TUALATIN, Ore., May 6, 2013 /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 first quarter ended March 31, 2013.
In addition, CUI Inc posted first quarter bookings of $11.7 million in new sales orders, which represented a $2.3 million (24%) increase in new sales orders as compared to the same period in 2012. Further, CUI Inc had a sales order back log at March 31, 2013 of $15.7 million, a $5.0 million (47%) increase from the March 31, 2012 sales order back log balance of $10.7 million.
Significantly, the company saw its first quarter 2013 year-over-year selling, general, and administrative costs (SG&A) decrease by 6% as a percentage of gross revenues to 41% as compared with 47% during the prior year comparative period.
The company experienced a net loss of $0.04 per share (EPS) for the quarter which is a 69% year-over-year improvement. The net loss includes costs associated with our equity raise completed in April 2013, along with SG&A and research and development expenses relative to increased sales efforts and product development related costs for the Vergence®, Novum®, and Solus® product families.
The company had $2,518,175 of cash and cash equivalents as of March 31, 2013.
"These results are quite encouraging," explained William Clough, CUI Global's president & CEO. "The sequential growth in revenue, the decrease in SG&A as a percentage of gross revenues, and the dramatic increase in new customer sales orders and back log orders demonstrate the tangible results of our joint marketing efforts with our distribution partner, Digi-Key; our new and developing relationship with Future Electronics; and the continuing impact of our focused efforts, through our Area Sales Directors and manufacturer representatives, to increase our OEM business."
"Moreover, the nearly 50% increase in sales order back log, year-over-year, ensures us of a robust delivery schedule through the second quarter of 2013."
"This is not to mention the significant impact our recent equity raise and acquisition of Orbital-UK will have on our continuing business model and growth curve – 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 Tuesday, May 7, 2013 at 11:00 a.m. ET.
CUI Global, Inc. 2013 First Quarter Earnings Conference Call
Tuesday, May 7, 2013 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 June 7, 2013 at the following number: 877-660-6853, conference ID: 413712.
Condensed Consolidated Balance Sheets
Cash and cash equivalents
Trade accounts receivable, net of allowance of $125,000 and $130,000, respectively
Inventories, net of allowance of $220,000 and $250,000, respectively
Prepaid expenses and other
Total current assets
Property and equipment, net
Investment - equity method
Other Intangible assets, net
Deposits and other
Notes receivable, net
Debt offering costs, net
Total other assets
Liabilities and stockholders' equity:
Line of credit
Total current liabilities
Long term notes payable, related party, net of current portion due
Total long term liabilities
Commitments and contingencies
Preferred stock, par value $0.001; 10,000,000 shares authorized
Common stock, par value $0.001; 325,000,000 shares
Additional paid-in capital
Accumulated other comprehensive (loss)
Total stockholders' equity
Total liabilities and stockholders' equity
Condensed Consolidated Statements of Operations
For the three months ended March 31,
Revenue from freight
Cost of revenues
Selling, general and administrative
Research and development
Total operating expenses
(Loss) from operations
Other income (expense)
Earnings from equity investment
Amortization of debt offering costs
Total other income (expense), net
(Loss) before taxes
Provision for taxes
Consolidated Net (loss)
Basic and diluted (loss) per common share
Basic and diluted weighted average common and common equivalents shares
Condensed Consolidated Statements of Cash Flows
For the three months ended March 31,
CASH FLOWS FROM OPERATING ACTIVITIES:
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Stock, options and notes issued for compensation and services
Non-cash interest expense, including amortization of debt offering costs
Earnings from Equity Investment
Bad debt expense
Amortization of technology rights
Amortization of patent costs
Amortization of website development
Amortization of intangible, trademark and trade name V-Infinity
(Increase) decrease in assets:
Trade accounts receivable
Prepaid expenses and other current assets
Deposits and other assets
Increase (decrease) in liabilities:
NET CASH PROVIDED BY OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from Notes receivable
Purchase of property and equipment
NET CASH (USED IN) INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (payments to) demand notes payable, net of debt offering costs
Payments on notes and loans payable
Payments on notes and loans payable, related party
Payments on convertible notes payable, related party
Proceeds from sales of common stock, and exercise of warrants and options, net of offering
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of period
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
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.
Orbital-UK is the largest natural gas systems integrator in the U.K. For over 25 years, Orbital has developed its portfolio of products, services and resources to offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries. Orbital-UK's internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology with the ground-breaking Vergence® GasPT2 device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems.
For more information, please visit www.orbital-uk.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.
SOURCE CUI Global, Inc.
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