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Universal Electronics Reports Third Quarter 2012 Financial Results

Stocks in this article: UEIC

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

“Contributing to our solid 2012 third quarter was our strong performance in subscription broadcasting and continued success in international markets,” stated Paul Arling, UEI's Chairman and CEO. “While consumer-centric regions such as the U.S., Western Europe and Japan remain challenged due to weaker than expected TV sales, we are leveraging our global capabilities to expand our presence into promising new regions such as Latin America, Eastern Europe and parts of Asia where we see market opportunities.”

“During the quarter, we began providing our embedded app technology to multiple leading smart phone manufacturers. We are constantly developing the innovative technologies that facilitate simple control within the ever-changing home entertainment environment. It is the consistent execution of this strategy that has brought us success over the last 25 years, and what we believe will drive our success in the years to come.”

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

  • Net sales were $124.9 million, compared to $123.5 million.
    • Business Category revenue was $111.9 million, compared to $111.3 million.The Business Category contributed 89.6% of total net sales, compared to 90.1%.
    • Consumer Category revenue was $13.0 million, compared to $12.2 million.The Consumer Category contributed 10.4% of total net sales, compared to 9.9%.
  • Adjusted pro forma gross margins were 29.4%, compared to 27.9%.
  • Adjusted pro forma operating expenses were $25.5 million, compared to $24.0 million.
  • Adjusted pro forma operating income was $11.2 million, compared to $10.5 million.
  • Adjusted pro forma net income was $8.1 million, or $0.54 per diluted share, compared to $8.0 million, or $0.53 per diluted share.
  • At September 30, 2012, cash and cash equivalents was $41.2 million.

Financial Results for the Nine Months Ended September 30: 2012 Compared to 2011

  • Net sales were $345.3 million, compared to $351.0 million.
  • Adjusted pro forma gross margins were 28.5%, compared to 27.8%.
  • Adjusted pro forma operating expenses were $75.9 million, compared to $74.0 million.
  • Adjusted pro forma operating income was $22.7 million, compared to $23.5 million.
  • Adjusted pro forma net income was $17.1 million, or $1.13 per diluted share, compared to $17.7 million, or $1.15 per diluted share.

Financial Outlook

Bryan Hackworth, UEI’s CFO, stated: “While we continue to experience strong sales growth in subscription broadcasting both domestically and internationally, as well as in our Consumer Category, the consumer electronics channel has remained challenging. Several large Japanese consumer electronics customers have recently reduced their 2012 outlook for the second time this year, which adversely affects our sales in this channel.”

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