Universal Electronics Reports Fourth Quarter And Year-End 2011 Financial Results

Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three and twelve months ended December 31, 2011.

Paul Arling, UEI's Chairman and CEO, stated: “Our fourth quarter 2011 net sales were within our expectations and demonstrated strong growth of 15% over last year, and earnings were at the high end of our expectations, at $0.40 per share. In 2011, we maintained focus on improving our operational footing by introducing new innovative products and technologies, gaining market share and expanding geographically.”

“At the 2012 Consumer Electronics Show (CES), we showcased several innovative yet simple-to-use products and technologies that address new growth areas in our industry such as IP-based set-top boxes, 'smart' televisions, smartphones, tablets and Over-the-Top services. These innovations continue to demonstrate UEI’s leadership in providing consumers with both the 'lean forward' control experience and the familiar 'lean back' experience with a remote control. As the face of remote control technology expands to include new platforms, UEI will continue to be at the forefront of developing hardware and software technologies that bring new functionality, enhanced applications and automated setup to the user’s control experience,” concluded Arling.

Financial Results for the Three Months Ended December 31: 2011 Compared to 2010
  • Net sales were $117.6 million, compared to net sales of $102.5 million.
    • Business Category revenue was $103.7 million, compared to $89.1 million.The Business Category contributed 88.2% of total net sales, compared to 86.9%.
    • Consumer Category revenue was $13.9 million, compared to $13.4 million.The Consumer Category contributed 11.8% of total net sales, compared to 13.1%.
  • Adjusted pro forma gross margins were 28.6%, compared to gross margins of 29.7%.
  • Adjusted pro forma operating expenses were $26.2 million, compared to operating expenses of $22.4 million.
  • Adjusted pro forma operating income was $7.4 million, compared to operating income of $8.0 million.
  • Adjusted pro forma net income was $5.9 million, or $0.40 per diluted share, compared to net income of $6.6 million, or $0.45 per diluted share.
  • At December 31, 2011, cash and cash equivalents was $29.4 million.

Financial Results for the Twelve Months Ended December 31: 2011 Compared to 2010
  • Net sales were $468.6 million, compared to net sales of $331.8 million.
  • Adjusted pro forma gross margins were 28.0%, compared to gross margins of 31.8%.
  • Adjusted pro forma operating expenses were $100.2 million, compared to operating expenses of $81.0 million.
  • Adjusted pro forma operating income was $31.0 million, compared to operating income of $24.6 million.
  • Adjusted pro forma net income was $23.6 million, or $1.55 per diluted share, compared to net income of $17.9 million, or $1.27 per diluted share.

Financial Outlook

For the first quarter of 2012, the company expects net sales to range between $104 million and $110 million, compared to $105.7 million in the first quarter of 2011. Adjusted pro forma earnings per diluted share for the first quarter of 2012 are expected to range from $0.19 to $0.25, compared to adjusted pro forma earnings per diluted share of $0.17 in the first quarter of 2011.

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