|By PR Newswire||
|November 13, 2012 04:54 PM EST||
TUALATIN, Ore., Nov. 13, 2012 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, reported results for the third quarter ended September 30, 2012.
For the nine months ended September 30, 2012, CUI Global produced consolidated total revenues of $29,193,827. The numbers demonstrate that gross revenues for the Third Quarter ($10,712,306) grew 7% sequentially from Second Quarter revenues ($10,011,758).
The company had $3,451,087 million of cash and cash equivalents as of September 30, 2012. Revenues for the three months ended were comparable to the prior year period.
The company experienced a net loss of $0.04 earnings per share (EPS) for the quarter which is a continued improvement from the earlier quarters of 2012. The net loss is primarily the result of an increase in sales, general and administrative expenses, including increased sales efforts and related costs for the Vergence®, Novum®, and Solus® products and certain professional costs associated with increased investor relations.
Commercialization of the Vergence device, for example, has required some continuing development and costs associated with safety certification and testing of the device prior to sale and installation. While the company has also incurred certain additional costs associated with research, development, and engineering support for the Novum and Solus product lines.
In the case of Vergence, these costs have resulted in successful testing of the GasPT2 device at, among other entities, TransCanada in North America and Fermaca in Mexico. For its part, the Novum development has allowed us to introduce a new family of digital point of load dc-dc modules that deliver over 95% peak efficiency in applications employing distributed power architecture at the internationally respected electronica 2012 trade show being held this week in Munich, Germany.
In addition, as noted in a recent press release, CUI Inc. posted record third quarter bookings of $13,721,715 in new sales orders, which represented a $4,615,146 (51%) increase in new sales orders as compared to the same period in 2011. The sales order back log at September 30, 2012 was $14.7 million, a $5.6 million (61%) increase from the September 30, 2011 back log balance of $9.1 million.
"These results are very encouraging," explained William Clough, CUI Global's president & CEO. "The sequential growth in revenue and the dramatic increase in customer back orders demonstrate the tangible results of our joint marketing efforts with our distribution partner, Digikey, and the continuing impact of our focused efforts, through our Area Sales Directors and manufacturer representatives, to increase our OEM business.
"Moreover, the 61% increase in sales order back log, year-to-year, ensures us of a robust delivery schedule for fourth quarter 2012.
"Along with the development and introduction of our Novum®, Solus®, and Vergence® product lines, we have been implementing these 'core' business initiatives over the past 12 to 24 months – all of which should continue to produce positive results in both revenue growth and enhanced shareholder value," Clough concluded.
The Company will conduct a conference call and web cast to review the results on Wednesday, November 14, 2012 at 11:00 a.m. ET.
CUI Global, Inc. Third Quarter Results Conference Call
Wednesday, November 14, 2012 at 11:00 a.m. Eastern
Dial in number: 877-407-8029
A simultaneous webcast will also be available via:
In addition, a replay of the conference call will be archived and available until December 14, 2012 at the following number: 877-660-6853, conference ID: 403438.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global is a publicly traded platform company dedicated to maximizing shareholder value through the acquisition and development of innovative companies and technologies. From its Vergence GasPT2 platform targeting the energy sector, to its subsidiary CUI Inc.'s industry leading digital power platform targeting the networking and telecom industries, CUI Global has built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. CUI Global prides itself on operating with the same level of integrity, respect, and philanthropic dedication that was put in place by CUI Inc.'s founder more than 20 years ago. It is these values that allow the company to make a difference in the lives of their customers, their community, their employees, and their investors. Recently, a move was made to merge and streamline resources with its subsidiary CUI Inc. in order to create a unified, international brand that now positions CUI Global for further strategic expansion.
About CUI Inc.
CUI Inc. is a technology company dedicated to the development, commercialization, and distribution of new, innovative electro-mechanical products. Over the past 20 years, CUI has become a recognized name in electronic components worldwide in the areas of power, interconnect, motion control, and sound. CUI's solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly owned subsidiary of CUI Global, Inc.
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
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