This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs