EMRISE Announces 2012 Fourth Quarter And Full Year Financial Results
DURHAM, N.C., March 28, 2013 (GLOBE NEWSWIRE) -- EMRISE CORPORATION (OTCQB:EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced its financial results for the fourth quarter and full year ended December 31, 2012.
Chairman and CEO Carmine T. Oliva said the Company's results in 2012 reflected continuing improvements in its operations including a further tightening of control over overhead and other costs, which resulted in a 9.9 percent year-over-year decline in operating expenses in 2012. Overall net sales from continuing operations in 2012 increased approximately 2 percent year over year to $34 million compared to $33.5 million in 2011.
Net sales of EMRISE's Electronic Devices segment in 2012 grew 9.1 percent year over year to $24 million, up from $22 million in 2011. Net sales in the Communications Equipment segment declined approximately 13 percent to $10 million, compared to $11.5 million in 2011. EMRISE's Electronic Devices segment accounted for 71 percent of the Company's overall net sales in 2012, while the Communications Equipment segment contributed 29 percent.Oliva noted that while net sales and profitability for the 2012 fourth quarter and year increased in local currencies in each of the Company's European subsidiaries in line with management's expectations, the strengthening of the U.S. dollar against the British Pound Sterling and the Euro diluted the impact of those local currency increases when translated into U.S. dollars for consolidation purposes. "The small year-over-year increase in overall net sales in 2012 also reflects the impact of a $2 million decline in our U.S. Communications Equipment business unit, which offset the higher year-over-year sales of our commercial aerospace In-flight Entertainment and Connectivity (IFE&C) products and sales of network access products at our French Communications Equipment business unit," Oliva added. The year-over-year net sales increase in the Electronic Devices segment in 2012 was driven principally by higher sales of EMRISE's commercial aerospace IFE&C and Military product lines. The Company is currently seeing a steady inflow of orders for both these product lines. The decline in net sales in the U.S. Communications business unit was driven by declining demand for legacy products and lower and delayed U.S. Government spending.
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