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Digi International Reports First Fiscal Quarter 2012 Results

Stocks in this article: DGII

Digi International® Inc. (NASDAQ: DGII, www.digi.com) reported revenue of $46.7 million for the first fiscal quarter of 2012, compared with $48.3 million for the first fiscal quarter of 2011. Net income for the first fiscal quarter of 2012 was $0.7 million, or $0.03 per diluted share, compared to $2.3 million or $0.09 per diluted share in the prior year comparable quarter. As announced in October 2011, the flooding in Thailand impacted the operations of Digi’s contract manufacturer near Bangkok. During the first fiscal quarter of 2012, Digi experienced lower revenue by approximately $3.0 million due to the flooding in Thailand, resulting in a reduction of earnings per diluted share of approximately $0.05, inclusive of additional costs incurred to reestablish limited production capabilities of our contract manufacturer. Earnings per diluted share for the first quarter of fiscal 2011 were impacted by favorable tax adjustments of $0.02.

“The Digi team did an outstanding job recovering from the Thailand flooding and the subsequent effects experienced with our key contract manufacturer there,” said Joe Dunsmore, Digi’s Chief Executive Officer. “We expect that the disruption caused by the flooding is not likely to adversely impact Digi’s results going forward.”

Business Results for the Three Months Ended December 31, 2011

Revenue from embedded products in the first fiscal quarter of 2012 was $21.8 million compared to $21.1 million in the first fiscal quarter of 2011, an increase of $0.7 million or 3.4%. Revenue from non-embedded products was $24.9 million in the first fiscal quarter of 2012 compared to $27.2 million in the first fiscal quarter of 2011, a decrease of $2.3 million, or 8.8%.

Revenue from wireless products in the first fiscal quarter of 2012 was $19.8 million, or 42.5% of net sales, compared to $20.2 million, or 41.8% of net sales, in the first fiscal quarter of 2011, a decrease of $0.4 million, or 1.8 %. Revenue from wired products was $26.8 million, or 57.5% of net sales, in the first fiscal quarter of 2012 compared to $28.1 million, or 58.2% of net sales, in the first fiscal quarter of 2011, a decrease of $1.3 million, or 4.6%.

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