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ZAGG Inc Reports Financial Results For Third Quarter 2013

Stocks in this article: ZAGG

  • Net sales of $49.9 million
  • Adjusted EBITDA of $10.2 million
  • GAAP diluted EPS of $0.10 and pro forma diluted EPS of $0.19
  • Cash flow from operations year-to-date of over $25.0 million
  • Paid down $6.6 million on line of credit and term note during the quarter
  • Revises 2013 revenue and Adjusted EBITDA guidance

SALT LAKE CITY, Nov. 5, 2013 (GLOBE NEWSWIRE) -- ZAGG Inc (Nasdaq:ZAGG), a market leader in innovative mobile device accessories and technologies, today announced financial results for the third quarter ended September 30, 2013.

"For the second quarter in a row, we've demonstrated the ability to maximize profitability during a period of top line compression by focusing on expenses and implementing several disciplines for managing our cost structure," said Randy Hales, president and CEO. "Looking ahead, we will continue to maximize profitability and cash flow with a reorganized sales team under new leadership, a strong product management focus, and a renewed focus on growing distribution. We are making the necessary changes to improve shareholder value."

Third Quarter Highlights (third quarter 2013 versus third quarter 2012)

  • Net sales of $49.9 million versus $59.8 million
  • Gross margins of 44.3% versus 44.5%
  • GAAP diluted EPS of $0.10 versus $0.11
  • Adjusted EBITDA of $10.2 million versus $12.0 million
  • Generated over $6.0 million in operating cash flow; over $25.0 million year-to-date
  • Paid down $4.6 million on line of credit and $2.0 million on term note
  • invisibleSHIELD sales represented 47% of net sales versus 51%
  • Keyboard sales represented 28% of net sales versus 19%
  • iFrogz Audio represented 14% of net sales versus 15%

Third Quarter Results

Net sales for the third quarter of 2013 decreased 17% to $49.9 million from $59.8 million in the same quarter last year. Revenue this quarter was impacted by the absence of meaningful expansion in our domestic and international distribution channels and as well as modest product expansion with existing customers.

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