For the nine months ended September 30, 2012, CUI Global produced consolidated total revenues of $29,193,827. The numbers demonstrate that gross revenues for the Third Quarter ($10,712,306) grew 7% sequentially from Second Quarter revenues ($10,011,758). The company had $3,451,087 million of cash and cash equivalents as of September 30, 2012. Revenues for the three months ended were comparable to the prior year period.
The company experienced a net loss of $0.04 earnings per share (EPS) for the quarter which is a continued improvement from the earlier quarters of 2012. The net loss is primarily the result of an increase in sales, general and administrative expenses, including increased sales efforts and related costs for the Vergence®, Novum®, and Solus® products and certain professional costs associated with increased investor relations.
Commercialization of the Vergence device, for example, has required some continuing development and costs associated with safety certification and testing of the device prior to sale and installation. While the company has also incurred certain additional costs associated with research, development, and engineering support for the Novum and Solus product lines.
In the case of Vergence, these costs have resulted in successful testing of the GasPT2 device at, among other entities, TransCanada in North America and Fermaca in Mexico. For its part, the Novum development has allowed us to introduce a new family of digital point of load dc-dc modules that deliver over 95% peak efficiency in applications employing distributed power architecture at the internationally respected electronica 2012 trade show being held this week in Munich, Germany.
In addition, as noted in a recent press release, CUI Inc. posted record third quarter bookings of $13,721,715 in new sales orders, which represented a $4,615,146 (51%) increase in new sales orders as compared to the same period in 2011. The sales order back log at September 30, 2012 was $14.7 million, a $5.6 million (61%) increase from the September 30, 2011 back log balance of $9.1 million.
"These results are very encouraging," explained William Clough, CUI Global's president & CEO. "The sequential growth in revenue and the dramatic increase in customer back orders demonstrate the tangible results of our joint marketing efforts with our distribution partner, Digikey, and the continuing impact of our focused efforts, through our Area Sales Directors and manufacturer representatives, to increase our OEM business.
"Moreover, the 61% increase in sales order back log, year-to-year, ensures us of a robust delivery schedule for fourth quarter 2012.
"Along with the development and introduction of our Novum®, Solus®, and Vergence® product lines, we have been implementing these 'core' business initiatives over the past 12 to 24 months -- all of which should continue to produce positive results in both revenue growth and enhanced shareholder value," Clough concluded.
