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CUI Global Reports First Quarter 2013 Revenue up 19% to $10 Million

May 05, 2013 by Jeff Shepard

For the three months ended March 31, 2013, CUI Global, Inc. produced consolidated total revenues of $10,059,360. The numbers demonstrate that gross revenues for the First Quarter grew 19% year-over-year ($1,589,597), when compared to revenues of $8,469,763 for the same period in FY 2012. In addition, CUI 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 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 the 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.