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Universal Electronics Reports Third Quarter 2013 Financial Results

Stocks in this article: UEIC

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

Paul Arling, UEI's Chairman and CEO, stated: “Our record quarterly performance was supported by strength in subscription broadcasting as both domestic and international markets delivered growth. Leveraging our core business, technologies and patents, we have begun recording initial licensing sales from the fast-growing smart devices market. We are beginning to gain traction with the world’s largest mobile device manufacturers, gaming companies and over-the-top service providers to incorporate UEI’s advanced technology into an expanding array of consumer electronics devices. We remain very excited about the opportunities for UEI and our ability to connect and control new and advanced wireless technologies as the industry continues to evolve.”

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

  • Net sales were $142.4 million, compared to $124.9 million.
    • Business Category revenue was $129.7 million, compared to $111.9 million. The Business Category contributed 91.1% of total net sales, compared to 89.6%.
    • Consumer Category revenue was $12.7 million, compared to $13.0 million. The Consumer Category contributed 8.9% of total net sales, compared to 10.4%.
  • Gross margins were 28.6%, compared to 29.4%.
  • Operating expenses were $28.9 million, compared to $25.5 million.
  • Operating income was $11.8 million, compared to $11.2 million.
  • Net income was $9.7 million, or $0.62 per diluted share, compared to $8.1 million, or $0.54 per diluted share.
  • At September 30, 2013, cash and cash equivalents, net of debt, was $44.6 million, compared to $34.4 million at September 30, 2012.

Adjusted Pro Forma Financial Results for the Nine Months Ended September 30: 2013 Compared to 2012

  • Net sales were $393.2 million, compared to $345.3 million.
  • Gross margins were 28.4%, compared to 28.5%.
  • Operating expenses were $83.6 million, compared to $75.9 million.
  • Operating income was $28.1 million, compared to $22.7 million.
  • Net income was $20.8 million, or $1.35 per diluted share, compared to $17.1 million, or $1.13 per diluted share.

Financial Outlook

For the fourth quarter of 2013, the company expects net sales to range between $126.0 million and $134.0 million, compared to $117.8 million in the fourth quarter of 2012. Adjusted pro forma earnings per diluted share for the fourth quarter of 2013 are expected to range from $0.42 to $0.52, compared to adjusted pro forma earnings per diluted share of $0.42 in the fourth quarter of 2012.

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