Universal Power Group Reports Improved 2010 Earnings
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 improved earnings for the fourth quarter and full year ended Dec. 31, 2010.
For the fourth quarter, UPG reported net income of $634,000, or $0.13 per share, on net sales of $24.5 million, compared with net income of $387,000, or $0.08 per share, on net sales of $28.0 million in the fourth quarter of 2009. For the year, UPG reported net income of $2.9 million, or $0.58 per share, on net sales of $107.3 million, versus a net loss of $135,000, or ($0.03) per share, on net sales of $111.2 million in 2009.
“Overall, 2010 was a good year of progress as our continued efforts to grow UPG’s core business over the past two years began to bear fruit,” stated UPG’s President and Chief Executive Officer Ian Edmonds. “Over the past year, UPG has achieved a number of important milestones, from new product introductions and strategic alliances to expansion into new geographic markets. We stayed true to our strategic plan last year, and our combined achievements set the stage for broad-based revenue and earnings growth in the coming years.”
Fourth QuarterNet sales for the fourth quarter fell 12.5 percent to $24.5 million, from $28.0 million in the fourth quarter of 2009. Net sales of batteries and related power accessories to customers excluding ADT Security Services (formerly Broadview Security) and its authorized dealers grew 20.9 percent to $19.7 million in the fourth quarter of 2010, compared to $16.3 million for the fourth quarter of 2009. Net sales to ADT Security Services and its authorized dealers in the fourth quarter of 2010 were $4.8 million, a decrease of 59.0 percent from $11.7 million in the same quarter of 2009. Net sales to ADT Security Services and its authorized dealers accounted for 19.2 percent of net sales in the fourth quarter of 2010, compared to 41.8 percent of net sales in the fourth quarter of 2009. The shift in sales mix was the result of UPG’s continued focus on growing its battery and related power accessories business, while sales to ADT Security Services and its authorized dealers decreased during the integration of the acquisition of Broadview Security. The Company continues to work closely with ADT Security Services and its authorized dealers to maintain the level of quality and service they have come to expect from UPG.
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