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Universal Electronics Reports Q4, Year-End Results

2/23/2007 10:34:00 AM Eastern

Cypress, Calif. — Universal Electronics (UEI) reported growth in the fourth quarter and full year, ended Dec. 31, 2006.

Net sales in the fourth quarter grew by slightly more than $20 million, to $69.7 million, compared with $49.3 million for the same period in 2005. Gross margins rose slightly to 37.6 percent, from 36.2 percent in the third quarter of 2006, but dropped a bit when compared to 37.9 percent in the fourth quarter of 2005.

Operating income rose nearly $2 million, to $6.7 million from $5.3 million in Q4 2005. When adjusted to exclude $625,000 in stock-based compensation expenses, operating income amounted to $7.3 million, compared with 2005’s adjusted operating income of $5.3 million.

Net income for the fourth quarter was $5.4 million compared with $3.5 million in the previous year’s fourth quarter. When adjusted to exclude stock-based compensation charges, UEI’s adjusted net income for the 2006 fourth quarter was $5.8 million compared with $3.7 million in the same period last year.

For the full year, net sales were up by nearly $55 million, to $235.8 million, when compared with the $181.3 million reported in 2005. Net income for the year was $13.5 million, compared with the previous year’s $9.7 million. Adjusted net income rose $3 million from 2005’s $11.3 million, to $15.3 million in 2006.