CUI Global, Inc. announced year-end financial results for the year ended December 31, 2011.
The Company’s revenues for the year ended December 31, 2011 were $38,938,326, up from $37,575,157 in FY 2010. More significantly, the company reported EBITDA of $2,004,747 for FY 2011 as compared to EBITDA of ($1,169,120) for FY 2010. Combined non-GAAP supplemental disclosure follows this release.
In addition, the company’s cash flow from continuing operating activities increased 107% to $860,705, while its income from operations for FY 2011 was $658,887 compared to a loss for FY 2010 of ($1,473,250). The company has reduced its net loss per share from ($1.12) per share in FY 2010 to ($0.01) in FY 2011. This reduction in net loss is a result of the company’s improved cash flow, strategic debt reduction, and introduction of other initiatives to reduce costs, increase revenues, and enhance profitability.
William Clough, chief executive officer, stated, "These results continue to demonstrate the effectiveness of our initiatives, including an enhanced sales channel, the retirement and/or re-structure of significant debt, and the continued introduction and commercialization of our new products, including product based upon CUI Global’s proprietary technologies."
"Moreover, these results include no significant income from either our Vergence™ Technology or Novum™ Digital Point-of-Load Technology; and no income from our Solus™ Technology," explained Clough. "As these exciting new technologies come to market this year and into FY 2013, coupled with the significant reduction in debt we recently accomplished, along with our recent up-listing to the Nasdaq Capital Market, should all combine to put us in a position to see significant growth in both revenue and shareholder value in FY 2012," Clough concluded.