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Thirteenth graph of release should read: A replay of the conference call will be made available through May 16, 2012 by calling 1.888.286.8010, passcode 29414875, and an archived webcast will be available at
www.upgi.com (sted A replay of the conference call will be made available through April 4, 2012 by calling 1.888.286.8010, passcode 22446913, and an archived webcast will be available at
The corrected release reads:
UNIVERSAL POWER GROUP REPORTS FIRST QUARTER 2012 RESULTS
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 financial results for the first quarter ended March 31, 2012.
For the first quarter, UPG reported net income of $0.3 million, or $0.06 per diluted share, on net sales of $26.4 million, compared with net income of $0.4 million, or $0.08 per diluted share, on net sales of $21.6 million in the first quarter of 2011.
“In the first quarter, UPG saw steady improvement in Chinese battery production and resolution of supply chain issues from last year. As our manufacturing partners improved production levels, we were able to fulfill customer backlog orders and generate higher sales,” stated Ian Edmonds, UPG’s President and Chief Executive Officer. “Although we are pleased that our core business is once again growing and we are able to deliver on our commitments to customers, we faced some pricing volatility and extended price concessions that reduced our gross margins. We view these steps as investments in the long-term relationships we’ve built with our clients that should help position us for stronger growth as the last of the issues with China are resolved.”
First Quarter Results
Net sales for the first quarter increased 22.3 percent, to $26.4 million, from $21.6 million in the first quarter of 2011. The increase in net sales in the 2012 first quarter was primarily driven by an increase in sales of core batteries and related power accessories, as a significant supply chain disruption in China began to be resolved. The increase in sales was the result of fulfillment of customer order backlogs, as well as new customer orders. Net sales were also higher as a result of the inclusion of sales from ProTechnologies, Inc. (PTI), which UPG acquired on April 20, 2011.