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

CORRECTING And REPLACING Universal Power Group Reports First Quarter 2012 Results

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 www.upgi.com).

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.

1 of 5

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
Only $9.95
14-Days Free
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 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs