Universal Electronics Inc. (UEIC, Financial) filed Quarterly Report for the period ended 2009-06-30.
Universal Electronics Inc. develops software and builds and markets pre-programmed easy-to-use wireless control devices and chips principally for home entertainment equipment and the subscription broadcast market. The company\'s product lines under development include wireless interface technologies such as combination keyboard/remotes and touch-screen remotes. The company licenses its patented technologies and database of infrared codes to companies selling into the cable and satellite industries and to original equipment manufacturers. (PRESS RELEASE) Universal Electronics Inc. has a market cap of $277.38 million; its shares were traded at around $20.37 with a P/E ratio of 19.78 and P/S ratio of 0.97. Universal Electronics Inc. had an annual average earning growth of 27.5% over the past 5 years.
Net sales in our Consumer lines (One For All® retail, private label, custom installers and direct import) were approximately 13% of net sales for the second quarter of 2009 compared to approximately 20% for the second quarter of 2008. Net sales in our Consumer lines decreased by 27% to $10.2 million in the second quarter of 2009 from $13.9 million in the second quarter of 2008. International retail sales decreased by $3.2 million from $10.7 million in the second quarter of 2008 to $7.5 million in the second quarter of 2009. International retail sales were unfavorably impacted by the weakening of both the Euro and the British Pound compared to the U.S. Dollar, which resulted in a decrease in net sales of approximately $1.5 million. Net of this currency effect, international retail sales decreased $1.7 million, primarily due to the downturn of the economy in Europe. CEDIA sales decreased by $1.0 million compared to the second quarter of 2008, primarily due to the launch of new products that occurred in the second quarter of 2008. Private label sales in the U.S. decreased $0.4 million, driven by a decline in the volume of remote control sales to our private label partners. Partially offsetting these decreases were the North American retail sales, which increased by $0.9 million compared to the second quarter of 2008, as a result of a new partnership agreement with a distributor in the U.S market.
Selling, general and administrative expenses remained relatively flat from $17.7 million in the second quarter of 2008 to $17.8 million in the second quarter of 2009. The weakening of the Euro compared to the U.S. Dollar resulted in a decrease of $1.0 million. Net of this favorable currency effect, expenses increased by $1.1 million due primarily to the acquisition of certain assets from Zilog, Inc. during the first quarter of 2009 which resulted in an increase in operating expense of approximately $1.0 million.
Net sales for the six months ended June 30, 2009 were $149.4 million, an increase of 13% compared to $131.9 million for the six months ended June 30, 2008. Net income for the six months ended June 30, 2009 was $4.6 million or $0.33 per diluted share compared to $6.0 million and $0.40 per diluted share for the six months ended June 30, 2008.
This decrease was due in part to the weakening of the Euro and British pound compared to the U.S. Dollar. The impact of the weaker currency resulted in a decrease in net sales of approximately $3.4 million. Net of this negative currency effect, international retail sales decreased $2.8 million, primarily due to the downturn of the economy in Europe. CEDIA sales in the first six months of 2009 decreased by $0.6 million compared to the same period of 2008, due primarily to difficult selling conditions worldwide for higher-end consumer products. Private Label sales decreased $0.9 million, from $1.0 million for the six months ended June 30, 2008 to $0.1 million for the six months ended June 30, 2009. These decreases were partially offset by an increase in North American retail sales, which increased by $1.3 million compared to the same period of 2008, as a result of a new partnership agreement with a distributor in the U.S market.
Selling, general and administrative expenses increased 3% from $34.6 million in the six months ended June 30, 2008 to $35.5 million in the six months ended June 30, 2009. The weakening of the Euro compared to the U.S. Dollar resulted in a decrease of $2.1 million. Net of the currency effect, selling, general and administrative expenses increased by $3.0 million. Legal, accounting, and advisory professional service expense increased by $1.5 million, mainly due to the acquisition of assets from Zilog, Inc, which was completed during the first quarter of 2009. In addition, the newly-acquired Zilog operations increased operating expenses by $1.4 million.
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Universal Electronics Inc. develops software and builds and markets pre-programmed easy-to-use wireless control devices and chips principally for home entertainment equipment and the subscription broadcast market. The company\'s product lines under development include wireless interface technologies such as combination keyboard/remotes and touch-screen remotes. The company licenses its patented technologies and database of infrared codes to companies selling into the cable and satellite industries and to original equipment manufacturers. (PRESS RELEASE) Universal Electronics Inc. has a market cap of $277.38 million; its shares were traded at around $20.37 with a P/E ratio of 19.78 and P/S ratio of 0.97. Universal Electronics Inc. had an annual average earning growth of 27.5% over the past 5 years.
Highlight of Business Operations:
Net sales for the second quarter of 2009 were $78.3 million, an increase of 11% compared to $70.7 million for the second quarter of 2008. Net income for the second quarter of 2009 was $3.8 million or $0.27 per diluted share compared to $3.5 million or $0.24 per diluted share for the second quarter of 2008.Net sales in our Consumer lines (One For All® retail, private label, custom installers and direct import) were approximately 13% of net sales for the second quarter of 2009 compared to approximately 20% for the second quarter of 2008. Net sales in our Consumer lines decreased by 27% to $10.2 million in the second quarter of 2009 from $13.9 million in the second quarter of 2008. International retail sales decreased by $3.2 million from $10.7 million in the second quarter of 2008 to $7.5 million in the second quarter of 2009. International retail sales were unfavorably impacted by the weakening of both the Euro and the British Pound compared to the U.S. Dollar, which resulted in a decrease in net sales of approximately $1.5 million. Net of this currency effect, international retail sales decreased $1.7 million, primarily due to the downturn of the economy in Europe. CEDIA sales decreased by $1.0 million compared to the second quarter of 2008, primarily due to the launch of new products that occurred in the second quarter of 2008. Private label sales in the U.S. decreased $0.4 million, driven by a decline in the volume of remote control sales to our private label partners. Partially offsetting these decreases were the North American retail sales, which increased by $0.9 million compared to the second quarter of 2008, as a result of a new partnership agreement with a distributor in the U.S market.
Selling, general and administrative expenses remained relatively flat from $17.7 million in the second quarter of 2008 to $17.8 million in the second quarter of 2009. The weakening of the Euro compared to the U.S. Dollar resulted in a decrease of $1.0 million. Net of this favorable currency effect, expenses increased by $1.1 million due primarily to the acquisition of certain assets from Zilog, Inc. during the first quarter of 2009 which resulted in an increase in operating expense of approximately $1.0 million.
Net sales for the six months ended June 30, 2009 were $149.4 million, an increase of 13% compared to $131.9 million for the six months ended June 30, 2008. Net income for the six months ended June 30, 2009 was $4.6 million or $0.33 per diluted share compared to $6.0 million and $0.40 per diluted share for the six months ended June 30, 2008.
This decrease was due in part to the weakening of the Euro and British pound compared to the U.S. Dollar. The impact of the weaker currency resulted in a decrease in net sales of approximately $3.4 million. Net of this negative currency effect, international retail sales decreased $2.8 million, primarily due to the downturn of the economy in Europe. CEDIA sales in the first six months of 2009 decreased by $0.6 million compared to the same period of 2008, due primarily to difficult selling conditions worldwide for higher-end consumer products. Private Label sales decreased $0.9 million, from $1.0 million for the six months ended June 30, 2008 to $0.1 million for the six months ended June 30, 2009. These decreases were partially offset by an increase in North American retail sales, which increased by $1.3 million compared to the same period of 2008, as a result of a new partnership agreement with a distributor in the U.S market.
Selling, general and administrative expenses increased 3% from $34.6 million in the six months ended June 30, 2008 to $35.5 million in the six months ended June 30, 2009. The weakening of the Euro compared to the U.S. Dollar resulted in a decrease of $2.1 million. Net of the currency effect, selling, general and administrative expenses increased by $3.0 million. Legal, accounting, and advisory professional service expense increased by $1.5 million, mainly due to the acquisition of assets from Zilog, Inc, which was completed during the first quarter of 2009. In addition, the newly-acquired Zilog operations increased operating expenses by $1.4 million.
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