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Universal Electronics Reports Second Quarter 2013 Financial Results

Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three and six months ended June 30, 2013.

Paul Arling, UEI's Chairman and CEO, stated: “We delivered better than expected second quarter 2013 results primarily due to strong sales in our subscription broadcasting business, especially in the U.S. and Latin America, as well as our consumer electronics OEM business. UEI is the market leader in wireless control technology for the connected home, but we are not stopping there; we are supplying the innovative solutions that address future evolutions in home entertainment. Our core business continues to grow as our customers are including more advanced technologies into their products, such as Bluetooth-enabled remote controls and onscreen navigation for televisions, which drives demand for a wide variety of UEI solutions. We continue to gain traction with our embedded app technologies such as UEI QuickSet and Control Plus as we work with some of the world's largest smart device companies. In fact, we expect to launch our embedded app technologies with mobile, IPTV and game console companies later in 2013 and into next year. With our market position, market approach and expanding market opportunity, we believe the future has never looked brighter.”

Adjusted Pro Forma Financial Results for the Three Months Ended June 30: 2013 Compared to 2012

  • Net sales were $136.1 million, compared to $116.7 million.
    • Business Category revenue was $124.2 million, compared to $103.9 million. The Business Category contributed 91% of total net sales, compared to 89%.
    • Consumer Category revenue was $11.9 million, compared to $12.8 million. The Consumer Category contributed 9% of total net sales, compared to 11%.
  • Gross margins were 28.0%, compared to 28.5%.
  • Operating expenses were $26.9 million, compared to $25.5 million.
  • Operating income was $11.2 million, compared to $7.7 million.
  • Net income was $7.2 million, or $0.47 per diluted share, compared to $6.2 million, or $0.41 per diluted share.
  • At June 30, 2013, cash and cash equivalents, net of debt, was $49.7 million, compared to $17.7 million at June 30, 2012.

Adjusted Pro Forma Financial Results for the Six Months Ended June 30: 2013 Compared to 2012

  • Net sales were $250.8 million, compared to $220.4 million.
  • Gross margins were 28.3%, compared to 28.1%.
  • Operating expenses were $54.6 million, compared to $50.3 million.
  • Operating income was $16.3 million, compared to $11.5 million.
  • Net income was $11.1 million, or $0.73 per diluted share, compared to $9.0 million, or $0.60 per diluted share.

Financial Outlook

For the third quarter of 2013, the company expects net sales to range between $136.0 million and $144.0 million, compared to $124.9 million in the third quarter of 2012. Adjusted pro forma earnings per diluted share for the third quarter of 2013 are expected to range from $0.48 to $0.58, compared to adjusted pro forma earnings per diluted share of $0.54 in the third quarter of 2012.

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