CUI Global Reports Strong Sales Growth
CUI Global, Inc. reported their unaudited financial results for the three and six months ended June 30, 2015. The second quarter and year-to-date 2015 financial performance summary (with comparisons to prior year periods) include: Quarterly revenue increased 20% to $23.0 million versus $19.2 million. Year to date revenue increased 10% to $39.8 million from $36.1 million; Quarterly gross profit margin was 36%, as compared to 40%, while year to date gross profit margin was 37% as compared to 41%; Quarterly net loss of $(504) thousand or $(0.02) per share versus $(66) thousand or $(0.00) per share. Year to date net loss of $(4.6) million or $(0.22) per share versus $(554) thousand loss or $(0.03) per share;
Quarterly adjusted EBITDA was $376 thousand or $0.02 per share, as compared to $1.3 million or $0.06 a share in Q2 2014. Year to date adjusted EBITDA was $(2.2) million or $(0.11) per share, as compared to $2.2 million or $0.10 per share in 2014; and Quarterly adjusted net income was $101 thousand or $0.00 per share, as compared to $1.0 million or $0.05 per share in Q2 2014. Year to date adjusted net income (loss) was $(3.0) million or $(0.14) per share, as compared to $1.6 million or $0.08 per share in 2014. And the sales order backlog at June 30, 2015 was a consolidated $40.9 million. Of that, the power and electro-mechanical segment held a backlog of customer orders of approximately $23.7 million and the gas segment held a backlog of approximately $17.2 million.
CUI Global's president & CEO, William Clough commented, "This was a great quarter for CUI. Revenues increased nearly 20% over the prior year comparable quarter and more than 36% versus the first quarter. In addition, earlier this month CUI's wholly-owned UK energy subsidiary, Orbital Gas Systems Ltd., received approval from one of the UK's largest pipeline operators to install and commission four of its previously purchased IRIS kiosks. We also received a purchase order from the same customer for additional IRIS kiosks to be produced at its UK facility for installation and commissioning later this year. In addition, several customers have successfully completed testing of our other proprietary natural gas technologies, the GasPTÂ® Analyzer and VE TechnologyÂ®, and we've received multiple purchase orders for those products. This transition from testing to sales demonstrates the value and viability of our energy technologies and gives us confidence in our future technology development."
"We are excited about the opportunities ahead, building on a solid second quarter and the significant developments over the last year, including new partnerships, CUI-Canada acquisition and the new Orbital Gas Systems, North America facility," continued Mr. Clough. "These, together with the strength in the business and demand for our products, place us in a strong position as we enter the second half of the year."
For the quarter ended June 30, 2015, CUI Global produced consolidated total revenues of $23.0 million and year to date total revenues of $39.8 million. Total revenues for the second quarter grew 36% sequentially from first quarter revenues of $16.9 million and 20% year-over-year, when compared to $19.2 million in the second quarter of 2014. For the second quarter, the power and electro-mechanical segment contributed revenues of $16.6 million and the gas segment contributed $6.3 million. For the year to date period, the power and electro-mechanical segment contributed revenues of $27.3 million and the gas segment contributed $12.5 million. The revenue increase during the three and six months ended is primarily the result of revenues generated on products acquired with the acquisition of CUI-Canada, revenues through Orbital Gas Systems, North America and sales through the distribution channel customers.