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Universal Electronics Reports Fourth Quarter And Year-End 2012 Financial Results

Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three and twelve months ended December 31, 2012.

“Our fourth quarter results reflect our solid performance and were within our expectations,” stated Paul Arling, UEI's Chairman and CEO. “In 2012, we demonstrated the many applications for our technology and gained traction in the growing regions of the world and in new product categories, such as smart devices and game consoles. For example, we recently announced that LG joined other leading smart device companies in selecting UEI technology to power their innovative new products, further establishing our embedded app technology in these exciting new growth markets. Smart devices represent a large and growing market for us as the introduction and adoption of smart TVs, tablets and smartphones continues to increase.

“The 2013 International Consumer Electronics Show in Las Vegas in January was another successful event for UEI as we further established ourselves as the leader in innovative solutions for home entertainment control. We unveiled a variety of products and technologies that provide a more intuitive and automated control interface for consumers. Our ability to anticipate the changing trends in home entertainment enables us to provide the products and technologies that address our customers' and consumers' evolving needs. We believe this strategy will continue to serve us well in the months and years ahead.”

Financial Results for the Three Months Ended December 31: 2012 Compared to 2011

  • Net sales were $117.8 million, compared to $117.6 million.
    • Business Category revenue was $102.8 million, compared to $103.7 million. The Business Category contributed 87.3% of total net sales, compared to 88.2%.
    • Consumer Category revenue was $15.0 million, compared to $13.9 million. The Consumer Category contributed 12.7% of total net sales, compared to 11.8%.
  • Adjusted pro forma gross margins were 30.5%, compared to 28.6%.
  • Adjusted pro forma operating expenses were $27.1 million, compared to $26.2 million.
  • Adjusted pro forma operating income was $8.9 million, compared to $7.4 million.
  • Adjusted pro forma net income was $6.3 million, or $0.42 per diluted share, compared to $5.9 million, or $0.40 per diluted share.
  • At December 31, 2012, cash and cash equivalents was $44.6 million.

Financial Results for the Twelve Months Ended December 31: 2012 Compared to 2011

  • Net sales were $463.1 million, compared to $468.6 million.
  • Adjusted pro forma gross margins were 29.1%, compared to 28.0%.
  • Adjusted pro forma operating expenses were $102.9 million, compared to $100.2 million.
  • Adjusted pro forma operating income was $31.6 million, compared to $31.0 million.
  • Adjusted pro forma net income was $23.4 million, or $1.55 per diluted share, compared to $23.6 million, or $1.55 per diluted share.

Financial Outlook

Bryan Hackworth, UEI's CFO, stated: “For many years, we have been at the forefront of advancements in control technologies and solutions, which are now evolving to include Smart Devices. We are very pleased with our early successes embedding UEI technology inside gaming consoles, smartphones, tablets and smart TVs. Initial customer reaction and feedback has been quite positive. We are confident that we will deliver solid growth in 2013 and that our investment in these areas carries significant additional growth potential. Longer term, we believe the profile of our business is one with approximately 5% to 10% average annual revenue growth and average earnings growth of between 10% and 15%. Because it is difficult to accurately predict the commencement, timing of launch and magnitude of orders for specific new products across future quarters or within the current fiscal year, we have decided that, going forward, we will only provide detailed guidance for the upcoming quarter.”

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