Company: UFPT
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050425
Chunk: 24

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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969 Goodwill22,925 Total assets acquired57,554 Accounts payable(1,890)Accrued expenses(535)Deferred taxes(2,322)Lease liabilities(1,723)Total liabilities assumed(6,470)Total assets acquired, net of liabilities assumed51,084 Less: cash acquired(3,381)Purchase price, net of cash acquired$47,703 Acquisition costs associated with the transaction were approximately $1.5 million, which were charged to expense during the nine months ended September 30, 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.

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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 StatementsThe following table contains an unaudited pro-forma consolidated statement of comprehensive income for the three and nine months ended September 30, 2025 and 2024 as if the collective acquisitions of TPI and UNIPEC had occurred on January 1, 2024 and as if the collective acquisitions of Marble, AJR, Welch, and AQF had occurred on January 1, 2023 (in thousands):Three months endedNine months endedSeptember 30,September 30,2025202420252024(Unaudited)(Unaudited)(Unaudited)(Unaudited)Sales$157,355 $150,137 $461,621 $440,327 Operating Income$23,546 $25,600 $72,572 $70,225 Net Income$16,511 $16,891 $52,056 $47,583 Earnings per share:Basic$2.14 $2.20 $6.76 $6.21 Diluted$2.12 $2.17 $6.69 $6.13 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 and 2025 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