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ZAGG Inc. Reports Third Quarter Financial Results

Stocks in this article: ZAGG

ZAGG Inc. (NASDAQ: ZAGG) ( www.ZAGG.com), a market leader in innovative mobile device accessories and technologies, today announced financial results for the third quarter ended September 30, 2012.

Third Quarter Highlights (third quarter 2012 versus third quarter 2011)

  • Consolidated revenue increased 30% to $59.8 million
  • Operating income up 54% to $7.1 million
  • Gross margin of 44.5%
  • Diluted EPS increased 57% to $0.11
  • Non-GAAP net income increased 12% to $8.2 million, or $0.26 per diluted share

"We were pleased to see the business continue to advance, with year-over-year growth of 30%. During the quarter the company introduced several new products while continuing to focus and build upon our three strategic objectives: Creative Product Solutions; The Preferred Brand; and Targeted Global Distribution," said Randy Hales, President and interim CEO of ZAGG.

Third Quarter Results

Consolidated revenue for the third quarter of 2012 increased 30% to $59.8 million from $45.9 million in the same quarter last year. Revenue by channel was 84% through indirect channels, 10% through ZAGG.com and iFrogz.com and 6% through the company’s mall cart and kiosk programs.

Gross profit for the third quarter of 2012 was $26.6 million or 44.5% of net sales, representing a 37% increase, versus $19.5 million or 42.4% of net sales in the third quarter of the prior year.

Operating income for the third quarter of 2012 was $7.1 million compared to $4.6 million for the third quarter of 2011, an increase of 54%.

Net income attributable to stockholders for the third quarter of 2012 was $3.4 million or $0.11 per diluted share as compared to net income attributable to stockholders of $2.2 million or $0.07 per diluted share in the third quarter of 2011.

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