CUI Global, Inc. Reports Third Quarter 2012 New Sales Orders of $13,721,715, a 51% Year-over-Year Increase
TUALATIN, Ore., Oct. 16, 2012 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, today announced that its wholly owned subsidiary, CUI, Inc., a provider of electromechanical components, posted record bookings for this quarter of $13,721,715 in new sales orders during third quarter 2012. These bookings represent a $4,615,146 or 51% increase in new sales orders from third quarter 2011.
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In addition, CUI's sales order backlog as of September 30, 2012 was $14.7 million. This represents a $5.6 million increase from the $9.1 million sales order backlog at the end of third quarter 2011, an increase of 61%, reflecting the continued strength of the company's product offering and sales efforts.
"While these numbers still do not reflect any substantial revenues from our Vergence®, Novum®, and/or Solus® Technologies, this year-over-year growth does represent dramatic evidence of CUI's ability to close OEM business," explained CUI Global's president &CEO, William Clough.
"We believe that the trend represented by these third quarter numbers, coupled with fourth quarter purchase orders for our GasPT2 Natural Gas Metering Device, will lead to a growth year for FY 2012." Clough concluded.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global is a publicly traded platform company dedicated to maximizing shareholder value through the acquisition and development of innovative companies and technologies. From its Vergence GasPT2 platform targeting the energy sector, to its subsidiary CUI Inc.'s industry leading digital power platform targeting the networking and telecom industries, CUI Global has 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. CUI Global prides itself on operating with the same level of integrity, respect, and philanthropic dedication that was put in place by CUI Inc.'s founder more than 20 years ago. It is these values that allow the company to make a difference in the lives of their customers, their community, their employees, and their investors. Recently, a move was made to merge and streamline resources with its subsidiary CUI Inc. in order to create a unified, international brand that now positions CUI Global for further strategic expansion.
About CUI, Inc.
CUI Inc is a technology company dedicated to the development and distribution of electro-mechanical products. Their broad power and component product portfolios allow customers to address design challenges across a range of industries and applications. Built on a solid foundation of core operating principals, CUI seeks to maximize value for customers through their engineering, manufacturing, and supply chain capabilities. As an industry leader, CUI continues to invest in the future through new technologies, talented employees, expanded manufacturing capabilities, and a growing global reach.
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.
SOURCE CUI Global, Inc.