Universal Power Group Reports Record Third Quarter Results
Universal Power Group, Inc. (NYSE Amex: UPG), a Texas-based distributor and supplier of batteries and related power accessories and a third-party logistics provider, today announced financial results for the third quarter and nine months ended Sept. 30, 2010. The third quarter was the Company’s second consecutive quarter of record earnings.
For the third quarter, UPG reported net income of $0.9 million, or $0.18 per share, on net sales of $28.3 million. These results compare with net income of $0.6 million, or $0.12 per share, on net sales of $27.5 million in the third quarter of 2009. For the first nine months of 2010, UPG reported net income of $2.3 million, or $0.45 per share, on net sales of $82.7 million, compared with a net loss of $0.5 million, or $0.10 per share, on net sales of $83.1 million in the comparable period of 2009.
“We are pleased with our quarterly results and the continued growth in our bottom line to record levels,” stated UPG’s President and Chief Executive Officer, Ian Edmonds. “The earnings momentum we have achieved serves as a foundation for UPG as we explore additional initiatives to drive long-term growth and enhance shareholder value. These efforts include expanding of our core business into new geographic markets and continuing to pursue of opportunities with new products and customers.”
Third Quarter and Nine Month OverviewNet sales for the third quarter rose 2.9 percent, to $28.3 million, from $27.5 million in the third quarter of 2009. Net sales of batteries and related power accessories to customers other than ADT Security Services (formerly Broadview Security) and its authorized dealers grew 40.5 percent, to $20.4 million in the third quarter of 2010, compared to $14.5 million for the third quarter of 2009. Net sales to ADT Security Services and its authorized dealers in the third quarter of 2010 were $7.9 million, a decrease of 39.2 percent from $13.0 million in the same quarter of 2009. Net sales to ADT Security Services and its authorized dealers accounted for 27.9 percent of total net sales in the third quarter of 2010, compared to 47.2 percent of total net sales in the second quarter of 2009.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV