CUI Global Reports FY 2012 Revenue of $41 Million, Up 5.5%
CUI Global, Inc. achieved revenue for the year ended December 31, 2012 of $41,084,589, a 5.5% increase from the 2011 year ended revenues of $38,938,326. More significantly, the company reported year-end back orders of $14.15 million (unaudited) for FY 2012, up over 50% from FY 2011 back orders of $9.24 million (unaudited).
In addition, the company reported a year-over-year quarter-to-quarter revenue increase of better than 35%; $11.9 million in fourth quarter 2012, compared to $8.8 million in fourth quarter FY 2011. The company reported increased revenue on a quarter-to-quarter basis as well, up from $10.7 million in third quarter FY 2012. For the third quarter in a row, the company decreased its quarterly Earnings Per Share (EPS) loss attributable to the year-to-date period from $0.04 per share in third quarter to a net loss of $0.02 per share in fourth quarter and a year-end loss of $0.25 per share.
Along with the above financial accomplishments, the company claimed several other significant milestones in FY 2012, including: Completion of $13.5 million (net to the company) equity raise; Successful up-listing to the Nasdaq Capital Market; Retirement/termination of $8.1 million in short and long-term debt; Listing on the Wilshire 5000 Total Market Index; Listing on the RussellÂ® Microcap Index; Inclusion in the MSCI Global Microcap Indices; Negotiation and signing of additional distribution relationship with Future Electronics; Certification of the VergenceÂ® GasPT2 Metering Device by Italian, Polish, UK, and Canadian authorities, along with the first substantial purchase order from its North American Distributor, EMC; and more.
William Clough, president & chief executive officer, stated, "These financial results and the other accomplishments we achieved in 2012 continue to demonstrate the effectiveness of our initiatives, including an enhanced sales channel, the elimination of significant debt, and the continued introduction and commercialization of our new products, including products based upon CUI Global's proprietary technologies."
"As our VergenceÂ® Technology; our NovumÂ® Digital Point-of-Load Technology; and our SolusÂ® Technology come to market this year, coupled with the significant reduction in debt we accomplished in 2012, should both combine to put us in a position to see significant growth in revenue. Our up-listing to the Nasdaq Capital Market in 2012, which has significantly broadened our shareholder base, should also enhance our ability to increase shareholder value in 2013," Clough concluded.