CUI Global, Inc. reported unaudited results for the six months ended June 30, 2013 including total revenues of $28,210,451. Gross revenues for the second quarter ($18,151,091) grew 80% sequentially from first quarter revenues ($10,059,360) and 81% year-over-year, when compared to Second Quarter 2012 ($10,011,758), before the acquisition of Orbital-UK and associated accretive revenues.
The company had $28,105,549 of cash and cash equivalents as of June 30, 2013 – an increase of more than $25,000,000 since December 31, 2012 ($3,039,840). The company earned a net profit of $0.02 earnings per share for the quarter ended June 30, 2013. The earnings before interest, taxes, depreciation and amortization (EBIDTA) per share for the second quarter were $0.08.
In addition, as an operating unit, the power and electro-mechanical segment (CUI Inc and CUI Japan) posted record year-to-date revenues of $22,253,366, which represented a $3,771,845 (20%) increase as compared to the same period in 2012. The sales order back log at June 30, 2013 was a consolidated $38.2 million, a $26.0 million (200%) increase from the June 30, 2012 back log balance of $12.2 million (before the acquisition of Orbital-UK and associated accretive revenues).
"This is the first consolidated reporting period following our acquisition of Orbital-UK and the results are quite compelling," explained William Clough, CUI Global's president & CEO. "The sequential growth in revenue; the dramatic increase in customer back orders; and our turn to profitability all demonstrate the tangible results of this immediately accretive acquisition and our continuing efforts, now through CUI, Inc., CUI Japan and Orbital-UK, to increase our penetration into both the electronics and natural gas markets."
"Moreover, the 200% increase in sales order back log, year-to-year, ensures us of a robust delivery schedule for the third quarter of 2013.The acquisition of Orbital-UK and its recognized expertise in the natural gas industry, along with its team of professional engineers should only enhance the penetration into the market of our GasPT Technology; the recently acquired VE-Probe Technology; and our proprietary IRIS remote telemetry system – All-in-all, very exciting times for our company and its shareholders," Clough concluded.
