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 results for the second quarter ended June 30, 2011.
For the second quarter, UPG reported net income of $0.1 million, or $0.02 per diluted share, on net sales of $21.7 million, compared with net income of $0.8 million, or $0.17 per diluted share, on net sales of $28.4 million in the second quarter of 2010.
“Our results for the second quarter reflect a number of challenges that affected our financial results,” stated Ian Edmonds, UPG’s President and Chief Executive Officer. “Despite these factors, we remain focused on driving growth in all parts of our business, and we are making progress through diversification initiatives, including our recent acquisition of Progressive Technologies.”
Second Quarter and Six Month ResultsNet sales for the second quarter fell 23.7 percent, to $21.7 million, from $28.4 million in the second quarter of 2010. Net sales of batteries and related power accessories to customers other than ADT Security Services and its authorized dealers grew 14.1 percent, to $20.2 million in the second quarter of 2011, compared to $17.7 million for the second quarter of 2010. Net sales to ADT Security Services and its authorized dealers in the second quarter of 2011 were $1.5 million, a decrease of approximately 86.1 percent from $10.7 million in the same quarter of 2010. This decline was due to the integration of Broadview Security, which was acquired by Tyco International in May 2010, into ADT Security Services. Gross profit decreased to $4.4 million in the quarter, compared with $5.1 million in the second quarter of 2010, due mainly to the lower sales levels. Operating expenses increased to $4.0 million in the second quarter of 2011 from $3.7 million in the second quarter of 2010. The increase in operating expenses included $365,000 in expenses attributable to the acquisition of Progressive Technologies (PTI) on April 20, 2011, including $120,000 in closing costs.
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