CUI Global Inc., a platform company dedicated to the acquisition, development, and commercialization of new, innovative technologies, along with its wholly owned subsidiaries, today announced year-end financial results for the year ended December 31, 2010.
Net revenues increased 41 percent in 2010 to a record $40.9 million as compared to $28.8 million reported for 2009.
The company reported a net loss of $7.0 million, a substantial reduction from $16.0 million in 2009 (as restated). The company attributes the net loss in 2010 primarily to interest expenses totaling $5.1 million and non-cash impairment expense of $3.5 million, as compared to $4.6 million and 10.8 million, respectively, in 2009.
Net cash provided by operating activities increased 60 percent to $629,000 in 2010 as compared to $384,000 in 2009.
New sales orders received by the company in 2010 reached a record $42.5 million, up more than 60 percent from new sales orders totaling $26.4 million in 2009.
“These results clearly demonstrate the effectiveness of our recent initiatives,” William Clough, CEO of CUI Global stated in the press release, “including the re-structure of our sales group, the retirement and/or re-structure of significant debt, and the introduction and commercialization of our new, proprietary technologies.”
Clough said the company anticipates growth through new product offerings and partnerships in the upcoming year.
“During 2010 and now into 2011, we are continuing to seek out and acquire new product lines, identify strategic partnerships, develop new technologies, and institute other initiatives to reduce costs. We expect these efforts will increase revenues and enhance profitability, while improving shareholder value,” Clough stated.
For more information visit www.cuiglobal.com and www.cui.com