

Basis of Presentation

The interim condensed consolidated financial statements of UFP Technologies, Inc. (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10-Q and do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2016, included in the Company's 2016 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission.

The condensed consolidated balance sheet as of June 30, 2017, the condensed consolidated statements of income for the three- and six-month periods ended June 30, 2017 and 2016, and the condensed consolidated statements of cash flows for the six-month periods ended June 30, 2017 and 2016 are unaudited but, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of results for these interim periods. The condensed consolidated balance sheet as of December 31, 2016 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm, but does not include all of the information and footnotes required for complete annual financial statements.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The results of operations for the three- and six-months periods ended June 30, 2017, are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2017.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard will replace most existing revenue recognition guidance when it becomes effective. The standard permits the use of either the full retrospective or modified retrospective transition methods. The Company expects to adopt the standard in the first quarter of 2018 using the modified retrospective transition method. The Company is continuing to evaluate its revenue sources for potential impact. Based on the work completed to date, the Company expects that for a significant portion of its business, the recognition of revenue under the updated standard will occur at a point in time, which is consistent with current practice.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The amendments in ASU No. 2016-02 are effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period with early adoption permitted. The Company is evaluating the impact of adopting this ASU on its consolidated financial position and results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share Based Payment Accounting. This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards, forfeitures and classification on the statement of cash flows. The Company adopted this ASU on January 1, 2017. As the Company has not had a significant amount of forfeitures historically, under the provisions of this ASU the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. The impact of adopting this update to the Company’s Consolidated Financial Statements will depend on market factors and the timing and intrinsic value of future share-based compensation award vests and exercises. Subsequent to adoption, the Company notes the potential for volatility in its effective tax rate as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly to income tax expense in the Condensed Consolidated Statement of Income.

Revisions

Certain revisions have been made to the 2016 Condensed Consolidated Statement of Cash Flows to conform to the current year presentation relating to a reserve for uncertain tax positions and to cash paid for capital expenditures. The reclassification of a reserve for uncertain tax positions resulted in an increase to the change in refundable income taxes of $315,000 and a decrease to the change in accrued expenses of $315,000. A change in presentation of cash paid for capital expenditures resulted in a decrease of $284,000 in both the change in accounts payable and in additions to property, plant and equipment, net. In addition, certain revisions were made to the 2016 Condensed Consolidated Statement of Income to correct a clerical error which resulted in an increase to Cost of Sales and Material Overcharge Settlement of $9,000. These revisions had no impact on previously reported net income and are deemed immaterial to the previously issued financial statements.

(2)

Supplemental Cash Flow Information

	Six Months Ended June 30,
	2017		2016
	(in thousands)
Cash paid for:
Interest	$	26	$	35
Income taxes, net of refunds		1,434		728

Non-cash investing and financing activities:
Capital additions accrued but not yet paid	$	495	$	284

(3)

Fair Value of Financial Instruments

The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, which are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the Company.

(4)

Share-Based Compensation

Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant).

The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2016. The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Share-based compensation related to:	2017		2016		2017		2016
Common stock granted to the Board of Directors	$	105	$	105	$	105	$	105
Common stock granted to the Chief Executive Officer		100		100		200		200
Stock options granted to directors and employees		117		141		126		177
Restricted Stock Unit awards to employees		105		95		205		160
Total share-based compensation	$	427	$	441	$	636	$	642

The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately $199,000 and $103,000, respectively, for the three-month periods ended June 30, 2017 and 2016, and approximately $336,000 and $161,000, respectively, for the six-month periods ended June 30, 2017 and 2016.

The following is a summary of stock option activity under all plans for the three-month period ended June 30, 2017:

	Shares Under Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2016		232,578		$	16.53
Granted		12,336			27.05
Exercised		(33,196	)		26.45
Expired		(3,750	)		18.85
Outstanding at June 30, 2017		207,968		$	17.41		3.75	$	2,201
Exercisable at June 30, 2017		201,718		$	17.21		3.80	$	2,177
Vested and expected to vest at June 30, 2017		207,968		$	17.41		3.75	$	2,201

On June 6, 2017, the Company granted options to its directors for the purchase of 12,336 shares of common stock at that day’s closing price of $27.05. The compensation expense related to these grants was determined as the fair value of the options using the Black Scholes option pricing model based on the following assumptions:

Expected volatility	29.1%
Expected dividends	None
Risk-free interest rate	1.84%
Exercise price	$27.05
Expected term (in years)	5.8
Weighted-average grand date fair value	$8.51

The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity.

During the six-month periods ended June 30, 2017 and 2016, the total intrinsic value of all options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employees to exercise the options) was approximately $391,000 and $518,000, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $487,000 and $449,000, respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the six-month period ended June 30, 2017 there were 6,511 shares surrendered at an average market price of $26.45. During the six-month period ended June 30, 2016 there were no shares surrendered for this purpose.

On February 21, 2017, the Company’s Compensation Committee approved the award of $400,000, payable in shares of common stock to the Company’s Chairman, Chief Executive Officer, and President under the 2003 Incentive Plan. The shares will be issued in December, 2017.

The following table summarizes information about Restricted Stock Units (“RSUs”) activity during the six-month period ended June 30, 2017:

	Restricted Stock Units			Weighted Average Award Date Fair Value
Unvested at December 31, 2016		46,558		$	20.05
Awarded		30,360			24.70
Shares vested		(13,419	)		23.54
Unvested at June 30, 2017		63,499		$	21.23

At the Company’s discretion, RSU holders are given the option to net-share settle to cover the required minimum withholding tax, and the remaining amount is converted into the equivalent number of common shares. During the six-month periods ended June 30, 2017 and 2016, 4,377 and 3,889 shares were surrendered at an average market price of $24.50 and $22.82, respectively.

As of June 30, 2017, the Company had approximately $900,000 of unrecognized compensation expense, which is expected to be recognized over a period of 3.75 years.

(5)

Inventories

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value, and consist of the following at the stated dates (in thousands):

	June 30, 2017		December 31, 2016
Raw materials	$	6,737	$	7,111
Work in process		1,323		1,354
Finished goods		6,035		5,686
Total inventory	$	14,095	$	14,151

(6)

Preferred Stock

On March 18, 2009, the Company declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, to the stockholders of record on March 20, 2009. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Share”) of the Company, at a price of $25 per one one-thousandth of a Preferred Share subject to adjustment and the terms of the Rights Agreement. The Rights expire on March 19, 2019.

(7)

Income Per Share

Basic income per share is based on the weighted average number of shares of common stock outstanding. Diluted income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period.

The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Weighted average common shares outstanding, basic		7,239		7,175		7,228		7,159
Weighted average common equivalent shares due to stock options and RSUs		84		75		84		79
Weighted average common shares outstanding, diluted		7,323		7,250		7,312		7,238

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related options during the period. These outstanding stock awards are not included in the computation of diluted income per share because the effect would be antidilutive. For the three- and six-month periods ended June 30, 2017, the number of stock awards excluded from the computation of diluted earnings per share for this reason was 12,336 and 27,336, respectively. For the three- and six-month periods ended June 30, 2016, the number of stock awards excluded from the computation of diluted earnings per share for this reason was 52,377 and 53,695, respectively.

(8)

Segment Reporting

The Company consists of a single operating and reportable segment.

Revenues from customers outside of the United States are not material. No customer comprised more than 10% of the Company’s consolidated revenues for the three- and six-month periods ended June 30, 2017. All of the Company’s assets are located in the United States.

The Company’s products are primarily sold to customers within the Medical, Automotive, Consumer, Electronics, Industrial and Aerospace and Defense markets. Net sales by market for the three- and six-month periods ended June 30, 2017 and 2016, respectively, are as follows (in thousands):

	Three Months Ended June 30,										Six Months Ended June 30,
	2017					2016					2017					2016
Market	Net Sales		%			Net Sales		%			Net Sales		%			Net Sales		%

Medical	$	18,654		49.2	%	$	16,790		44.3	%	$	36,115		48.2	%	$	32,404		44.8	%
Automotive		6,125		16.2	%		7,454		19.7	%		12,843		17.1	%		13,543		18.7	%
Consumer		5,015		13.2	%		5,025		13.3	%		9,707		13.0	%		9,655		13.3	%
Electronics		2,942		7.8	%		2,874		7.6	%		5,635		7.5	%		5,741		7.9	%
Industrial		2,602		6.9	%		2,918		7.7	%		5,036		6.7	%		5,650		7.8	%
Aerospace & Defense		2,548		6.7	%		2,841		7.5	%		5,603		7.5	%		5,413		7.5	%
Net Sales	$	37,886		100.0	%	$	37,902		100.0	%	$	74,939		100.0	%	$	72,406		100.0	%

Certain amounts for the three- and six-month periods ended June 30, 2016 were reclassified between markets to conform to the current period presentation.

(9)

Other Intangible Assets

The carrying values of the Company’s definite lived intangible assets as of June 30, 2017 and December 31, 2016, are as follows (in thousands):

	Patents			Non- Compete			Customer List			Total
Estimated useful life (in years)		14			5			5
Gross amount at June 30, 2017	$	429		$	512		$	2,046		$	2,987
Accumulated amortization at June 30, 2017		(429	)		(481	)		(1,918	)	$	(2,828	)
Net balance at June 30, 2017	$	-		$	31		$	128		$	159

Estimated useful life (in years)		14			5			5
Gross amount at December 31, 2016	$	429		$	512		$	2,046		$	2,987
Accumulated amortization at December 31, 2016		(429	)		(449	)		(1,791	)	$	(2,669	)
Net balance at December 31, 2016	$	-		$	63		$	255		$	318

Amortization expense related to intangible assets was approximately $79,000 for each of the three-month periods ended June 30, 2017 and 2016, and was approximately $159,000 for each of the six-month periods ended June 30, 2017 and 2016. As of June 30, 2017, the estimated remaining amortization expense for 2017 is $159,000.

(10)

Income Taxes

The income tax expense included in the accompanying unaudited condensed consolidated statements of income principally relates to the Company’s proportionate share of the pre-tax income of its wholly-owned subsidiaries. The determination of income tax expense for interim reporting purposes is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur.

(11)

Plant Consolidations

Restructuring Costs

On March 18, 2015, the Company committed to move forward with a plan to cease operations at its Raritan, New Jersey, plant and consolidate operations into its Newburyport, Massachusetts, facility and other UFP facilities. The Company’s decision was in response to a continued decline in business at the Raritan facility and the Company’s purchase of the 137,000-square-foot facility in Newburyport. The activities related to this consolidation are complete.

The Company also relocated all operations in its Haverhill, Massachusetts, and Byfield, Massachusetts, facilities and relocated certain operations in its Georgetown, Massachusetts, facility to Newburyport. The Haverhill and Byfield relocations were complete at December 31, 2015, and the partial Georgetown relocation was complete at June 30, 2017.

The Company incurred approximately $2.1 million in one-time expenses in connection with the Massachusetts consolidations. Included in this amount are approximately $180,000 relating to employee severance payments and relocation costs, approximately $1.6 million in moving expenses and expenses associated with vacating the Raritan, Haverhill, and Byfield properties, and approximately $360,000 in lease termination costs. Total cash charges were approximately $2.0 million.

The company recorded the following restructuring costs associated with the Massachusetts consolidations for the three- and six-month periods ended June 30, 2017 and 2016 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Restructuring Costs	2017		2016		2017		2016
Relocation	$	63	$	55	$	63	$	178
Total	$	63	$	55	$	63	$	178

Costs for the three- and six- month periods ended June 30, 2016 were reclassified in the Condensed Consolidated Statement of Income as “Restructuring Costs” from Cost of Sales.

(12)

Related Party Transactions

Daniel Croteau, who has been a member of the Company’s board of directors since December 16, 2015, was the Chief Executive Officer (through March 2017) of Vention Medical, Inc., a customer of the Company. Sales to Vention for the three-months ended March 31, 2017 were approximately $148,000. As Mr. Croteau’s employment with Vention Medical, Inc. ended in March 2017, he was no longer considered a related party after March 2017.

13)

Material Overcharge Settlement

The Company was a participant in a class action lawsuit against a number of polyurethane foam suppliers (“Defendants”) that was settled during the second quarter of 2016. The suit was filed to recover damages and obtain injunctive relief for Defendants’ alleged violations of the federal antitrust laws with respect to the fixing of prices of polyurethane foam sold from January 1, 1999 through August, 2010. During the three- and six-month periods ended June 30, 2017 and 2016, the Company received settlement amounts of approximately $121,000 and $432,000, respectively. The Company received an additional settlement amount of approximately $1.7 million in July, 2016, which was recorded in the three-month period ending September 30, 2016. The settlement amounts for the three- and six-month periods ended June 30, 2016 are recorded as “Material overcharge settlement” in the operating income section of the Condensed Consolidated Statements of Income.

ITEM 2:

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking Statements

Some of the statements contained in this Report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). These statements are subject to known and unknown risks, uncertainties, and other factors, which may cause our or our industry’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company’s prospects, anticipated trends in the different markets in which the Company competes, including the medical, automotive, consumer, electronics, industrial and aerospace and defense markets, anticipated new customer and vendor contracts, statements regarding anticipated advantages relating to the Company’s decisions to consolidate or expand certain facilities, including the ongoing expansion of its Newburyport facility, and the expected cost savings and efficiencies associated therewith, anticipated advantages and the timing associated with requalification of parts, anticipated advantages of maintaining fewer, larger plants, anticipated advantages the Company expects to realize from its investments and capital expenditures, including the development of and investments in its molded fiber product lines, expectations regarding the manufacturing capacity and efficiencies of the Company and the expected timing associated therewith, statements regarding the end of the Company’s automotive door panel program with Mercedes Benz, and the resulting impact to revenues, statements about the Company’s acquisition opportunities and strategies, 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 and uncertainties associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions and integration of any such acquisition candidates, risks and uncertainties associated with plant closures and consolidations and expected efficiencies from consolidating manufacturing, risks and uncertainties associated with the requalification of parts, the risk that we may not be able to finalize anticipated new customer contracts, risks associated with the implementation of new production equipment and requalification or recertification of transferred equipment in a timely, cost-efficient manner, and risks that any benefits from such new equipment may be delayed or not fully realized, or that the Company may be unable to fully utilize its expected production capacity. Accordingly, actual results may differ materially.

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential,” and similar expressions intended to identify forward-looking statements. Our actual results could be different from the results described in or anticipated by our forward-looking statements due to the inherent uncertainty of estimates, forecasts, and projections, and may be materially better or worse than anticipated. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date of this Report. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this Report, in order to reflect changes in circumstances or expectations, or the occurrence of unanticipated events, except to the extent required by applicable securities laws. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed above and under “Risk Factors” set forth in Part I Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as well as the risks and uncertainties discussed elsewhere in this Report. We qualify all of our forward-looking statements by these cautionary statements. We caution you that these risks are not exhaustive. We operate in a continually changing business environment and new risks emerge from time to time.

Unless the context requires otherwise, the terms “we”, “us”, “our”, or “the Company” refer to UFP Technologies, Inc. and its consolidated subsidiaries.

Overview

UFP Technologies is an innovative designer and custom converter of foams, plastics, and natural fiber materials, principally serving the medical, automotive, consumer, electronics, industrial, and aerospace and defense markets. The Company consists of a single operating and reportable segment.

The Company had a 3.5% increase in sales through the first half of 2017, largely fueled by continued growth in sales to customers in the medical market. Also, the Company improved gross margins for the six-month period to 26.0% from 24.9% in the first half of 2016 as the Company has become much more efficient in manufacturing in those plants impacted by recent consolidations. The combination of sales growth coupled with the gross margin improvement helped the Company generate a 26.0% increase in net income in the first half of 2017 as compared to the first half of 2016. Absent non-recurring restructuring and material overcharge items, net income increased by 31% in the first half of 2017.

The Company’s previously announced consolidation and relocation efforts were complete as of June 30, 2017. The Company is in the process of further expanding its Newburyport, Massachusetts, manufacturing plant. The Company constantly evaluates ways to enhance operating efficiencies and will consider additional expansions, consolidations, or relocations of operations from time to time.

The Company’s current strategy includes further organic growth and growth through strategic acquisitions.

Results of Operations

Sales

Sales for the three-month period ended June 30, 2017 were approximately $37.9 million, consistent with sales in the same period in 2016. During the three-month period ended June 30, 2017 sales to customers in the medical market increased approximately 11.1%. This increase was offset by decreases in sales to customers in the automotive, industrial and aerospace and defense markets of approximately 17.8%, 10.8%, and 10.3%, respectively. The increase in sales to customers in the medical market was primarily due to strong demand for our customers’ products in this market as well as selective price increases. The decline in sales to customers in the automotive market was primarily due to soft demand for interior trim components in certain legacy programs. The decline in sales to customers in the industrial market was primarily due to credit issues at one of this market’s larger customers. The decline in sales to customers in the aerospace and defense market was primarily due to the phase-out of a certain helmet program in the third quarter of 2016. We have been notified that the remaining portion of our southeast automotive door panel program for Mercedes Benz, which began in 2004, will end in the fourth quarter of this year. We estimate sales for the program will total $2.3 million in 2017 and will be $0 in 2018.

Sales for the six-month period ended June 30, 2017 increased approximately 3.5% to $74.9 million from sales of $72.4 million for the same period in 2016. The increase in sales for the six-month period ended June 30, 2017, was primarily due to increases in sales to customers in the medical market of approximately 11.5% partially offset by decreases in sales to customers in the automotive and industrial markets of approximately 5.2% and 10.9% respectively. The increase in sales to customers in the medical market was primarily due to strong demand for our customers’ products as well as selective price increases. The decline in sales to customers in the automotive market was primarily due to soft demand for interior trim components in certain legacy programs. The decline in sales to customers in the industrial market was primarily due to credit issues at one of this market’s larger customers.

Gross Profit

Gross profit as a percentage of sales (“gross margin”) decreased to 26.2% for the three-month period ended June 30, 2017, from 27.1% for the same period in 2016. As a percentage of sales, material and labor costs collectively increased 0.1%, while overhead increased 0.8%. The increase in overhead as a percentage of sales is primarily due to an increase in indirect labor costs of approximately $300,000 due largely to hires made in the second half of 2016 to support growth.

Gross profit as a percentage of sales increased to 26.0% for the six-month period ended June 30, 2017, from 24.9% for the same period in 2016. As a percentage of sales, material and labor costs collectively decreased 1.9%, while overhead increased 0.8%. The decrease in collective material and labor costs as a percentage of sales is primarily due to gains in manufacturing efficiencies resulting from continuous improvement initiatives, strategic price increases and an improvement in the overall book of business. The increase in overhead is primarily due to an increase in indirect labor costs of approximately $900,000 due largely to hires made in the second half of 2016 to support growth.

Selling, General and Administrative Expenses

Selling, general, and administrative expenses (“SG&A”) decreased approximately 6.3% to $6.1 million for the three-month period ended June 30, 2017 from $6.5 million for the same period in 2016. As a percentage of sales, SG&A decreased to 16.0% for the three-month period ended June 30, 2017, from 17.1% for the same three-month period in 2016. The decrease in SG&A for the three-month period ended June 30, 2017, is primarily due to reductions in general and administrative payroll, recruiting and other SG&A related expenses. The decrease in SG&A as a percentage of sales is primarily due to reductions in general and administrative payroll.

SG&A was approximately $12.3 million for the six-month period ended June 30, 2017 consistent with SG&A in the same period in 2016. As a percentage of sales, SG&A decreased to 16.5% for the six-month period ended June 30, 2017 from 17.1% for the same six-month period in 2016. The decrease in SG&A as a percentage of sales is primarily due to reductions in recruiting and other SG&A related expenses.

Restructuring Costs

For the three-month period ended June 30, 2017 the Company incurred approximately $63,000 in restructuring costs as compared to approximately $55,000 for the same period in 2016.

Additional information regarding restructuring costs can be found in Note 11 of the Notes to Interim Condensed Consolidated Financial Statements.

Material Overcharge Settlement

Interest Income and Expense

The Company had net interest income of approximately $29,000 and $15,000 for the three-month periods ended June 30, 2017 and 2016, respectively. The Company had net interest income of approximately $57,000 and $26,000 for the six-month periods ended June 30, 2017 and 2016, respectively. The increase in net interest income is primarily due to an increase in interest earned on money market accounts and certificates of deposit and decreasing interest costs on the Company’s term loans.

Income Taxes

The Company recorded tax expense of approximately 33.4% and 35.0% of income before income tax expense, respectively, for each of the three-month periods ended June 30, 2017 and 2016. The decrease in the effective tax rate for the current period is due to a tax benefit of approximately $63,000 recorded in the three-month period ended June 30, 2017 as a result of the adoption of ASU No. 2016-09 on January 1, 2017 (See Note 1). The Company recorded a tax expense of approximately 33.2% and 35.7% of income before income tax expense for each of the six-month periods ended June 30, 2017 and 2016. The decrease in the effective tax rate for the current period is due to a tax benefit of approximately $132,000 recorded in the six-month period ended June 30, 2017 as a result of the adoption of ASU No. 2016-09 on January 1, 2017 (See Note 1); and a tax assessment of approximately $40,000 from one jurisdiction recorded in the first quarter of 2016. The Company notes the potential for volatility in its effective tax rate, as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly into income tax expense. The Company has deferred tax assets on its books associated with net operating losses generated in previous years. The Company has considered both positive and negative available evidence in its determination that the deferred tax assets are more likely than not to be realized, and has not recorded a tax valuation allowance at June 30, 2017. The Company will continue to assess whether the deferred tax assets will be realizable and, when appropriate, will record a valuation allowance against these assets. The amount of the net deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced.

Liquidity and Capital Resources

The Company generally funds its operating expenses, capital requirements, and growth plan through internally generated cash and bank credit facilities.

Cash Flows

Net cash provided by operations for the six-month period ended June 30, 2017 was approximately $7.9 million and was primarily a result of net income generated of $4.8 million, depreciation and amortization of approximately $2.8 million, share-based compensation of $0.6 million, an increase in deferred taxes of $0.2 million, a decrease in refundable income taxes of approximately $0.8 million, and an increase in other long-term liabilities of $0.1 million. These cash inflows and adjustments to income were partially offset by an increase in accounts receivable of approximately $1.1 million due to strong June sales, an increase in prepaid expenses of approximately $0.2 million due to upfront insurance premium payments, and a decrease in accounts payable of approximately $0.1 million due to the timing of vendor payments in the ordinary course of business.

Net cash used in investing activities during the six-month period ended June 30, 2017 was approximately $4.5 million and was primarily the result of additions of manufacturing machinery and equipment and the expansion of the production and warehouse facility in Massachusetts.

Net cash used in financing activities was approximately $0.3 million during the six-month period ended June 30, 2017, representing cash used to service term debt of approximately $0.5 million and to pay statutory withholding for stock options exercised and restricted stock units vested of approximately $0.1 million, partially offset by net proceeds received upon stock options exercises of approximately $0.3 million.

Outstanding and Available Debt

The Company maintains an unsecured $40 million revolving credit facility with Bank of America, N.A. The credit facility calls for interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from 0.25% to zero. In both cases the applicable margin is dependent upon Company performance. Under the credit facility, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant. The Company’s $40 million credit facility matures on November 30, 2018.

As of June 30, 2017, the Company had no borrowings outstanding under the credit facility. Included in the credit facility were approximately $0.4 million in standby letters of credit drawable as a financial guarantee on worker’s compensation insurance policies. As of June 30, 2017, the Company was in compliance with all covenants under the credit facility.

In 2012, the Company financed the purchase of two molded fiber machines through five-year term loans that mature in September 2017. The annual interest rate is fixed at 1.83% and the loans are secured by the related molded fiber machines. As of June 30, 2017, the outstanding balance of the term loan facility was approximately $0.3 million.

Future Liquidity

The Company requires cash to pay its operating expenses, purchase capital equipment, and service its contractual obligations. The Company’s principal sources of funds are its operations and its revolving credit facility. The Company generated cash of approximately $7.9 million from operations during the six-month period ended June 30, 2017; however, the Company cannot guarantee that its operations will generate cash in future periods. The Company’s longer-term liquidity is contingent upon future operating performance.

Throughout fiscal 2017, the Company plans to continue to add capacity to enhance operating efficiencies in its manufacturing plants. The Company is in the process of further expanding its Newburyport, Massachusetts, manufacturing plant. The Company may consider additional acquisitions of companies, technologies, or products that are complementary to its business. The Company believes that its existing resources, including its revolving credit facility, together with cash expected to be generated from operations and funds expected to be available to it through any necessary equipment financings and additional bank borrowings, will be sufficient to fund its cash flow requirements, including capital asset acquisitions, through the next twelve months.

Stock Repurchase Program

On June 16, 2015, the Company announced that its Board of Directors authorized the repurchase of up to $10.0 million of the Company’s outstanding common stock. Under the program, the Company is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The stock repurchase program will end upon the earlier of the date on which the plan is terminated by the Board or when all authorized repurchases are completed. The timing and amount of stock repurchases, if any, will be determined based upon our evaluation of market conditions and other factors. The stock repurchase program may be suspended, modified, or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program. The Company did not repurchase any shares of its common stock under this program in the first six months of 2017. Through June 30, 2017, the Company had repurchased a total of 29,559 shares of its common stock under this program at a cost of approximately $587,000. At June 30, 2017, approximately $9.4 million was available for future repurchases of the Company’s common stock under this authorization.

Commitments and Contractual Obligations

There have been no material changes outside the ordinary course of business to our contractual obligations and commitments, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016.

Off-Balance-Sheet Arrangements

In addition to operating leases, the Company’s off-balance-sheet arrangements include standby letters of credit which are included in the Company’s revolving credit facility. As of June 30, 2017, there was approximately $0.4 million in standby letters of credit drawable as a financial guarantee on worker’s compensation insurance policies.

ITEM 3:

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risks as previously disclosed in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2016.

ITEM 4:

CONTROLS AND PROCEDURES

As of the end of the period covered by this report (the “Evaluation Date”), the Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in SEC Rule 13a-15(e) or 15d-15(e)). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There has been no change in the Company’s internal control over financial reporting during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II:

OTHER INFORMATION

ITEM 1A:

RISK FACTORS

There have been no material changes from the risk factors previously disclosed in Part 1 - Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

ITEM 2:

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer’s Purchases of Equity Securities

On June 16, 2015, the Company issued a press release announcing that its Board of Directors authorized the repurchase of up to $10.0 million of the Company’s outstanding common stock. The Company did not repurchase any shares of its common stock under this program in the first six months of 2017. Through June 30, 2017, the Company had repurchased a total of 29,559 shares of its common stock under this program at a cost of approximately $587,000. At June 30, 2017, approximately $9.4 million was available for future repurchases of the Company’s common stock under this authorization.

ITEM 6:

EXHIBITS

Exhibit No.		Description
10.1		First Amendment to Facility Lease between the Company and Susana Property Co. dated July 6, 2012.*
31.1		Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.*
31.2		Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.*
32.1		Certifications pursuant to 18 U.S.C., Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS		XBRL Instance Document.*
101.SCH		XBRL Taxonomy Extension Schema Document.*
101.CAL		XBRL Taxonomy Calculation Linkbase Document.*
101.LAB		XBRL Taxonomy Label Linkbase Document.*
101.PRE		XBRL Taxonomy Presentation Linkbase Document.*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.*

__________________

*		Filed herewith.
**		Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

UFP TECHNOLOGIES, INC.

Date: August 9, 2017		By: /s/ R. Jeffrey Bailly
		R. Jeffrey Bailly Chairman, Chief Executive Officer, President, and Director (Principal Executive Officer)

Date: August 9, 2017		By: /s/ Ronald J. Lataille
		Ronald J. Lataille Chief Financial Officer (Principal Financial Officer)

EXHIBIT INDEX

Exhibit No.		Description

10.1		First Amendment to Facility Lease between the Company and Susana Property Co. dated July 6, 2012.*
31.1		Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.*
31.2		Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.*
32.1		Certifications pursuant to 18 U.S.C., Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS		XBRL Instance Document.*
101.SCH		XBRL Taxonomy Extension Schema Document.*
101.CAL		XBRL Taxonomy Calculation Linkbase Document.*
101.LAB		XBRL Taxonomy Label Linkbase Document.*
101.PRE		XBRL Taxonomy Presentation Linkbase Document.*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.*

__________________

*		Filed herewith.
**		Furnished herewith.

EX-10.1 2 exh_101.htm EXHIBIT 10.1

EXHIBIT 10.1

FIRST AMENDMENT TO LEASE

DATED JULY 6, 2012

THIS FIRST AMENDMENT TO LEASE (the “Amendment”) is made this 17th day of July, 2017, by and between SUSANA PROPERTY CO., a California general partnership (“Lessor”) and UFP TECHNOLOGIES, INC., a Delaware corporation (“UFPT or Lessee”), as assignee from assignor and lessees, Advanced Materials Group, Inc., (“AMG”). Following numerous amendments, Lessor and UFPT entered into a Standard Industrial/Commercial Single-Tenant Lease-Net (the “Lease”) dated July 6, 2012 between Lessor and Lessee (hereinafter jointly referred to as “Parties”). This amendment is made with reference to the following facts:

RECITALS:

A. Lessor entered into a Lease with AMG whereby Lessor leased to AMG the entire premises (the “Premises”) commonly known as 20211 Susana Road, Compton, California.

B. On July 2, 2009, AMG and its subsidiary Advanced Materials, Inc. (“AMI”) (collectively the “Debtors”) each commenced a chapter 11 bankruptcy case by filing a voluntary petition with the United States Bankruptcy Court for the Central District of California.

C. UFPT purchased substantially all of the Debtors’ assets pursuant to a sale under Section 363 of the United States Bankruptcy Code and assumed the Lease executed by AMG and AMI as lessees dated August 2, 1994 and thereafter revised by three subsequent amendments dated on or about November 14, 1999, August 24, 2004 and May 6, 2005.

D. A Fourth Amendment to Lease was executed by UFPT as Lessee and Lessor on or about August 29, 2009 with a new expiration date of November 14, 2010

E. A Fifth Amendment to Lease was executed by and between UFPT as Lessee and Lessor on or about April 29, 2010 with a new expiration date of November 14, 2011.

F. A Sixth Amendment to Lease was executed by and between UFPT as Lessee and Lessor on or about April 14, 2011 with a new expiration date of November 14, 2012.

G. The Parties hereto, on or about July 6, 2012, executed a new lease with a five year expiration date of November 14, 2017. Said lease provided, among other term and conditions, an Option to further extend the expiration date for five additional years.

H. UFPT by letter to Lessor dated May 1, 2017 timely exercised its Option as contained in paragraph 52 of the lease referenced in Recital G (above). Subsequent thereto the Parties discussed the FMV (“fair market value”) of the leased premises with the intent to establish the new FMV as of the adjustment date, that is, the lease expiration date (November 14, 2017, see Recital G).

I. Following a mutual exchange of data, written and oral communications, the Parties made a reasonable determination of the FMV which is now set forth in this “First Amendment to Lease dated July 6, 2012” and set forth in their respective emails. This amendment and the stated FMV therein will become the new “Base Rent” in the Option term and shall be used in calculating further adjustments on the dates stated in paragraph #52 of the Lease.

AGREEMENT:

NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, LESSOR AND UFPT AS LESSEE HEREBY AGREE AS FOLLOWS:

1. The initial termination date of the Lease is extended for an additional five (5) years, that is from November 14, 2017 to November 14, 2022.

2. The monthly “Base Rent” commencing November 15, 2017 through November 14, 2018 shall be $46,480 and adjusted annually thereafter determined by the calculations each fiscal year on the dates all as provided in Paragraph III of the Option to Extend (paragraph #52 of the Lease).

3. Lessor and UFPT agree that but for the specific modifications set forth in this Amendment, all the terms and provisions of the Lease, as amended, shall continue and remain in full force and effect. Notwithstanding the foregoing, to the extent any paragraph, provision, or condition of the Lease provides or is intended that its effectiveness or use is predicated or limited to dates or times stated therein or that have lapsed and is not intended to be continuous, shall be deemed to be deleted and not binding on the parties hereto.

4 Lessor and UFPT each represent to the other that the signatories executing this Amendment have the requisite power and authority to execute this First Amendment for and on behalf of each of said parties.

IN WITNESS WHEREOF, Lessor and UFPT have executed this Amendment on the day and year first above written.

SUSANA PROPERTY CO., a

California general partnership

By:	/s/ Thomas Schneider	Dated: July 21, 2017
	Thomas Schneider
	General & Managing Partner

UFP TECHNOLOGIES, INC., a

Delaware Corporation

By:	/s/ Ron Lataille	Dated: July 17, 2017
	Ron Lataille
	Chief Financial Officer

EX-31.1 3 exh_311.htm EXHIBIT 31.1

EXHIBIT 31.1

EXHIBITS

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, R. Jeffrey Bailly, President and Chief Executive Officer of UFP Technologies, Inc. certify that:

I have reviewed this quarterly report on Form 10-Q of UFP Technologies, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2017	/s/ R. Jeffrey Bailly
	R. Jeffrey Bailly
	Chairman, Chief Executive Officer, President, and Director
	(Principal Executive Officer)

EX-31.2 4 exh_312.htm EXHIBIT 31.2

EXHIBIT 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Ronald J. Lataille, Chief Financial Officer of UFP Technologies, Inc., certify that:

I have reviewed this quarterly report on Form 10-Q of UFP Technologies, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2017	/s/ Ronald J. Lataille
	Ronald J. Lataille
	Chief Financial Officer
	(Principal Financial Officer)

EX-32.1 5 exh_321.htm EXHIBIT 32.1

EXHIBIT 32.1

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officers of UFP Technologies, Inc., a Delaware corporation (the “Company”) do hereby certify that, to the best of such officers’ knowledge and belief, that:

(1)

The Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Form 10-Q fairly presents, in all materials respects, the financial condition and results of operations of the Company.

Date: August 9, 2017	/s/ R. Jeffrey Bailly
	R. Jeffrey Bailly
	Chairman, Chief Executive Officer, President, and Director
	(Principal Executive Officer)


Date: August 9, 2017	/s/ Ronald J. Lataille
	Ronald J. Lataille
	Chief Financial Officer
	(Principal Financial Officer)

A signed original of these written statements required by Section 906 has been provided to UFP Technologies, Inc. and will be retained by UFP Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 6 ufpt-20170630.xml XBRL INSTANCE FILE false --12-31 Q2 2017 2017-06-30 10-Q 0000914156 7267662 Yes Accelerated Filer UFP TECHNOLOGIES INC No No ufpt <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>)</div></td> <td><div style="display: inline; font-weight: bold;">Plant Consolidations</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><div style="display: inline; font-style: italic;">Restructuring Costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 18, 2015, </div>the Company committed to move forward with a plan to cease operations at its Raritan, New Jersey, plant and consolidate operations into its Newburyport, Massachusetts, facility and other UFP facilities. The Company’s decision was in response to a continued decline in business at the Raritan facility and the Company’s purchase of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">137,000</div>-square-foot facility in Newburyport. The activities related to this consolidation are complete.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The Company also relocated all operations in its Haverhill, Massachusetts, and Byfield, Massachusetts, facilities and relocated certain operations in its Georgetown, Massachusetts, facility to Newburyport. The Haverhill and Byfield relocations were complete at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>and the partial Georgetown relocation was complete at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The Company incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time expenses in connection with the Massachusetts consolidations. Included in this amount are approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$180,000</div> relating to employee severance payments and relocation costs, approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.6</div> million in moving expenses and expenses associated with vacating the Raritan, Haverhill, and Byfield properties, and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$360,000</div> in lease termination costs. Total cash charges were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The company recorded the following restructuring costs associated with the Massachusetts consolidations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>- and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> (in thousands):</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 27pt;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<br /> June 30,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<br /> June 30,</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid">Restructuring Costs</td> <td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; padding-bottom: 1pt">Relocation</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">178</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">Total</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">178</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">Costs for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>- and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>- month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>were reclassified in the Condensed Consolidated Statement of Income as “Restructuring Costs” from Cost of Sales.</div></div> 1 315000 449000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><div style="display: inline; font-style: italic;">Revisions</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Certain revisions have been made to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> Condensed Consolidated Statement of Cash Flows to conform to the current year presentation relating to a reserve for uncertain tax positions and to cash paid for capital expenditures. The reclassification of a reserve for uncertain tax positions resulted in an increase to the change in refundable income taxes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$315,000</div> and a decrease to the change in accrued expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$315,000.</div> A change in presentation of cash paid for capital expenditures resulted in a decrease of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">284,000</div></div> in both the change in accounts payable and in additions to property, plant and equipment, net. In addition, certain revisions were made to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> Condensed Consolidated Statement of Income to correct a clerical error which resulted in an increase to Cost of Sales and Material Overcharge Settlement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,000.</div> These revisions had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on previously reported net income and are deemed immaterial to the previously issued financial statements.</div></div></div> 6511 0 26.45 24.50 22.82

4394000

4002000

4629000

4698000

50521000

48290000

26059000

25216000

105000

100000

200000

117000

141000

126000

177000

105000

95000

205000

160000

427000

441000

636000

642000

617000

567000

79000

159000

79000

159000

12336

27336

52377

53695

137000

133690000

127934000

73379000

69847000

63000

55000

63000

178000

495000

284000

34514000

31359000

29804000

27007000

0.001

0.01

20000000

7281632

7242023

7252073

7212464

73000

72000

0.492

0.443

0.482

0.448

0.162

0.197

0.171

0.187

0.132

0.133

0.13

0.133

0.078

0.076

0.075

0.079

0.069

0.077

0.067

0.078

0.067

0.075

9000

27945000

27616000

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1682000

160000

224000

3619000

3459000

2796000

2749000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>)</div></td> <td><div style="display: inline; font-weight: bold;">Share-Based Compensation</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016. </div>The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands):</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 27pt;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<br /> June 30,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<br /> June 30,</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid">Share-based compensation related to:</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 48%; text-align: left">Common stock granted to the Board of Directors</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Common stock granted to the Chief Executive Officer</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Stock options granted to directors and employees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">141</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">126</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">Restricted Stock Unit awards to employees</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">205</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">160</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.25pt">Total share-based compensation</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">427</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">441</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">636</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">642</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$199,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$103,000,</div> respectively, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; color: windowtext"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$336,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$161,000,</div> respectively, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></div>.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div>   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.9pt 0pt 27pt">The following is a summary of stock option activity under all plans for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; color: windowtext"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017</div></div>:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.9pt 0pt 27pt"> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: center"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 27pt;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Shares Under <br /> Options</div></td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td nowrap="nowrap" colspan="3" style="font-weight: normal; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Weighted <br /> Average <br /> Exercise Price<br /> </div><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"> (per share)</div></td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td nowrap="nowrap" colspan="3" style="font-weight: normal; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Weighted <br /> Average <br /> Remaining <br /> Contractual <br /> Life<br /> <div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"></div></div><div style="display: inline; font: 10pt Times New Roman, Times, Serif">(in years)</div></td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td nowrap="nowrap" colspan="3" style="font-weight: normal; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Aggregate <br /> Intrinsic <br /> Value <br /> </div><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">(in thousands)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Outstanding at December 31, 2016</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">232,578</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.53</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,336</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27.05</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(33,196</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.45</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,750</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.85</div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Outstanding at June 30, 2017</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">207,968</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.41</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.75</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,201</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">Exercisable at June 30, 2017</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201,718</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.21</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.80</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,177</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Vested and expected to vest at June 30, 2017</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">207,968</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.41</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.75</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,201</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: center"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 6, 2017, </div>the Company granted options to its directors for the purchase of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,336</div> shares of common stock at that day’s closing price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27.05.</div> The compensation expense related to these grants was determined as the fair value of the options using the Black Scholes option pricing model based on the following assumptions:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 27pt;"> <tr style="vertical-align: middle; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 58%">Expected volatility</td> <td style="text-align: left; width: 42%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29.1%</div></td> </tr> <tr style="vertical-align: middle; background-color: White"> <td style="text-align: left">Expected dividends</td> <td style="text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">None</div></td> </tr> <tr style="vertical-align: middle; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td> <td style="text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.84%</div></td> </tr> <tr style="vertical-align: middle; background-color: White"> <td style="text-align: left">Exercise price</td> <td style="text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27.05</div></td> </tr> <tr style="vertical-align: middle; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term (in years)</td> <td style="text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> </tr> <tr style="vertical-align: middle; background-color: White"> <td style="text-align: left">Weighted-average grand date fair value</td> <td style="text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.51</div></td> </tr> </table> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; color: windowtext"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></div>, the total intrinsic value of all options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employees to exercise the options) was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$391,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$518,000,</div> respectively, and the total amount of consideration received by the Company from the exercised options was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$487,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$449,000,</div> respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,511</div> shares <div style="display: inline; color: windowtext">surrendered at an average market price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26.45.</div></div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> shares surrendered for this purpose.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2</div><div style="display: inline; color: black"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company’s Compensation Committee approved the award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$400,000,</div> payable in shares of common stock to the Company’s Chairman, Chief Executive Officer, and President under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2003</div> </div><div style="display: inline; color: windowtext">Incentive Plan. The shares will be issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December, 2017. </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div>   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The following table summarizes information about Restricted Stock Units (“RSUs”) activity during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 27pt;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restricted<br /> Stock Units</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average<br /> Award Date<br /> Fair Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Unvested at December 31, 2016</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,558</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.05</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Awarded</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,360</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24.70</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Shares vested</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,419</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23.54</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">Unvested at June 30, 2017</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,499</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.23</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">At the Company’s discretion, RSU holders are given the option to net-share settle to cover the required minimum withholding tax, and the remaining amount is converted into the equivalent number of common shares. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,377</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,889</div> shares were surrendered at an average market price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24.50</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22.82,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><div style="display: inline; color: windowtext">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the Company had approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$900,000</div> of unrecognized compensation expense, which is expected to be recognized over a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.75</div> years</div>.</div></div>

0.36

0.38

0.66

0.53

0.36

0.38

0.66

0.53

0.334

0.35

0.332

0.357

900000

P3Y273D

199000

103000

336000

161000

126000

P14Y

P5Y

P14Y

P5Y

429000

481000

1918000

2828000

429000

449000

1791000

2669000

159000

429000

512000

2046000

2987000

429000

512000

2046000

2987000

-3000

4000

-8000

-3000

4000

9000

121000

432000

121000

432000

7322000

9941000

10286000

19457000

18013000

3959000

4208000

7193000

5923000

-63000

-132000

1329000

1473000

2392000

2113000

1434000

728000

9000

807000

-284000

-103000

581000

-315000

-69000

-920000

315000

-798000

-1147000

-56000

-318000

63000

35000

142000

112000

174000

1665000

1057000

5539000

84000

75000

84000

79000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>)</div></td> <td><div style="display: inline; font-weight: bold;">Other Intangible Assets</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">The carrying values of the Company’s definite lived intangible assets as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> are as follows (in thousands):</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; color: Red"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 27pt;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Patents</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-<br /> Compete</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Customer<br /> List</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Estimated useful life (in years)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Gross amount at June 30, 2017</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">429</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">512</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,046</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,987</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Accumulated amortization at June 30, 2017</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(429</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(481</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,918</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,828</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">Net balance at June 30, 2017</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">128</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">159</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Estimated useful life (in years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Gross amount at December 31, 2016</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">429</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">512</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,046</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,987</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Accumulated amortization at December 31, 2016</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(429</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(449</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,791</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,669</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Net balance at December 31, 2016</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">255</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">318</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; color: Red"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Amortization expense related to intangible assets was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">79,000</div></div> for each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> and was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">159,000</div></div> for each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the estimated remaining amortization expense for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$159,000.</div></div></div>

31000

128000

159000

63000

255000

318000

13000

17000

27000

36000

26000

35000

6035000

5686000

14095000

14151000

6737000

7111000

1323000

1354000

42000

32000

84000

62000

14992000

14881000

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127934000

9365000

9556000

121000

432000

1700000

121000

432000

342000

856000

3155000

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-19000

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7926000

1294000

4801000

3810000

2630000

2735000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><div style="display: inline; font-style: italic;">Recent Accounting Pronouncements</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div>, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard will replace most existing revenue recognition guidance when it becomes effective. The standard permits the use of either the full retrospective or modified retrospective transition methods. The Company expects to adopt the standard in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> using the modified retrospective transition method. The Company is continuing to evaluate its revenue sources for potential impact. Based on the work completed to date, the Company expects that for a significant portion of its business, the recognition of revenue under the updated standard will occur at a point in time, which is consistent with current practice.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases.</div> The guidance in this ASU supersedes the leasing guidance in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840,</div> <div style="display: inline; font-style: italic;">Leases</div>. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The amendments in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> are effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> including interim periods within that reporting period with early adoption permitted. The Company is evaluating the impact of adopting this ASU on its consolidated financial position and results of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> <div style="display: inline; font-style: italic;">Improvements to Employee Share Based Payment Accounting</div>. This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards, forfeitures and classification on the statement of cash flows. The Company adopted this ASU on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2017. </div>As the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> had a significant amount of forfeitures historically, under the provisions of this ASU the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. The impact of adopting this update to the Company’s Consolidated Financial Statements will depend on market factors and the timing and intrinsic value of future share-based compensation award vests and exercises. Subsequent to adoption, the Company notes the potential for volatility in its effective tax rate as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly to income tax expense in the Condensed Consolidated Statement of Income.</div></div></div>

3930000

4193000

7136000

5897000

1994000

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132000

184000

2000000

107000

89000

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4471000

4076000

0.01

1000000

2455000

2281000

6000

4000

487000

449000

101357000

96806000

50836000

48516000

22306000

21249000

514000

505000

180000

1600000

360000

2100000

63000

55000

63000

178000

63000

55000

63000

178000

93153000

88352000

148000

37886000

37902000

74939000

72406000

18654000

16790000

36115000

32404000

6125000

7454000

12843000

13543000

5015000

5025000

9707000

9655000

2942000

2874000

5635000

5741000

2602000

2918000

5036000

5650000

2548000

2841000

5603000

5413000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 27pt;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Sales</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%">Medical</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,654</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49.2</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,790</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44.3</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,115</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48.2</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,404</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44.8</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Automotive</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,125</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,454</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.7</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,843</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.1</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,543</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.7</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Consumer</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,015</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,025</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,707</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,655</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Electronics</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,942</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,874</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,635</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.5</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,741</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.9</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Industrial</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,602</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,918</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.7</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,036</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.7</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,650</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Aerospace & Defense</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,548</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.7</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,841</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.5</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,603</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.5</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,413</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.5</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 10pt">Net Sales</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,886</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,902</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,939</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,406</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> </tr> </table></div>

6061000

6470000

12376000

12374000

636000

642000

30360

24.70

46558

63499

20.05

21.23

13419

23.54

27.05

0.291

0.0184

201718

17.21

391000

518000

3750

12336

8.51

2201000

232578

207968

16.53

17.41

2201000

207968

26.45

18.85

27.05

P5Y292D

2177000

P3Y292D

P3Y273D

4377

3889

33196

400000

118698000

113053000

40000

29559

587000

7323000

7250000

7312000

7238000

7239000

7175000

7228000

7159000

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The 2003 Incentive Plan [Member] Represents the reporting entity's "2003 Incentive Plan." Statement [Table] ufpt_SharesPaidForExercisePriceAndTaxWithholdingForShareBasedCompensation Shares Paid for Exercise Price and Tax Withholding for Share Based Compensation Represents the number of shares the employees use to repay the employer for the exercise price and income tax withholding obligations. ufpt_SharesPaidForTaxWithholdingForShareBasedCompensationMarketPrice Shares Paid for Tax Withholding for Share Based Compensation Market Price For net-share settlement of share-based awards when the employer settles employees' income tax withholding obligations, this element represents the market price per share of shares used by the employees to repay the employer. Directors and Employees [Member] Represents the reporting entity's directors and employees. Noncompete Agreements [Member] Plant Consolidation Disclosure [Text Block] The entire disclosure for plant consolidation consisting of restructuring and consolidation of plant facilities of the entity. ufpt_PreferredStockDividendsNumberOfPreferredSharePurchaseRightsDistributedForEachShareOfCommonStockOutstanding Preferred Stock Dividends Number of Preferred Share Purchase Rights Distributed for each Share of Common Stock Outstanding Represents the number of preferred share purchase rights declared as dividend for each outstanding share of common stock on March, 2009. Non-qualified deferred compensation plan Income Statement [Abstract] Medical [Member] Information pertaining to the Medical group of major customers. Series A Junior Participating Preferred Stock [Member] Represents the "Series A Junior Participating Preferred Stock," which is a classification of auction market preferred securities. Consumer [Member] Information pertaining to the Consumer group of major customers. Cash flows from financing activities: Automotive [Member] Information pertaining to the Automotive group of major customers. Industrial [Member] Information pertaining to the Industrial group of major customers. Electronics [Member] Information pertaining to the Electronics group of major customers. Class of Stock [Domain] Patents [Member] Class of Stock [Axis] Aerospace & Defense [Member] Information pertaining to the Aerospace & Defense group of major customers. Award Type [Axis] Schedule of Weighted Average Number of Shares [Table Text Block] Equity Award [Domain] Employee Severance Payments and Relocation Costs [Member] Represents restructuring costs related to employee severance payments and relocation costs. Newburyport, Massachusetts Facility [Member] Represents the facility located in Newburyport, Massachusetts. Lease Termination [Member] Represents restructuring costs related to the lease termination. Moving and Vacating Expense [Member] Represents the restructuring costs related to moving and vacating expenses. Customer Lists [Member] Finite-Lived Intangible Assets, Major Class Name [Domain] Segment Reporting Disclosure [Text Block] Vention Medical, Inc. [Member] Represents the information pertaining to the transaction with Vention Medical Inc. Non-employee Members of Board of Directors [Member] Person serving on the board of directors (who collectively have responsibility for governing the entity). Polyurethane Foam Antitrust Lawsuit [Member] Represents the defendant in a class action lawsuit against a number of polyurethane foam suppliers. Finite-Lived Intangible Assets by Major Class [Axis] us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements us-gaap_LiabilitiesCurrent Total current liabilities Raw materials Chairman Chief Executive Officer and President [Member] Represents the entity's Chairman, the highest ranking executive officer, who has an ultimate managerial responsibility for the entity and who reports to the board of directors and the first or second ranking officer who may be appointed by the board of directors. Finished goods ufpt_SharesPaidForExercisePriceAndTaxWithholdingForShareBasedCompensationAverageMarketPrice Shares Paid for Exercise Price and Tax Withholding for Share-based Compensation, Average Market Price Represents the average price per share used by the employees to repay the employer for the exercise price and income tax withholding obligations. Work in process Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Changes in operating assets and liabilities: Share-based Compensation, Stock Options, Activity [Table Text Block] Exercise price (in dollars per share) Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] Interest income Risk-free interest rate Expected volatility us-gaap_OperatingIncomeLoss Operating income Preferred Share Purchase Right [Member] Represents the preferred share purchase right (the "Right"). Each Right entitles the registered holders to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company. Schedule of Inventory, Current [Table Text Block] Inventory Disclosure [Text Block] us-gaap_DeferredIncomeTaxExpenseBenefit Deferred income taxes Expected term (in years) (Year) us-gaap_GrossProfit Gross profit Litigation Case [Domain] Treasury stock, shares (in shares) Amendment Flag us-gaap_RestructuringCosts Total Litigation Case [Axis] Current installments of long-term debt Common stock, $.01 par value, 20,000,000 shares authorized; 7,281,632 and 7,252,073 shares issued and outstanding, respectively at June 30, 2017; and 7,242,023 and 7,212,464 shares issued and outstanding, respectively at December 31, 2016 us-gaap_PaymentsForRestructuring Payments for Restructuring us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities Excess tax benefit on share-based compensation Common stock, shares authorized (in shares) Shares vested (in dollars per share) Common stock, shares issued (in shares) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue Unvested, weighted average award date fair value (in dollars per share) Unvested, weighted average award date fair value (in dollars per share) Other assets us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber Unvested (in shares) Unvested (in shares) Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Income Tax Disclosure [Text Block] Awarded, weighted average award date fair value (in dollars per share) Share-based compensation us-gaap_GainLossOnSaleOfPropertyPlantEquipment Loss (Gain) on sale of fixed assets Awarded (in shares) Current Fiscal Year End Date us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod Shares vested (in shares) Vested and expected to vest, weighted average exercise price (in dollars per share) us-gaap_GainLossRelatedToLitigationSettlement Gain (Loss) Related to Litigation Settlement Material overcharge settlement Vested and expected to vest (in shares) Document Fiscal Period Focus Vested and expected to vest, weighted average remaining contractual life (Year) Document Fiscal Year Focus EX-101.PRE 11 ufpt-20170630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2017	Aug. 01, 2017
Document Information [Line Items]
Entity Registrant Name	UFP TECHNOLOGIES INC
Entity Central Index Key	0000914156
Trading Symbol	ufpt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		7,267,662
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 34,514	$ 31,359
Receivables, less allowance for doubtful accounts of $617 at June 30, 2017 and $567 at December 31, 2016	22,306	21,249
Inventories	14,095	14,151
Prepaid expenses	2,455	2,281
Refundable income taxes	9	807
Total current assets	73,379	69,847
Property, plant and equipment	101,357	96,806
Less accumulated depreciation and amortization	(50,521)	(48,290)
Net property, plant and equipment	50,836	48,516
Goodwill	7,322	7,322
Intangible assets, net	159	318
Other assets	1,994	1,931
Total assets	133,690	127,934
Current liabilities:
Accounts payable	4,394	4,002
Accrued expenses	4,629	4,698
Current installments of long-term debt	342	856
Total current liabilities	9,365	9,556
Deferred income taxes	3,619	3,459
Non-qualified deferred compensation plan	1,876	1,682
Other liabilities	132	184
Total liabilities	14,992	14,881
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized; zero shares issued or outstanding	0	0
Common stock, $.01 par value, 20,000,000 shares authorized; 7,281,632 and 7,252,073 shares issued and outstanding, respectively at June 30, 2017; and 7,242,023 and 7,212,464 shares issued and outstanding, respectively at December 31, 2016	73	72
Additional paid-in capital	26,059	25,216
Retained earnings	93,153	88,352
Treasury stock at cost, 29,559 shares at June 30, 2017 and December 31, 2016	(587)	(587)
Total stockholders’ equity	118,698	113,053
Total liabilities and stockholders' equity	$ 133,690	$ 127,934

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts receivable	$ 617	$ 567
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	7,281,632	7,242,023
Common stock, shares outstanding (in shares)	7,252,073	7,212,464
Treasury stock, shares (in shares)	29,559	29,559

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 37,886	$ 37,902	$ 74,939	$ 72,406
Cost of sales	27,945	27,616	55,482	54,393
Gross profit	9,941	10,286	19,457	18,013
Selling, general & administrative expenses	6,061	6,470	12,376	12,374
Restructuring costs	63	55	63	178
Material overcharge settlement	(121)	(432)	(121)	(432)
Loss (Gain) on sale of fixed assets	8		3	(4)
Operating income	3,930	4,193	7,136	5,897
Interest income	42	32	84	62
Interest expense	(13)	(17)	(27)	(36)
Income before income tax expense	3,959	4,208	7,193	5,923
Income tax expense	1,329	1,473	2,392	2,113
Net income	$ 2,630	$ 2,735	$ 4,801	$ 3,810
Net income per share:
Basic (in dollars per share)	$ 0.36	$ 0.38	$ 0.66	$ 0.53
Diluted (in dollars per share)	$ 0.36	$ 0.38	$ 0.66	$ 0.53
Weighted average common shares outstanding:
Basic (in shares)	7,239	7,175	7,228	7,159
Diluted (in shares)	7,323	7,250	7,312	7,238

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 4,801	$ 3,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,796	2,749
Gain on sale of fixed assets	3	(4)
Share-based compensation	636	642
Excess tax benefit on share-based compensation		(126)
Deferred income taxes	160	224
Changes in operating assets and liabilities:
Receivables, net	(1,057)	(5,539)
Inventories	56	318
Prepaid expenses	(174)	(1,665)
Refundable income taxes	798	1,147
Other assets	(63)	(35)
Accounts payable	(103)	581
Accrued expenses	(69)	(920)
Non-qualified deferred compensation plan and other liabilities	142	112
Net cash provided by operating activities	7,926	1,294
Cash flows from investing activities:
Additions to property, plant and equipment	(4,471)	(4,076)
Proceeds from sale of fixed assets	6	4
Net cash used in investing activities	(4,465)	(4,072)
Cash flows from financing activities:
Principal repayments of long-term debt	(514)	(505)
Proceeds from exercise of stock options, net of attestation	315	449
Excess tax benefit on share-based compensation		126
Payment of statutory withholdings for stock options exercised and restricted stock units vested	(107)	(89)
Net cash used in financing activities	(306)	(19)
Net increase (decrease) in cash and cash equivalents	3,155	(2,797)
Cash and cash equivalents at beginning of period	31,359	29,804
Cash and cash equivalents at end of period	$ 34,514	$ 27,007

XML 17 R6.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

(

)

Basis of Presentation

-Q and do

not

include all the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended

December 31, 2016,

included in the Company's

2016

Annual Report on Form

-K, as filed with the Securities and Exchange Commission.

The condensed consolidated balance sheet as of

June 30, 2017,

the condensed consolidated statements of income for the

three

- and

six

-month periods ended

June 30, 2017

and

2016,

and the condensed consolidated statements of cash flows for the

six

-month periods ended

June 30, 2017

and

2016

are unaudited but, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of results for these interim periods. The condensed consolidated balance sheet as of

December 31, 2016

has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm, but does

not

include all of the information and footnotes required for complete annual financial statements.

The results of operations for the

three

- and

six

-months periods ended

June 30, 2017,

are

not

necessarily indicative of the results to be expected for the entire fiscal year ending

December

31,

2017.

Recent Accounting Pronouncements

May 2014,

the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)

No.

2014

09,

Revenue from Contracts with Customers

, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard will replace most existing revenue recognition guidance when it becomes effective. The standard permits the use of either the full retrospective or modified retrospective transition methods. The Company expects to adopt the standard in the

first

quarter of

2018

using the modified retrospective transition method. The Company is continuing to evaluate its revenue sources for potential impact. Based on the work completed to date, the Company expects that for a significant portion of its business, the recognition of revenue under the updated standard will occur at a point in time, which is consistent with current practice.

February 2016,

the FASB issued ASU

No.

2016

02,

Leases.

The guidance in this ASU supersedes the leasing guidance in Topic

840,

Leases

. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The amendments in ASU

No.

2016

are effective for annual reporting periods beginning after

December

15,

2018,

including interim periods within that reporting period with early adoption permitted. The Company is evaluating the impact of adopting this ASU on its consolidated financial position and results of operations.

March 2016,

the FASB issued ASU

No.

2016

09,

Improvements to Employee Share Based Payment Accounting

. This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards, forfeitures and classification on the statement of cash flows. The Company adopted this ASU on

January 1, 2017.

As the Company has

not

had a significant amount of forfeitures historically, under the provisions of this ASU the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. The impact of adopting this update to the Company’s Consolidated Financial Statements will depend on market factors and the timing and intrinsic value of future share-based compensation award vests and exercises. Subsequent to adoption, the Company notes the potential for volatility in its effective tax rate as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly to income tax expense in the Condensed Consolidated Statement of Income.

Revisions

Certain revisions have been made to the

2016

Condensed Consolidated Statement of Cash Flows to conform to the current year presentation relating to a reserve for uncertain tax positions and to cash paid for capital expenditures. The reclassification of a reserve for uncertain tax positions resulted in an increase to the change in refundable income taxes of

$315,000

and a decrease to the change in accrued expenses of

$315,000.

A change in presentation of cash paid for capital expenditures resulted in a decrease of

284,000

in both the change in accounts payable and in additions to property, plant and equipment, net. In addition, certain revisions were made to the

2016

Condensed Consolidated Statement of Income to correct a clerical error which resulted in an increase to Cost of Sales and Material Overcharge Settlement of

9,000

These revisions had

impact on previously reported net income and are deemed immaterial to the previously issued financial statements.

XML 18 R7.htm IDEA: XBRL DOCUMENT

Note 2 - Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

(

)

Supplemental Cash Flow Information

	Six Months Ended June 30,
	2017		2016
	(in thousands)
Cash paid for:
Interest	$	26	$	35
Income taxes, net of refunds		1,434		728

Non-cash investing and financing activities:
Capital additions accrued but not yet paid	$	495	$	284

XML 19 R8.htm IDEA: XBRL DOCUMENT

Note 3 - Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(

)

Fair Value of Financial Instruments

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 20 R9.htm IDEA: XBRL DOCUMENT

Note 4 - Share-based Compensation

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

(

)

Share-Based Compensation

The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended

December 31, 2016.

The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Share-based compensation related to:	2017		2016		2017		2016
Common stock granted to the Board of Directors	$	105	$	105	$	105	$	105
Common stock granted to the Chief Executive Officer		100		100		200		200
Stock options granted to directors and employees		117		141		126		177
Restricted Stock Unit awards to employees		105		95		205		160
Total share-based compensation	$	427	$	441	$	636	$	642

The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately

$199,000

and

$103,000,

respectively, for the

three

-month periods ended

June 30, 2017

and

2016,

and approximately

$336,000

and

$161,000,

respectively, for the

six

-month periods ended

June 30, 2017

and

2016

The following is a summary of stock option activity under all plans for the

three

-month period ended

June 30, 2017

	Shares Under Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2016		232,578		$	16.53
Granted		12,336			27.05
Exercised		(33,196	)		26.45
Expired		(3,750	)		18.85
Outstanding at June 30, 2017		207,968		$	17.41		3.75	$	2,201
Exercisable at June 30, 2017		201,718		$	17.21		3.80	$	2,177
Vested and expected to vest at June 30, 2017		207,968		$	17.41		3.75	$	2,201

June 6, 2017,

the Company granted options to its directors for the purchase of

12,336

shares of common stock at that day’s closing price of

$27.05.

The compensation expense related to these grants was determined as the fair value of the options using the Black Scholes option pricing model based on the following assumptions:

Expected volatility	29.1%
Expected dividends	None
Risk-free interest rate	1.84%
Exercise price	$27.05
Expected term (in years)	5.8
Weighted-average grand date fair value	$8.51

During the

six

-month periods ended

June 30, 2017

and

2016

, the total intrinsic value of all options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employees to exercise the options) was approximately

$391,000

and

$518,000,

respectively, and the total amount of consideration received by the Company from the exercised options was approximately

$487,000

and

$449,000,

respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the

six

-month period ended

June 30, 2017

there were

6,511

surrendered at an average market price of

$26.45.

During the

six

-month period ended

June 30, 2016

there were

shares surrendered for this purpose.

February 2

2017,

the Company’s Compensation Committee approved the award of

$400,000,

payable in shares of common stock to the Company’s Chairman, Chief Executive Officer, and President under the

2003

Incentive Plan. The shares will be issued in

December, 2017.

The following table summarizes information about Restricted Stock Units (“RSUs”) activity during the

six

-month period ended

June 30, 2017:

	Restricted Stock Units			Weighted Average Award Date Fair Value
Unvested at December 31, 2016		46,558		$	20.05
Awarded		30,360			24.70
Shares vested		(13,419	)		23.54
Unvested at June 30, 2017		63,499		$	21.23

six

-month periods ended

June 30, 2017

and

2016,

4,377

and

3,889

shares were surrendered at an average market price of

$24.50

and

$22.82,

respectively.

As of

June 30, 2017,

the Company had approximately

$900,000

of unrecognized compensation expense, which is expected to be recognized over a period of

3.75

years

XML 21 R10.htm IDEA: XBRL DOCUMENT

Note 5 - Inventories

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Inventory Disclosure [Text Block]

(

)

Inventories

Inventories are stated at the lower of cost (

first

-in,

first

-out) or net realizable value, and consist of the following at the stated dates (in thousands):

	June 30, 2017		December 31, 2016
Raw materials	$	6,737	$	7,111
Work in process		1,323		1,354
Finished goods		6,035		5,686
Total inventory	$	14,095	$	14,151

XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 6 - Preferred Stock

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

(

)

Preferred Stock

March 18, 2009,

the Company declared a dividend of

one

preferred share purchase right (a “Right”) for each outstanding share of common stock, par value

$0.01

per share, to the stockholders of record on

March

20,

2009.

Each Right entitles the registered holder to purchase from the Company

one one

-thousandth of a share of Series A Junior Participating Preferred Stock, par value

$0.01

per share (the “Preferred Share”) of the Company, at a price of

$25

per

one one

-thousandth of a Preferred Share subject to adjustment and the terms of the Rights Agreement. The Rights expire on

March 19, 2019.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Note 7 - Income Per Share

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

(

)

Income Per Share

The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Weighted average common shares outstanding, basic		7,239		7,175		7,228		7,159
Weighted average common equivalent shares due to stock options and RSUs		84		75		84		79
Weighted average common shares outstanding, diluted		7,323		7,250		7,312		7,238

not

included in the computation of diluted income per share because the effect would be antidilutive. For the

three

- and

six

-month periods ended

June 30, 2017

, the number of stock awards excluded from the computation of diluted earnings per share for this reason was

12,336

and

27,336,

respectively. For the

three

- and

six

-month periods ended

June 30, 2016

, the number of stock awards excluded from the computation of diluted earnings per share for this reason was

52,377

and

53,695,

respectively.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Note 8 - Segment Reporting

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(

)

Segment Reporting

The Company consists of a single operating and reportable segment.

Revenues from customers outside of the United States are

not

material.

customer comprised more than

10%

of the Company’s consolidated revenues for the

three

- and

six

-month periods ended

June 30, 2017.

All of the Company’s assets are located in the United States.

The Company’s products are primarily sold to customers within the Medical, Automotive, Consumer, Electronics, Industrial and Aerospace and Defense markets. Net sales by market for the

three

- and

six

-month periods ended

June 30, 2017

and

2016,

respectively, are as follows (in thousands)

	Three Months Ended June 30,										Six Months Ended June 30,
	2017					2016					2017					2016
Market	Net Sales		%			Net Sales		%			Net Sales		%			Net Sales		%

Medical	$	18,654		49.2	%	$	16,790		44.3	%	$	36,115		48.2	%	$	32,404		44.8	%
Automotive		6,125		16.2	%		7,454		19.7	%		12,843		17.1	%		13,543		18.7	%
Consumer		5,015		13.2	%		5,025		13.3	%		9,707		13.0	%		9,655		13.3	%
Electronics		2,942		7.8	%		2,874		7.6	%		5,635		7.5	%		5,741		7.9	%
Industrial		2,602		6.9	%		2,918		7.7	%		5,036		6.7	%		5,650		7.8	%
Aerospace & Defense		2,548		6.7	%		2,841		7.5	%		5,603		7.5	%		5,413		7.5	%
Net Sales	$	37,886		100.0	%	$	37,902		100.0	%	$	74,939		100.0	%	$	72,406		100.0	%

Certain amounts for the

three

- and

six

-month periods ended

June 30, 2016

were reclassified between markets to conform to the current period presentation.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Note 9 - Other Intangible Assets

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

(

)

Other Intangible Assets

The carrying values of the Company’s definite lived intangible assets as of

June 30, 2017

and

December

31,

2016,

are as follows (in thousands):

	Patents			Non- Compete			Customer List			Total
Estimated useful life (in years)		14			5			5
Gross amount at June 30, 2017	$	429		$	512		$	2,046		$	2,987
Accumulated amortization at June 30, 2017		(429	)		(481	)		(1,918	)	$	(2,828	)
Net balance at June 30, 2017	$	-		$	31		$	128		$	159

Estimated useful life (in years)		14			5			5
Gross amount at December 31, 2016	$	429		$	512		$	2,046		$	2,987
Accumulated amortization at December 31, 2016		(429	)		(449	)		(1,791	)	$	(2,669	)
Net balance at December 31, 2016	$	-		$	63		$	255		$	318

Amortization expense related to intangible assets was approximately

79,000

for each of the

three

-month periods ended

June 30, 2017

and

2016,

and was approximately

159,000

for each of the

six

-month periods ended

June 30, 2017

and

2016.

As of

June 30, 2017,

the estimated remaining amortization expense for

2017

$159,000.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

Income Taxes

The Company recorded tax expense of approximately

33.4%

and

35.0%

of income before income tax expense, respectively, for each of the

three

-month periods ended

June 30, 2017

and

2016.

The decrease in the effective tax rate for the current period is due to a tax benefit of approximately

$63,000

recorded in the

three

-month period ended

June 30, 2017

as a result of the adoption of ASU

No.

2016

January 1, 2017 (

See Note

). The Company recorded a tax expense of approximately

33.2%

and

35.7%

of income before income tax expense for each of the

six

-month periods ended

June 30, 2017

and

2016.

The decrease in the effective tax rate for the current period is due to a tax benefit of approximately

$132,000

recorded in the

six

-month period ended

June 30, 2017

as a result of the adoption of ASU

No.

2016

January 1, 2017 (

See Note

); and a tax assessment of approximately

$40,000

from

one

jurisdiction recorded in the

first

quarter of

2016.

The Company notes the potential for volatility in its effective tax rate, as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly into income tax expense.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Note 11 - Plant Consolidations

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Plant Consolidation Disclosure [Text Block]

(

)

Plant Consolidations

Restructuring Costs

March 18, 2015,

the Company committed to move forward with a plan to cease operations at its Raritan, New Jersey, plant and consolidate operations into its Newburyport, Massachusetts, facility and other UFP facilities. The Company’s decision was in response to a continued decline in business at the Raritan facility and the Company’s purchase of the

137,000

-square-foot facility in Newburyport. The activities related to this consolidation are complete.

December 31, 2015,

and the partial Georgetown relocation was complete at

June 30, 2017.

The Company incurred approximately

$2.1

million in

one

-time expenses in connection with the Massachusetts consolidations. Included in this amount are approximately

$180,000

relating to employee severance payments and relocation costs, approximately

$1.6

million in moving expenses and expenses associated with vacating the Raritan, Haverhill, and Byfield properties, and approximately

$360,000

in lease termination costs. Total cash charges were approximately

$2.0

million.

The company recorded the following restructuring costs associated with the Massachusetts consolidations for the

three

- and

six

-month periods ended

June 30, 2017

and

2016

(in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Restructuring Costs	2017		2016		2017		2016
Relocation	$	63	$	55	$	63	$	178
Total	$	63	$	55	$	63	$	178

Costs for the

three

- and

six

- month periods ended

June 30, 2016

were reclassified in the Condensed Consolidated Statement of Income as “Restructuring Costs” from Cost of Sales.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Note 12 - Related Party Transactions

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

(

)

Related Party Transactions

Daniel Croteau, who has been a member of the Company’s board of directors since

December 16, 2015,

was the Chief Executive Officer (through

March 2017)

of Vention Medical, Inc., a customer of the Company. Sales to Vention for the

three

-months ended

March 31, 2017

were approximately

$148,000.

As Mr. Croteau’s employment with Vention Medical, Inc. ended in

March 2017,

he was

longer considered a related party after

March 2017.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Note 13 - Material Overcharge Settlement

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

)

Material Overcharge Settlement

The Company was a participant in a class action lawsuit against a number of polyurethane foam suppliers (“Defendants”) that was settled during the

second

quarter of

2016.

The suit was filed to recover damages and obtain injunctive relief for Defendants’ alleged violations of the federal antitrust laws with respect to the fixing of prices of polyurethane foam sold from

January 1, 1999

through

August, 2010.

During the

three

- and

six

-month periods ended

June 30, 2017

and

2016,

the Company received settlement amounts of approximately

121,000

and

432,000

respectively. The Company received an additional settlement amount of approximately

$1.7

million in

July, 2016,

which was recorded in the

three

-month period ending

September 30, 2016.

The settlement amounts for the

three

- and

six

-month periods ended

June 30, 2016

are recorded as “Material overcharge settlement” in the operating income section of the Condensed Consolidated Statements of Income.

XML 30 R19.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014 - 09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard will replace most existing revenue recognition guidance when it becomes effective. The standard permits the use of either the full retrospective or modified retrospective transition methods. The Company expects to adopt the standard in the first quarter of 2018 using the modified retrospective transition method. The Company is continuing to evaluate its revenue sources for potential impact. Based on the work completed to date, the Company expects that for a significant portion of its business, the recognition of revenue under the updated standard will occur at a point in time, which is consistent with current practice. In February 2016, the FASB issued ASU No. 2016 - 02, Leases. The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The amendments in ASU No. 2016 - 02 are effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period with early adoption permitted. The Company is evaluating the impact of adopting this ASU on its consolidated financial position and results of operations. In March 2016, the FASB issued ASU No. 2016 - 09, Improvements to Employee Share Based Payment Accounting . This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards, forfeitures and classification on the statement of cash flows. The Company adopted this ASU on January 1, 2017. As the Company has not had a significant amount of forfeitures historically, under the provisions of this ASU the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. The impact of adopting this update to the Company’s Consolidated Financial Statements will depend on market factors and the timing and intrinsic value of future share-based compensation award vests and exercises. Subsequent to adoption, the Company notes the potential for volatility in its effective tax rate as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly to income tax expense in the Condensed Consolidated Statement of Income.
Revisions Policy [Policy Text Block]	Revisions Certain revisions have been made to the 2016 Condensed Consolidated Statement of Cash Flows to conform to the current year presentation relating to a reserve for uncertain tax positions and to cash paid for capital expenditures. The reclassification of a reserve for uncertain tax positions resulted in an increase to the change in refundable income taxes of $315,000 and a decrease to the change in accrued expenses of $315,000. A change in presentation of cash paid for capital expenditures resulted in a decrease of $ 284,000 in both the change in accounts payable and in additions to property, plant and equipment, net. In addition, certain revisions were made to the 2016 Condensed Consolidated Statement of Income to correct a clerical error which resulted in an increase to Cost of Sales and Material Overcharge Settlement of $9,000. These revisions had no impact on previously reported net income and are deemed immaterial to the previously issued financial statements.

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 2 - Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Six Months Ended June 30,
	2017		2016
	(in thousands)
Cash paid for:
Interest	$	26	$	35
Income taxes, net of refunds		1,434		728

Non-cash investing and financing activities:
Capital additions accrued but not yet paid	$	495	$	284

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 4 - Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
Share-based compensation related to:	2017		2016		2017		2016
Common stock granted to the Board of Directors	$	105	$	105	$	105	$	105
Common stock granted to the Chief Executive Officer		100		100		200		200
Stock options granted to directors and employees		117		141		126		177
Restricted Stock Unit awards to employees		105		95		205		160
Total share-based compensation	$	427	$	441	$	636	$	642

Share-based Compensation, Stock Options, Activity [Table Text Block]

	Shares Under Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2016		232,578		$	16.53
Granted		12,336			27.05
Exercised		(33,196	)		26.45
Expired		(3,750	)		18.85
Outstanding at June 30, 2017		207,968		$	17.41		3.75	$	2,201
Exercisable at June 30, 2017		201,718		$	17.21		3.80	$	2,177
Vested and expected to vest at June 30, 2017		207,968		$	17.41		3.75	$	2,201

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Expected volatility	29.1%
Expected dividends	None
Risk-free interest rate	1.84%
Exercise price	$27.05
Expected term (in years)	5.8
Weighted-average grand date fair value	$8.51

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

	Restricted Stock Units			Weighted Average Award Date Fair Value
Unvested at December 31, 2016		46,558		$	20.05
Awarded		30,360			24.70
Shares vested		(13,419	)		23.54
Unvested at June 30, 2017		63,499		$	21.23

XML 33 R22.htm IDEA: XBRL DOCUMENT

Note 5 - Inventories (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 30, 2017		December 31, 2016
Raw materials	$	6,737	$	7,111
Work in process		1,323		1,354
Finished goods		6,035		5,686
Total inventory	$	14,095	$	14,151

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 7 - Income Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Weighted average common shares outstanding, basic		7,239		7,175		7,228		7,159
Weighted average common equivalent shares due to stock options and RSUs		84		75		84		79
Weighted average common shares outstanding, diluted		7,323		7,250		7,312		7,238

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 8 - Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

	Three Months Ended June 30,										Six Months Ended June 30,
	2017					2016					2017					2016
Market	Net Sales		%			Net Sales		%			Net Sales		%			Net Sales		%

Medical	$	18,654		49.2	%	$	16,790		44.3	%	$	36,115		48.2	%	$	32,404		44.8	%
Automotive		6,125		16.2	%		7,454		19.7	%		12,843		17.1	%		13,543		18.7	%
Consumer		5,015		13.2	%		5,025		13.3	%		9,707		13.0	%		9,655		13.3	%
Electronics		2,942		7.8	%		2,874		7.6	%		5,635		7.5	%		5,741		7.9	%
Industrial		2,602		6.9	%		2,918		7.7	%		5,036		6.7	%		5,650		7.8	%
Aerospace & Defense		2,548		6.7	%		2,841		7.5	%		5,603		7.5	%		5,413		7.5	%
Net Sales	$	37,886		100.0	%	$	37,902		100.0	%	$	74,939		100.0	%	$	72,406		100.0	%

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 9 - Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	Patents			Non- Compete			Customer List			Total
Estimated useful life (in years)		14			5			5
Gross amount at June 30, 2017	$	429		$	512		$	2,046		$	2,987
Accumulated amortization at June 30, 2017		(429	)		(481	)		(1,918	)	$	(2,828	)
Net balance at June 30, 2017	$	-		$	31		$	128		$	159

Estimated useful life (in years)		14			5			5
Gross amount at December 31, 2016	$	429		$	512		$	2,046		$	2,987
Accumulated amortization at December 31, 2016		(429	)		(449	)		(1,791	)	$	(2,669	)
Net balance at December 31, 2016	$	-		$	63		$	255		$	318

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 11 - Plant Consolidations (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Restructuring and Related Costs [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
Restructuring Costs	2017		2016		2017		2016
Relocation	$	63	$	55	$	63	$	178
Total	$	63	$	55	$	63	$	178

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) in Income Taxes Receivable			$ (798,000)	$ (1,147,000)
Increase (Decrease) in Accrued Liabilities			(69,000)	(920,000)
Increase (Decrease) in Accounts Payable			(103,000)	581,000
Payments to Acquire Property, Plant, and Equipment			4,471,000	4,076,000
Cost of Goods Sold	$ 27,945,000	$ 27,616,000	55,482,000	54,393,000
Gain (Loss) Related to Litigation Settlement	$ 121,000	$ 432,000	$ 121,000	432,000
Restatement Adjustment [Member]
Increase (Decrease) in Income Taxes Receivable				315,000
Increase (Decrease) in Accrued Liabilities				(315,000)
Increase (Decrease) in Accounts Payable				(284,000)
Payments to Acquire Property, Plant, and Equipment				(284,000)
Cost of Goods Sold				9,000
Gain (Loss) Related to Litigation Settlement				$ 9,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 2 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash paid for:
Interest	$ 26	$ 35
Income taxes, net of refunds	1,434	728
Non-cash investing and financing activities:
Capital additions accrued but not yet paid	$ 495	$ 284

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 4 - Share-based Compensation (Details Textual) - USD ($)			3 Months Ended		6 Months Ended
	Jun. 06, 2017	Feb. 21, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense			$ 199,000	$ 103,000	$ 336,000	$ 161,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	12,336				12,336
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 27.05				$ 27.05
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value					$ 391,000	518,000
Shares Paid for Exercise Price and Tax Withholding for Share-based Compensation, Average Market Price					$ 26.45
Proceeds from Stock Options Exercised					$ 487,000	$ 449,000
Shares Paid for Exercise Price and Tax Withholding for Share Based Compensation					6,511	0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 900,000		$ 900,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					3 years 273 days
Restricted Stock Units (RSUs) [Member]
Shares Paid for Tax Withholding for Share Based Compensation					4,377	3,889
Shares Paid for Tax Withholding for Share Based Compensation Market Price					$ 24.50	$ 22.82
The 2003 Incentive Plan [Member] \| Chairman Chief Executive Officer and President [Member] \| Common Stock [Member]
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures		$ 400,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 4 - Share-based Compensation - Allocation of Share-based Compensation (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Total share-based compensation	$ 427	$ 441	$ 636	$ 642
Board of Directors [Member] \| Common Stock Issued Under the Equity Incentive Plan [Member]
Total share-based compensation	105	105	105	105
Chief Executive Officer [Member] \| Common Stock Issued Under the Equity Incentive Plan [Member]
Total share-based compensation	100	100	200	200
Directors and Employees [Member] \| Employee Stock Option [Member]
Total share-based compensation	117	141	126	177
Employees [Member] \| Restricted Stock Units (RSUs) [Member]
Total share-based compensation	$ 105	$ 95	$ 205	$ 160

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 4 - Share-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 06, 2017	Jun. 30, 2017
Outstanding (in shares)		232,578
Outstanding, weighted average exercise price (in dollars per share)		$ 16.53
Granted (in shares)	12,336	12,336
Granted, weighted average exercise price (in dollars per share)	$ 27.05	$ 27.05
Exercised (in shares)		(33,196)
Exercised, weighted average exercise price (in dollars per share)		$ 26.45
Expired (in shares)		(3,750)
Expired, weighted average exercise price (in dollars per share)		$ 18.85
Outstanding (in shares)		207,968
Outstanding, weighted average exercise price (in dollars per share)		$ 17.41
Outstanding, weighted average remaining contractual life (Year)		3 years 273 days
Outstanding, aggregate intrinsic value		$ 2,201
Exercisable (in shares)		201,718
Exercisable, weighted average exercise price (in dollars per share)		$ 17.21
Exercisable, weighted average remaining contractual life (Year)		3 years 292 days
Exercisable, aggregate intrinsic value		$ 2,177
Vested and expected to vest (in shares)		207,968
Vested and expected to vest, weighted average exercise price (in dollars per share)		$ 17.41
Vested and expected to vest, weighted average remaining contractual life (Year)		3 years 273 days
Vested and expected to vest, aggregate intrinsic value		$ 2,201

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 4 - Share-based Compensation - Option Pricing Assumptions (Details) - $ / shares		6 Months Ended
	Jun. 06, 2017	Jun. 30, 2017
Expected volatility	29.10%
Risk-free interest rate	1.84%
Exercise price (in dollars per share)	$ 27.05
Expected term (in years) (Year)		5 years 292 days
Weighted-average grand date fair value (in dollars per share)	$ 8.51

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 4 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Unvested (in shares) \| shares	46,558
Unvested, weighted average award date fair value (in dollars per share) \| $ / shares	$ 20.05
Awarded (in shares) \| shares	30,360
Awarded, weighted average award date fair value (in dollars per share) \| $ / shares	$ 24.70
Shares vested (in shares) \| shares	(13,419)
Shares vested (in dollars per share) \| $ / shares	$ 23.54
Unvested, weighted average award date fair value (in dollars per share) \| $ / shares	$ 21.23
Unvested (in shares) \| shares	63,499

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Raw materials	$ 6,737	$ 7,111
Work in process	1,323	1,354
Finished goods	6,035	5,686
Total inventory	$ 14,095	$ 14,151

XML 46 R35.htm IDEA: XBRL DOCUMENT

Note 6 - Preferred Stock (Details Textual)	Mar. 18, 2009 $ / shares shares	Jun. 30, 2017 $ / shares	Dec. 31, 2016 $ / shares
Preferred Stock Dividends Number of Preferred Share Purchase Rights Distributed for each Share of Common Stock Outstanding	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Preferred Share Purchase Right [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 25
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right \| shares	0.001
Series A Junior Participating Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01

XML 47 R36.htm IDEA: XBRL DOCUMENT

Note 7 - Income Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
Note 7 - Income Per Share (Details Textual) - shares	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,336	52,377	27,336	53,695

XML 48 R37.htm IDEA: XBRL DOCUMENT

Note 7 - Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Weighted average common shares outstanding, basic (in shares)	7,239	7,175	7,228	7,159
Weighted average common equivalent shares due to stock options and RSUs (in shares)	84	75	84	79
Weighted average common shares outstanding, diluted (in shares)	7,323	7,250	7,312	7,238

XML 49 R38.htm IDEA: XBRL DOCUMENT

Note 8 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 37,886	$ 37,902	$ 74,939	$ 72,406
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Percentage of concentration risk	100.00%	100.00%	100.00%	100.00%
Medical [Member]
Net sales	$ 18,654	$ 16,790	$ 36,115	$ 32,404
Medical [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Percentage of concentration risk	49.20%	44.30%	48.20%	44.80%
Automotive [Member]
Net sales	$ 6,125	$ 7,454	$ 12,843	$ 13,543
Automotive [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Percentage of concentration risk	16.20%	19.70%	17.10%	18.70%
Consumer [Member]
Net sales	$ 5,015	$ 5,025	$ 9,707	$ 9,655
Consumer [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Percentage of concentration risk	13.20%	13.30%	13.00%	13.30%
Electronics [Member]
Net sales	$ 2,942	$ 2,874	$ 5,635	$ 5,741
Electronics [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Percentage of concentration risk	7.80%	7.60%	7.50%	7.90%
Industrial [Member]
Net sales	$ 2,602	$ 2,918	$ 5,036	$ 5,650
Industrial [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Percentage of concentration risk	6.90%	7.70%	6.70%	7.80%
Aerospace & Defense [Member]
Net sales	$ 2,548	$ 2,841	$ 5,603	$ 5,413
Aerospace & Defense [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Percentage of concentration risk	6.70%	7.50%	7.50%	7.50%

XML 50 R39.htm IDEA: XBRL DOCUMENT

Note 9 - Other Intangible Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 159,000		$ 159,000
Amortization of Intangible Assets	$ 79,000	$ 79,000	$ 159,000	$ 159,000

XML 51 R40.htm IDEA: XBRL DOCUMENT

Note 9 - Other Intangible Assets - Carrying Value of Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Gross amount	$ 2,987	$ 2,987
Accumulated amortization	(2,828)	(2,669)
Net balance	$ 159	$ 318
Estimated useful life (in years) (Year)
Patents [Member]
Gross amount	$ 429	$ 429
Accumulated amortization	(429)	(429)
Net balance
Estimated useful life (in years) (Year)	14 years	14 years
Noncompete Agreements [Member]
Gross amount	$ 512	$ 512
Accumulated amortization	(481)	(449)
Net balance	$ 31	$ 63
Estimated useful life (in years) (Year)	5 years	5 years
Customer Lists [Member]
Gross amount	$ 2,046	$ 2,046
Accumulated amortization	(1,918)	(1,791)
Net balance	$ 128	$ 255
Estimated useful life (in years) (Year)	5 years	5 years

XML 52 R41.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended			6 Months Ended
Note 10 - Income Taxes (Details Textual) - USD ($)	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	33.40%	35.00%		33.20%	35.70%
Income Tax Expense (Benefit)	$ 1,329,000	$ 1,473,000		$ 2,392,000	$ 2,113,000
Tax Adjustments, Settlements, and Unusual Provisions			$ 40,000
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ (63,000)			$ (132,000)

XML 53 R42.htm IDEA: XBRL DOCUMENT

Note 11 - Plant Consolidations (Details Textual)		3 Months Ended		6 Months Ended
Note 11 - Plant Consolidations (Details Textual)	Mar. 18, 2015 USD ($) ft²	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Restructuring Charges		$ 63,000	$ 55,000	$ 63,000	$ 178,000
Newburyport, Massachusetts Facility [Member]
Area of Real Estate Property \| ft²	137,000
Restructuring Charges	$ 2,100,000
Payments for Restructuring	2,000,000
Newburyport, Massachusetts Facility [Member] \| Employee Severance Payments and Relocation Costs [Member]
Restructuring and Related Cost, Expected Cost	180,000
Newburyport, Massachusetts Facility [Member] \| Moving and Vacating Expense [Member]
Restructuring and Related Cost, Expected Cost	1,600,000
Newburyport, Massachusetts Facility [Member] \| Lease Termination [Member]
Restructuring and Related Cost, Expected Cost	$ 360,000

XML 54 R43.htm IDEA: XBRL DOCUMENT

Note 11 - Plant Consolidations - Restructuring Costs (Details) - Newburyport, Massachusetts Facility [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Relocation	$ 63	$ 55	$ 63	$ 178
Total	$ 63	$ 55	$ 63	$ 178

XML 55 R44.htm IDEA: XBRL DOCUMENT

Note 12 - Related Party Transactions (Details Textual)	3 Months Ended
Note 12 - Related Party Transactions (Details Textual)	Mar. 31, 2017 USD ($)
Vention Medical, Inc. [Member] \| Non-employee Members of Board of Directors [Member]
Revenue from Related Parties	$ 148,000

XML 56 R45.htm IDEA: XBRL DOCUMENT

Note 13 - Material Overcharge Settlement (Details Textual) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Polyurethane Foam Antitrust Lawsuit [Member]
Litigation Settlement, Amount Awarded from Other Party	$ 121,000	$ 1,700,000	$ 432,000	$ 121,000	$ 432,000

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