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Universal Electronics Reports First Quarter 2012 Financial Results

Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three months ended March 31, 2012.

Paul Arling, UEI's Chairman and CEO, stated: “For the 2012 first quarter, we experienced several positive trends, including our strong performance with subscription broadcasting customers and the continued success of our international expansion initiatives. Our market share with our consumer electronics customers grew during the quarter, although we experienced lighter than expected sales to this group due to the overall softness in the sales of televisions and other consumer electronics products. We believe this weakness is short-term in nature, as market data shows consumers across the globe are using their home entertainment systems more than ever. We remain quite optimistic about the long-term prospects for consumer electronics products and UEI.

“Market share growth has been driven by broadening our existing relationships as well as forming new affiliations, including with a major Korean TV manufacturer and with several new customers in Eastern Europe. In addition, we are furthering our presence in Latin America where Pay TV adoption continues its rapid growth. Looking ahead, we remain confident in our strategy to build our market share by adding new customers, expanding relationships with current customers, introducing innovative products and technologies, and broadening our position in new regions.”

Financial Results for the Three Months Ended March 31: 2012 Compared to 2011

  • Net sales were $103.7 million, compared to net sales of $105.7 million.
    • Business Category revenue was $92.4 million, compared to $95.3 million.The Business Category contributed 89.1% of total net sales, compared to 90.2%.
    • Consumer Category revenue was $11.3 million, compared to $10.4 million.The Consumer Category contributed 10.9% of total net sales, compared to 9.8%.
  • Adjusted pro forma gross margins were 27.6%, compared to gross margins of 26.4%.
  • Adjusted pro forma operating expenses were $24.8 million, compared to operating expenses of $24.4 million.
  • Adjusted pro forma operating income was $3.8 million, compared to operating income of $3.4 million.
  • Adjusted pro forma net income was $2.8 million, or $0.19 per diluted share, compared to net income of $2.6 million, or $0.17 per diluted share.
  • At March 31, 2012, cash and cash equivalents was $24.3 million.

Financial Outlook

For the second quarter of 2012, the company expects net sales to range between $113.0 million and $119.0 million, compared to $121.7 million in the second quarter of 2011. Adjusted pro forma earnings per diluted share for the second quarter of 2012 are expected to range from $0.33 to $0.43, compared to adjusted pro forma earnings per diluted share of $0.46 in the second quarter of 2011.

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