TUALATIN, Ore., Aug. 7, 2012 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, reported results for the second quarter ended June 30, 2012.
For the six months ended June 30, 2012, CUI Global produced consolidated total revenues of $18,481,521. The numbers demonstrate that gross revenues for the Second Quarter ($10,011,758) grew more than 18% sequentially from First Quarter revenues ($8,469,763).
The company's backlog of customer orders, as of June 30, 2012, are at historic highs of approximately $12,200,000, up more than a million dollars over the same period last year and approximately $1,500,000 from the end of First Quarter. As of June 30, 2012 CUI Global had on hand $3,190,773 million of cash and cash equivalents.
William Clough, CUI Global's president and CEO, commented: "We continue to be very encouraged with these results. The sequential growth in revenue and the dramatic increase in customer back orders, coupled with the reduction of losses demonstrate the effectiveness of our product line expansion, technology developments, and our strategic decision to build out engineering support and infrastructure to accommodate our present and future growth."
"It is also important to note that these results still do not reflect any significant impact from our latest technologies," said Clough. "While we have signed some very valuable Distribution Agreements and begun several important field tests with what could be very large customers, such as TransCanada in North America, our Vergence™ GasPT2 device has yet to significantly impact our revenues. Moreover, our Solus™ Power Topology is not scheduled for introduction into the marketplace until later this year and into 2013."
"We are increasingly confident that the initiatives we have implemented will continue to produce positive results in revenue growth and achieving profitability. We continue to be squarely focused on increasing shareholder value," 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, commercialization, and distribution of new, innovative electro-mechanical products. Over the past 20 years, CUI has become a recognized name in electronic components worldwide in the areas of power, interconnect, motion control, and sound. CUI's solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly owned subsidiary of CUI Global, Inc.
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.