Company: UFPT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001171843-25-005268
Chunk: 7

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 7
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			)

			Total assets acquired, net of liabilities assumed

			51,084

			Less: cash acquired

			(3,381
			)

			Purchase price, net of cash acquired

			$
			47,703

11

Acquisition costs associated with the transaction were approximately $1.5 million, of which $116 thousand was charged to expense during the six months ended June 30, 2024, with the balance being charged to expense during the second half of 2024. These costs were primarily for legal, due diligence, and valuation services, which are included within “Acquisition costs” on the face of the Condensed Consolidated Statements of Comprehensive Income.

None of the goodwill related to the AQF acquisition is expected to be deductible for tax purposes. Goodwill is attributable to the workforce of AQF and the synergies that have been and are expected to further be realized post-acquisition.

Pro-forma Statements

The following table contains an unaudited pro forma consolidated statement of comprehensive income for the three and six months ended June 30, 2024, as if the collective acquisitions of Marble Medical, AJR Enterprises, Welch Fluorocarbon and AQF had occurred at the beginning of the respective periods (in thousands):

			Three months ended

			Six months ended

			June 30, 2024

			June 30, 2024

			(Unaudited)

			(Unaudited)

			Sales

			$
			144,188

			$
			279,349

			Operating Income

			$
			22,625

			$
			43,016

			Net Income

			$
			15,434

			$
			29,515

			Earnings per share:

			Basic

			$
			2.01

			$
			3.85

			Diluted

			$
			1.99

			$
			3.81

The above unaudited pro forma information is presented for illustrative purposes only and may not be indicative of the results of operations that would have occurred had all 2024 acquisitions occurred as presented. In addition, future results may vary significantly from the results reflected in such pro forma information. Pro-forma adjustments include depreciation adjustments on fixed asset step up/down; inventory step-up; amortization of intangibles; and