Pulse Electronics Corporation (NYSE:PULS), a leading provider of electronic components, today reported results for its fourth quarter ended December 27, 2013.
Fourth Quarter Highlights
- Net sales were $87.8 million, down 2.9 percent from $90.4 million in the prior-year quarter, and down 7.5 percent from $94.8 million in the third quarter.
- Operating profit (U.S. GAAP) was $1.2 million compared with a loss of $4.6 million in the prior-year quarter and a profit of $0.5 million in the third quarter.
- Non-GAAP operating profit was $2.2 million, compared with $1.3 million in the prior-year quarter and $3.6 million in the third quarter.
“Despite a continuing muted demand environment, our operating performance for both revenue and non-GAAP operating profit were within guidance again this quarter,” said Pulse Chairman and Chief Executive Officer Ralph Faison. “Our results for this quarter topped off a year in which we made considerable strides in improved business performance despite declining overall revenue levels consistent with overall industry performance. Our gross profit margin increased to 23.0 percent compared to 19.9 percent in 2012. We reduced operating expenses, particularly on a run-rate basis at the end of the year, and, as a result, increased our full-year non-GAAP operating profit from $1.4 million in 2012 to $9.6 million in 2013. Perhaps most importantly, we increased our full-year EBITDA by 86 percent to $17.0 million.“With the completion of our recently announced convertible bond exchange transactions, continued growth in EBITDA is the key objective for Pulse in 2014,” added Mr. Faison. “We will maintain our focus on manufacturing cost reductions and aggressively pursuing operating expense savings. I believe Pulse is in an excellent position to deliver further profit and EBITDA growth to fund our growth objectives and strengthen our balance sheet.”
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