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Universal Electronics Reports Third Quarter 2011 Financial Results

Stocks in this article: UEIC

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

Paul Arling, UEI's Chairman and CEO, stated: “As expected, we delivered strong third quarter results of over 50% growth for both the top- and bottom-line, which represent quarterly records. Retracted global economies and ongoing distressed consumer sentiment have translated into weakened consumer electronics retail reports and forecasts. However, even as the weakness in the global markets continues to affect our industry beyond our earlier expectations, we are more confident than ever in our future growth prospects because we continue to build market share, outperform our competition as well as introduce new and innovative patented technologies.”

Financial Results for the Three Months Ended September 30: 2011 Compared to 2010

  • Net sales were $123.5 million, compared to $79.0 million.
    • Business Category revenue was $111.3 million, compared to $66.2 million.The Business Category contributed 90% of total net sales, compared to 84%.
    • Consumer Category revenue was $12.2 million, compared to $12.8 million.The Consumer Category contributed 10% of total net sales, compared to 16%.
  • Adjusted pro forma gross margins were 27.9%, compared to gross margins of 32.6%.
  • Adjusted pro forma operating expenses were $24.0 million, compared to operating expenses of $19.2 million.
  • Adjusted pro forma operating income was $10.5 million, compared to operating income of $6.6 million.
  • Adjusted pro forma net income was $8.0 million, or $0.53 per diluted share, compared to net income of $4.7 million, or $0.34 per diluted share.
  • At September 30, 2011, cash and cash equivalents was $32.0 million.

Financial Results for the Nine Months Ended September 30: 2011 Compared to 2010

  • Net sales were $351.0 million, compared to $229.3 million.
  • Adjusted pro forma gross margins were 27.8%, compared to gross margins of 32.8%.
  • Adjusted pro forma operating expenses were $74.0 million, compared to operating expenses of $58.6 million.
  • Adjusted pro forma net income was $17.7 million, or $1.15 per diluted share, compared to net income of $11.3 million, or $0.81 per diluted share.

Financial Outlook

For the fourth quarter of 2011, the company expects net sales to range between $115 million and $121 million, compared to $102.5 million in the fourth quarter of 2010. Adjusted pro forma earnings per diluted share for the fourth quarter of 2011 are expected to range from $0.33 to $0.43, compared to adjusted pro forma earnings per diluted share of $0.45 in the fourth quarter of 2010.

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