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ZAGG Inc Reports Financial Results For Second Quarter 2013

Stocks in this article: ZAGG

ZAGG Inc (NASDAQ: ZAGG), a market leader in innovative mobile device accessories and technologies, today announced financial results for the second quarter ended June 30, 2013.

“Recent industry data confirms ZAGG as one of the leading brands in the mobile computing accessories market. ZAGG is the number one brand by revenue in tablet accessories, and iFrogz is one of the top five brands in personal audio during the last year in terms of units sold. These results from the latest market data reports validate the success of our brand and product strategies,” said Randy Hales, president and CEO. “In response to our reduced sales this year, we focused aggressively on cost management resulting in improved gross margin and EBITDA during the quarter. My increased involvement in sales and today’s announcement of Jason Schwartz joining the company as COO adds additional management focus on top line growth and profitability.”

Second Quarter Highlights (second quarter 2013 versus second quarter 2012)

  • Net sales of $51.2 million versus $61.6 million
  • Gross margins of 42.1% versus 46.1%
  • Adjusted EBITDA of $10.5 million versus $15.1 million
  • GAAP diluted EPS of $0.09 versus $0.18
  • Generated over $5.0 million in operating cash flow or over $19.0 million year-to-date
  • Paid down $13.1 million on line of credit and $2.0 million on term note
  • invisibleSHIELD sales represented 38% of net sales versus 41%
  • Keyboard sales represented 25% of net sales versus 28%
  • iFrogz Audio represented 21% of net sales versus 15%

Second Quarter Results

Net sales for the second quarter of 2013 decreased 16.9% to $51.2 million from $61.6 million in the same quarter last year. Last year’s second quarter benefited from the sale of high ASP tablet products for the iPad 3 which launched in Mid-March of 2012.

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