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Universal Electronics Reports Second Quarter 2011 Financial Results

Universal Electronics Inc. (UEI), (NASDAQ:UEIC) reported financial results for the three and six months ended June 30, 2011.

Paul Arling, UEI's Chairman and CEO, stated: “During the second quarter of 2011, UEI posted strong revenue of $121.7 million and delivered 35% growth in adjusted pro forma EPS compared to the same period last year. These results reflect our ability to gain share in a challenging market. However, forecasts have indicated a difficult environment is expected for the remainder of the year. We anticipate this will have an impact on consumer electronics spending, which affects both our Business and Consumer Categories.”

“Our leadership position in the global marketplace, our broad range of products and technologies that address multiple markets, and our solid financial foundation has served us well over our history. Even in the face of this turbulent economy, we expect to become stronger than ever. We will continue to invest in innovation to ensure we grow along with the many changing options and features in home entertainment devices and content, as well as invest in regions with promising market growth. There are significant market opportunities available to us, and today we are better positioned than ever to capitalize on them.”

Financial Results for the Three Months Ended June 30: 2011 Compared to 2010
  • Net sales were $121.7 million, compared to $78.9 million.
    • Business Category revenue was $111.1 million, compared to $67.3 million.The Business Category contributed 91% of total net sales, compared to 85%.
    • Consumer Category revenue was $10.6 million, compared to $11.6 million.The Consumer Category contributed 9% of total net sales, compared to 15%.
  • Adjusted pro forma gross margins were 28.9%, compared to gross margins of 34.8%.
  • Adjusted pro forma operating expenses were $25.6 million, compared to operating expenses of $20.1 million.
  • Adjusted pro forma operating income was $9.6 million, compared to operating income of $7.3 million.
  • Adjusted pro forma net income was $7.1 million, or $0.46 per diluted share, compared to net income of $4.8 million, or $0.34 per diluted share.
  • At June 30, 2011, cash and cash equivalents was $37.9 million.

Financial Results for the Six Months Ended June 30: 2011 Compared to 2010
  • Net sales were $227.5 million, compared to $150.3 million.
  • Adjusted pro forma gross margins were 27.7%, compared to gross margins of 32.9%.
  • Adjusted pro forma operating expenses were $50.0 million, compared to operating expenses of $39.5 million.
  • Adjusted pro forma net income was $9.7 million, or $0.63 per diluted share, compared to net income of $6.6 million, or $0.47 per diluted share.

Financial Outlook

For the third quarter of 2011, the company expects net sales to range between $121 million and $127 million, compared to $79.0 million in the third quarter of 2010. Adjusted pro forma earnings per diluted share for the third quarter of 2011 are expected to range from $0.47 to $0.57, compared to earnings per diluted share of $0.34 in the third quarter of 2010.

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