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CUI Global Reports Unaudited Second Quarter 2014 Financial Results

TUALATIN, Ore., Aug. 11, 2014 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products, today reported their unaudited financial results for the second quarter, ended June 30, 2014.

CUI Global, Inc. Logo.

Second Quarter 2014 Financial Performance Summary: (Comparisons to 2Q 2013)

  • Quarterly revenue was up 6% to $19.2 million from $18.2 million
  • Gross Profit margin was 40%, as compared to 39%
  • Consolidated loss of $(66) thousand or $(0.00) per share versus $437 thousand profit or $0.02 per share
  • Quarterly adjusted EBITDA was $1.3 million or $0.06 a share, as compared to $1.8 million or $0.10 a share in Q2 2013
  • Year to date Adjusted EBITDA was $2.2 million or $0.10 a share, as compared to $1.8 million or $0.12 a share in 2013
  • Cash and cash equivalents were $15.2 million with an additional $12.0 million in short-term investments
  • Power and Electro-Mechanical segment unaudited backlog of $14.0 million as of June 30, 2014
  • Gas segment unaudited backlog of $23.7 million as of June 30, 2014

CUI Global's President & CEO, William Clough commented, "We are pleased with our second quarter and year to date results, as we continue to build on our momentum from the first quarter.  We saw increases in revenues in both segments and our backlog remains robust."

"We have now signed up 33 new distributors in Europe and North America.  In addition, we announced in early May the fact that National Grid had selected our IRIS technology for use in remotely controlling their entire grid.  Since that announcement, we have continued discussions with GE and are now preparing a presentation of the IRIS technology for joint marketing and sales presentation with GE to such North American customers as Kinder-Morgan, Williams Pipeline, Spectra Energy and others," Clough continued.

Clough explained, "We believe these distributor agreements and our cooperation with GE's Intelligent Platform Group represent significant steps in our plan to develop a substantial distribution network for our ground breaking technology and, specifically, for sales targeting North American energy producers and transporters."

"Sales of our GasPTi product remain steady, as we have now received orders for 21 units in 2014. In addition, we have now completed a four month field trial of six units by Snam Rete Gas.  Those trials went very well, with all six units passing the testing. The VE technology remains a strong product for us and is now being considered by a number of large energy producers and transporters in North America and Europe for implementation on their pipelines, both as sampling systems and as thermowell replacements," concluded Clough.

For the quarter ended June 30, 2014, CUI Global produced consolidated total revenues of $19.2 million and year to date consolidated total revenues of $36.1 million.  Gross revenues for the second quarter grew 14% sequentially from first quarter revenues of $16.9 million and 6% year-over-year, when compared to $18.2 million in the second quarter of 2013. 

The cost of revenue for the quarter ended June 30, 2014, was $11.5 million, versus $11.1 million for the same period in 2013.  The increase when compared to the second quarter of 2013 is primarily the result of increased revenues associated with growth in the power and electro-mechanical segment.  As a percentage of sales, the cost of revenue remained relatively consistent at 60% for Q2 2014 compared with 61% in Q2 2013 with the change associated with the product mix delivered during the period.  Gross profit was $14.7 million year to date versus $10.9 million in 2013 and $7.7 million for the quarter ended June 30, 2014 versus $7.0 million during Q2 2013.

SG&A decreased 3% as a percentage of revenues for the second quarter sequentially from first quarter and increased 5% as a percentage of revenues as compared to the quarter ended 2013. 

The company reported a net loss of $(66) thousand or $(0.00) per share (EPS) for the quarter ended June 30, 2014 as compared with a net profit of $437 thousand or $0.02 per share in the prior year period.  The net loss, during the quarter ended June 30, 2014 as compared to the prior year period is primarily the result of consistent increases for selling, general and administrative expenses related to the increased revenues and selling and marketing efforts associated with introducing new technologies and Orbital to the global marketplace. 

The earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter were $868 thousand or $0.04 EBITDA per share. Adjusted EBITDA for the second quarter 2014 was $1.3 million or $0.06 per share.

Operating activities generated positive cash flow of $49 thousand during the six months ended June 30, 2014, versus positive cash flow from operations of $603 thousand for the same period in 2013.  The change in cash provided by operations is primarily related to the changes in the operating assets associated primarily with increased revenues during the period as well as the net income generated by operating activities exclusive of non-cash expenses during the year to date period.  

In addition, as an operating unit, the power and electro-mechanical segment (CUI, Inc. and CUI Japan) posted revenues of $13.6 million for the quarter, which represented a $985 thousand (8%) increase as compared to the same period in 2013. The gas segment posted revenues of $5.6 million in the second quarter. 

The power and electro-mechanical segment unaudited order back log was $14.0 million and the gas segment unaudited order back log was $23.7 million as of June 30, 2014.

The company had $15.2 million of cash and cash equivalents as of June 30, 2014, a decrease of $1.4 million since December 31, 2013.  The Company had an additional $12.0 million in short-term investments, an increase of $1.1 million since December 31, 2013.

CONFERENCE CALL

The Company will conduct a conference call and webcast to review the results on Tuesday, August 12, 2014 at 9:00am ET.

To access the call, please dial the toll free number at (888) 734-0328 and provide the Conference ID: 81760447. For international callers, please dial (678) 894-3054. At the conclusion of the call, a replay will be available until August 23, 2014.  To access the replay of the call dial (855) 859-2056 and provide the same Conference 81760447. This replay will be available until August 23, 2014.

A simultaneous webcast will also be available via: http://www.media-server.com/m/p/fpj9fmny

 

Condensed Consolidated Balance Sheets






June 30,
2014


December 31,
2013





(unaudited)



Assets:





Current assets:






Cash and cash equivalents


$    15,182,145


$    16,575,508


Short term investments held to maturity


11,955,454


10,868,961


Trade accounts receivable, net of allowance of $239,102 and
  $285,348, respectively


11,257,374


9,055,561


Inventories, net of allowance of $511,128 and $549,981,
  respectively


7,175,904


7,027,644


Costs in excess of billings


-


552,012


Prepaid expenses and other


1,116,496


603,960



Total current assets


46,687,373


44,683,646








Property and equipment, net


8,315,414


8,206,563








Other assets:






Investment - equity method


325,121


283,011


Other intangible assets, net


22,236,921


23,512,394


Deposits and other


34,219


25,364


Notes receivable, net of allowance of
  $564,194 and $564,194, respectively


-


-


Goodwill, net


22,761,679


22,448,613



Total other assets


45,357,940


46,269,382



Total assets


$   100,360,727


$    99,159,591








Liabilities and Stockholders' Equity:





Current liabilities:






Accounts payable


$      4,686,227


$      4,146,262


Mortgage note payable, current portion


78,764


76,814


Leases payable, current portion


64,279


83,904


Accrued expenses


2,368,734


2,253,773


Accrued taxes payable


397,047


263,804


Accrued compensation


553,959


426,402


Billings in excess of costs


5,766,757


6,787,231


Unearned revenue


1,684,932


1,257,346



Total current liabilities


15,600,699


15,295,536


Long term leases payable


93,644


58,363


Derivative liability


544,981


427,818


Long term mortgage note payable, net of current portion due of
  $78,764 and $76,814, respectively


3,564,210


3,604,242


Long term notes payable, related party


5,303,683


5,303,683


Deferred tax liabilities, net


2,856,846


3,111,361



Total long term liabilities


12,363,364


12,505,467



Total liabilities


27,964,063


27,801,003








Commitments and contingencies












Stockholders' equity






Common stock, par value $0.001; 325,000,000 shares
  authorized; 20,634,072 shares issued and outstanding at
  June 30, 2014 and 20,566,663 shares issued and outstanding
  at December 31, 2013


20,634


20,567


Additional paid-in capital


147,263,288


146,614,995


Accumulated deficit


(77,669,315)


(77,114,935)


Accumulated other comprehensive gain


2,782,057


1,837,961



Total stockholders' equity


72,396,664


71,358,588



Total liabilities and stockholders' equity


$   100,360,727


$    99,159,591

 

 

 

Condensed Consolidated Statements of Operations

(unaudited)












For the three months ended June 30,


For the six months ended June 30,





2014


2013


2014


2013

Revenues:










Product sales


$    19,202,860


$    18,138,599


$    36,092,981


$    28,190,845


Revenue from freight


11,333


12,492


21,121


19,606



Total revenue


19,214,193


18,151,091


36,114,102


28,210,451












Cost of revenues


11,506,825


11,148,154


21,412,512


17,263,366











Gross profit


7,707,368


7,002,937


14,701,590


10,947,085












Operating expenses:










Selling, general and administrative


6,494,599


5,289,249


12,686,299


9,227,870


Depreciation and amortization


1,076,155


920,478


2,129,168


1,064,007


Research and development


328,765


198,775


598,617


443,465


Bad debt


30,231


47,470


(77,769)


42,470



Total operating expenses


7,929,750


6,455,972


15,336,315


10,777,812












Income (loss) from operations


(222,382)


546,965


(634,725)


169,273











Other income (expense):










Other income


70,195


56,057


152,064


117,295


Other expense


(65,580)


(4,961)


(65,875)


(9,906)


Unrealized (loss) on derivative


(61,583)


-


(117,163)


-


Earnings (loss) from equity investment


26,740


(6,229)


42,110


(4,126)


Gain (loss) on disposals of fixed assets


-


-


(4,754)


-


Amortization of investment premiums and discounts


(17,319)


-


(32,301)


-


Amortization of debt offering costs and debt discount


-


(18,333)


-


(36,666)


Interest expense


(127,783)


(86,979)


(253,274)


(201,453)



Total other income (expense), net


(175,330)


(60,445)


(279,193)


(134,856)












Income (loss) before taxes


(397,712)


486,520


(913,918)


34,417


(Benefit) provision for taxes


(331,250)


49,287


(359,538)


59,276

Consolidated net income (loss)


$          (66,462)


$         437,233


$        (554,380)


$          (24,859)












Basic income (loss) per common share


$             (0.00)


$              0.02


$             (0.03)


$             (0.00)

Diluted income (loss) per common share


$             (0.00)


$              0.02


$             (0.03)


$             (0.00)

Basic weighted average common shares outstanding


20,628,347


18,835,103


20,608,048


14,881,158

Diluted weighted average common and common
  equivalent shares outstanding


20,628,347


18,851,315


20,608,048


14,881,158

 

Condensed Consolidated Statements of Cash Flows (unaudited)










For the six months ended June 30,





2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES





Net (loss)


$        (554,380)


$          (24,859)

Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:






Stock,  options and notes issued for compensation and services


526,692


295,541


Unrealized loss on derivative


117,163


-


Non-cash interest expense, including amortization of debt offering costs


-


36,666


Non-cash (profit) loss on equity method investment


(42,110)


4,126


Allowance for bad debt expense and returns allowance


(47,769)


42,470


Amortization of investment premiums and discounts


32,301


-


Amortization of intangibles


1,739,207


866,403


Deferred income taxes


(349,127)


(142,455)


Inventory reserve


(47,859)


18,400


Loss on disposal of assets


4,754


-


Depreciation


516,844


327,999

(Increase) decrease in assets:






Trade accounts receivable


(2,020,815)


1,654,312


Inventories


(21,082)


(898,397)


Costs in excess of billings


570,091


90,871


Prepaid expenses and other current assets


(358,939)


(673,266)


Deposits and other assets


(8,855)


11,360

Increase (decrease) in liabilities:






Accounts payable


470,658


456,307


Accrued expenses


93,371


(1,514,443)


Accrued compensation


119,169


124,547


Accrued taxes payable


124,546


(401,223)


Unearned revenue


427,586


259,539


Billings in excess of costs


(1,242,763)


68,803



NET CASH PROVIDED BY OPERATING ACTIVITIES


48,683


602,701

CASH FLOWS FROM INVESTING ACTIVITIES:






Cash paid upon acquisition, net of cash received


-


(17,709,507)


Investment in patents


-


(2,500)


Purchase of short term investments held to maturity


(6,282,980)


-


Maturities of short term investments held to maturity


5,164,186


-


Proceeds from notes receivable


-


18,116


Purchase of property and equipment


(483,262)


(442,086)



NET CASH USED IN INVESTING ACTIVITIES


(1,602,056)


(18,135,977)

CASH FLOWS FROM FINANCING ACTIVITIES:






Payments on demand notes payable, net of debt offering costs


-


(459,448)


Payments on leases payable, net of proceeds


(70,719)


(3,736)


Payments on notes and loans payable


(38,082)


-


Payments on notes payable, related party


-


(2,000,000)


Proceeds from sales of common stock, and exercise of warrants and options, net of
  offering costs


-


45,135,280



NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES


(108,801)


42,672,096

EFFECT OF EXCHANGE RATE CHANGE ON CASH


268,811


(73,111)

Cash and cash equivalents at beginning of period


16,575,508


3,039,840

Cash and cash equivalents at end of period


15,182,145


28,105,549

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS


$     (1,393,363)


$    25,065,709

 





For the six months ended June 30,





2014


2013

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:





Income taxes paid


$         138,663


$           62,948

Interest paid


$         254,925


$         201,233








SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:




Capital leases


$           81,716


$           16,381

 

About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .

CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT2 platform targeting the energy sector, to CUI Inc.'s digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have 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. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.

For more information please visit www.cuiglobal.com

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.

Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, and Adjusted Net Income are a non-GAAP financial measures and are reconciled in the tables below. These non-GAAP financial measures do not represent funds available for management's discretionary use and are not intended to represent cash flow from operations. EBITDA, Adjusted EBITDA, and Adjusted Net Income should not be construed as substitutes for net loss or as a better measure of liquidity than cash flow from operating activities, which is determined in accordance with United States generally accepted accounting principles ("GAAP"). EBITDA, Adjusted EBITDA, and Adjusted Net Income exclude components that are significant in understanding and assessing the company's results of operations and cash flows. In addition, EBITDA, Adjusted EBITDA, and Adjusted Net Income are not terms defined by GAAP and as a result our measure of these non-GAAP financial measures might not be comparable to similarly titled measures used by other companies. However, EBITDA, Adjusted EBITDA, and Adjusted Net Income are used by management to evaluate, assess and benchmark the company's operational results and the company believes these non-GAAP financial measures are relevant and useful information which are often reported and widely used by analysts, investors and other interested parties in the company's industry. Accordingly, the company is disclosing this information to permit a more comprehensive analysis of its operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to the company's ability to meet future debt service, capital expenditure and working capital requirements.  Adjusted net income eliminates the amortization expenses associated with intangible assets acquired with Orbital Gas Systems Limited in April 2013 as well as non-cash expenses associated with stock, warrants, options and notes issued for compensation and services during the period ended.

 



For the 3 months ended June 30,


For the 6 months ended June 30,



2014


2013


2014


2013

EBITDA:









Consolidated Income (loss)


$      (66,462)


$     437,233


$    (554,380)


$      (24,859)

Plus:  Interest expense


127,783


86,979


253,274


201,453

Plus:  (Benefit) provision for taxes


(331,250)


49,287


(359,538)


59,276

 Plus: Depreciation 


261,369


184,390


516,844


327,999

Plus:  Amortization


876,237


798,876


1,739,207


866,403

Plus:  Amortization of debt offering costs and debt discount


-


18,333


-


36,666

EBITDA


$     867,677


$   1,575,098


$   1,595,407


$   1,466,938

Adjusted EBITDA:









Plus: Bad debt


30,231


47,470


(77,769)


42,470

Plus:  Unrealized loss on derivative


61,583


-


117,163


-

Plus:  Stock, options and notes issued for compensation and services


302,197


207,752


526,692


295,541










Adjusted EBITDA


$   1,261,688


$   1,830,320


$   2,161,493


$   1,804,949










EBITDA per share


$           0.04


$           0.08


$           0.08


$           0.10

Adjusted EBITDA per share


$           0.06


$           0.10


$           0.10


$           0.12

Basic weighted average shares outstanding


20,628,347


18,835,103


20,608,048


14,881,158










Adjusted net income (loss):









Consolidated Income (loss)


$      (66,462)


$     437,233


$    (554,380)


$      (24,859)

Plus:  Amortization expense of Orbital acquisition related intangible assets


798,193


731,345


1,583,292


731,345

Plus:  Stock, options and notes issued for compensation and services


302,197


207,752


526,692


295,541

Adjusted net income


$   1,033,928


$   1,376,330


$   1,555,604


$   1,002,027

Adjusted income per common share


$           0.05


$           0.07


$           0.08


$           0.07

Basic weighted average shares outstanding


20,628,347


18,835,103


20,608,048


14,881,158

 

 

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SOURCE CUI Global, Inc.

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The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...