CUI Global Inc., a platform company focused on the acquisition, development and commercialization of new, innovative technologies, today posted its unaudited financial and operational results for the first quarter 2011.
• Revenues increased 31 percent to $10.0 million from $7.7 million in the same year-ago quarter
• Net loss for the quarter decreased to $94,000 from $1.2 million in first quarter of 2010
• EBIDTA increased 292 percent to $553,000 compared to $141,000 in the same year-ago quarter
The company attributes the improvements to its new products, enhanced sales efforts, and technology acquisition opportunities.
“In the first quarter, we continued to realize positive results from new product introductions and the expansion of our sales group, as well as the debt reductions we implemented over the last 18 months,” William Clough, CUI Global’s president and CEO stated in the press release. “These results also demonstrated the effectiveness of our new technology licensing model that includes a strategic decision to acquire new, market-ready technologies, along with building out our infrastructure.”
During the first quarter of 2011 CUI Global’s Novum Digital POL Modules and AMT 303 Capacitive Encoder were nominated as finalists for the EDN Innovation Award and the Design News Golden Mousetrap Award. The company also completed its initial European delivery of its new GasPT2 devices and introduced its Solus Topology to market.
Clough emphasized that the quarterly results don’t include the sales of the Solus Topology technology or the company’s GasPT2 device, both slated for launch in 2011.
“It’s also important to note that these results do not take into account any sales associated with our new Solus™ Topology built on the California Power Research (CPR) technology platform or our recently deployed GasPT2 device — both of which are expected to be in the market later this year,” continued Clough. “We are confident the initiatives that we have implemented will continue to produce positive results in both revenue growth and increased shareholder value throughout 2011.”
For more information visit www.cuiglobal.com and www.cui.com