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Universal Electronics Reports Second Quarter 2012 Financial Results

Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three and six months ended June 30, 2012.

“Our second quarter 2012 results were solid and in-line with our expectations for both the Business and Consumer Categories,” stated Paul Arling, UEI's Chairman and CEO. “We remain committed to pursuing our core philosophy of winning new customers and deepening existing relationships as well as introducing innovative, yet simple solutions to the ever-changing home entertainment environment.”

“We have established UEI as a leader in control technology, currently supplying approximately one-third of all remote controls shipped annually on the planet. Today, there are several new applications for our pervasive control technology, including smartphones and tablets. In addition, UEI is developing an integrated solution that recognizes all the various components in the audio video stack; automatically knows how they operate and how they are connected, and gives consumers the power to control all these devices using a traditional remote control or a more interactive control app on their tablet or smartphone. This solution exemplifies UEI’s commitment to innovation. We will continue to provide the products and technology that address our customers’ future needs–a strategy that has proven successful for years.”

Financial Results for the Three Months Ended June 30: 2012 Compared to 2011

  • Net sales were $116.7 million, compared to $121.7 million.
    • Business Category revenue was $103.9 million, compared to $111.1 million.The Business Category contributed 89% of total net sales, compared to 91%.
    • Consumer Category revenue was $12.8 million, compared to $10.6 million.The Consumer Category contributed 11% of total net sales, compared to 9%.
  • Adjusted pro forma gross margins were 28.5%, compared to gross margins of 28.9%.
  • Adjusted pro forma operating expenses were $25.5 million, compared to operating expenses of $25.6 million.
  • Adjusted pro forma operating income was $7.7 million, compared to operating income of $9.6 million.
  • Adjusted pro forma net income was $6.2 million, or $0.41 per diluted share, compared to net income of $7.1 million, or $0.46 per diluted share.
  • At June 30, 2012, cash and cash equivalents was $30.7 million.

Financial Results for the Six Months Ended June 30: 2012 Compared to 2011

  • Net sales were $220.4 million, compared to $227.5 million.
  • Adjusted pro forma gross margins were 28.1%, compared to gross margins of 27.7%.
  • Adjusted pro forma operating expenses were $50.3 million, compared to operating expenses of $50.0 million.
  • Adjusted pro forma operating income was $11.5 million, compared to operating income of $13.1 million.
  • Adjusted pro forma net income was $9.0 million, or $0.60 per diluted share, compared to net income of $9.7 million, or $0.63 per diluted share.

Financial Outlook

For the third quarter of 2012, the company expects net sales to range between $122.0 million and $128.0 million, compared to $123.5 million in the third quarter of 2011. Adjusted pro forma earnings per diluted share for the third quarter of 2012 are expected to range from $0.47 to $0.57, compared to earnings per diluted share of $0.53 in the third quarter of 2011.

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