Pulse Electronics Corporation Reports Second Quarter Results

Pulse Electronics Corporation (NYSE:PULS), a leading provider of electronic components, today reported results for its second quarter ended June 27, 2014.

Second Quarter Highlights
  • Net sales were $93.6 million, up 6.0 percent from $88.3 million in the prior-year quarter, and up 14.6 percent from $81.7 million in the first quarter.
  • Operating profit (U.S. GAAP) was $1.7 million compared with a profit of $1.6 million in the prior-year quarter and a loss of $1.4 million in the first quarter.
  • Non-GAAP operating profit was $2.9 million, compared with $2.2 million in the prior-year quarter and $0.1 million in the first quarter.
  • Adjusted EBITDA was $4.8 million, compared to $4.0 million in the prior-year quarter and $1.9 million in the first quarter. As a percentage of revenue, Adjusted EBITDA margin was 5.1 percent, compared to 4.6 percent in the prior-year quarter and 2.3 percent in the first quarter.
  • Completed the company’s financial restructuring with redemption of remaining convertible notes.

CEO Comments

“Our operating results in the second quarter for revenue and non-GAAP operating profit were higher both sequentially and year-over-year, as we expected based on the strength in industry demand we experienced in the first quarter,” said interim Chief Executive Officer Alan Benjamin. “Shipments in key network and power product lines were strong following higher order rates coming into the quarter, and higher demand in our smartphone programs bolstered revenue in the wireless segment.

“Pulse’s overall strategy remains unchanged: we continue to focus on aggressive EBITDA growth through margin improvement, cost and expense reductions, and growth in new channels. This quarter’s increase in EBITDA margin demonstrates our ability to generate good growth in EBITDA with increases in revenue,” Mr. Benjamin continued. “We will continue to pursue cost and expense reductions in the third quarter with the objective of further improving our EBITDA margin.

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