PR Newswire
TUALATIN, Ore., March 14, 2018
TUALATIN, Ore., March 14, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), today reported its unaudited financial results for the fourth quarter and full fiscal year ended December 31, 2017.
Full Year 2017 vs. Full Year 2016
Fourth Quarter 2017 vs. Fourth Quarter 2016
Note: Full year and fourth quarter 2017 financial results include a $3.2 million goodwill impairment charge associated with the Company's Orbital UK subsidiary to reflect the longer than expected temporary halt in shipping of GasPT devices under its current contract for the national gas transmission company in Italy and softness in its UK market due to post-Brexit-vote business uncertainty.
"Our performance in fiscal 2017 attests to a robust rebound in our Power & Electromechanical business segment and continued effective development activities in our Energy segment," said William Clough, president and CEO of CUI Global. "P&EM revenues increased over 10% year-over-year and well above the electronics industry average as steps taken to broaden our base of business, coupled with strengthening industry fundamentals, drove double-digit growth across almost all of our product lines. In our Energy segment, we continued to lay the groundwork for greater adoption of our gas technology products across all key geographies while work under our Italian contract was suspended.
"We also made considerable progress over the year advancing our market-changing technologies," continued Mr. Clough. "Our ICE technology is well-received and setting a new standard for power infrastructure utilization in the data center market. P&EM backlog at year-end included our first order for ICE Switch, and after the close of the year, we received our first ICE Block order valued at $2.9 million. Having recently secured UL certification for ICE Block, we can now pursue opportunities in this growing market in a much more vigorous manner.
"In our Energy segment, our ability to leverage integration sales to drive for greater adoption of our gas technology products became evident in 2017 as integration awards began to include a product component. We recently secured a $4.6 million integration project for the UK's gas transmission network that included in its tender proposal a requirement for our GasPT and VE thermowells," continued Mr. Clough. "Business development activities for our energy products has resulted in an elevated industry profile and greater business activity as prospective customers respond favorably to the GasPT and VE technology's respective value propositions. Our pipeline of potential Energy product opportunities today comprises a larger number of major energy producers than a year ago, including a broader footprint in North America where we are positioning our GasPT device as a fiscal monitoring solution in addition to its use in process control applications. We are seeing demand build for our VE sampling probes and systems across a broad array of applications and have made significant inroads raising this technology's visibility to major market participants. In the fourth quarter, we secured a second order for our sampling system for a second ethylene plant."
Concluded Mr. Clough, "As we enter fiscal 2018, we have ahead of us multiple paths for growth in both segments of our business. With our new, larger facility in Houston in operation, we now have access to larger integration opportunities from energy operators in the region, while in Europe we see the return of large projects that had been put on hold following the Brexit vote. Our efforts have already begun to yield results with almost $7.0 million in Energy projects secured year-to-date. In North America and Europe, we have seeded opportunities for GasPT and VE technology sales that we believe will bear fruit this year. We expect continued strength in our direct OEM and distribution channel businesses with incremental gains from sales of our ICE products. We have the technology, business development foundation and financial strength to pursue our growth goals and ensure our long-term success."
Recent Business and Operational Highlights:
Conference Call
Management will host a conference call today, March 14, 2018 at 8:30 a.m. ET to discuss these results as well as recent corporate developments. After management's opening remarks, there will be a question and answer period. To access the call, please dial (888) 734-0328 and provide conference ID 4378747. For international callers, please dial (678) 894-3054. The live webcast of the conference call and accompanying slide presentation can be accessed through the 'Events & Presentations' page of the CUI Global Investor Relations website (www.cuiglobal.com).
For those unable to attend the live call, a telephonic replay will be available until March 29, 2018. To access the replay of the call dial (855) 859-2056 or (404) 537-3406 and provide conference ID 4378747. An archived copy of the webcast and slide presentation will also be available on the 'Events & Presentations' page of the CUI Global Investor Relations website.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT2 platform targeting the energy sector, to CUI Inc.'s digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.
For more information please visit www.cuiglobal.com.
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.
Media Contact: | External IR Counsel: |
CUI Global, Inc. | LHA Investor Relations |
Jeff Schnabel | Sanjay M. Hurry |
Main: 503-612-2300 | 212-838-3777 |
- Financial Tables to Follow -
CUI Global, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
| |||||||
| December 31, | | December 31, | ||||
(In thousands, except share and per share data) | 2017 | | 2016 | ||||
Assets: | | | | ||||
Current Assets: | | | | ||||
Cash and cash equivalents | $ | 12,646 | | | $ | 4,617 | |
Trade accounts receivable, net of allowance of $135 | | | | ||||
and $151, respectively | 10,833 | | | 9,375 | | ||
Inventories, net of allowance of $946 and $774, respectively | 13,892 | | | 13,202 | | ||
Costs in excess of billings | 2,299 | | | 2,735 | | ||
Prepaid expenses and other | 1,606 | | | 2,174 | | ||
Total current assets | 41,276 | | | 32,103 | | ||
Property and equipment, less accumulated depreciation of | | | | ||||
$4,155 and $3,299, respectively | 11,242 | | | 10,952 | | ||
Goodwill | 17,641 | | | 20,125 | | ||
Other intangible assets, less accumulated amortization of $11,900 | | | | ||||
and $9,438, respectively | 15,568 | | | 16,201 | | ||
Investment | — | | | — | | ||
Note receivable, less current portion | 317 | | | 362 | | ||
Deposits and other assets | 1,865 | | | 100 | | ||
Total assets | $ | 87,909 | | | $ | 79,843 | |
| | | | ||||
Liabilities and Stockholders' Equity: | | | | ||||
Current Liabilities: | | | | ||||
Accounts payable | $ | 5,110 | | | $ | 6,170 | |
Mortgage note payable, current portion | 94 | | | 89 | | ||
Capital lease obligation, current portion | 4 | | | 28 Werbung Mehr Nachrichten zur Orbital Infrastructure Group Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |