SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: APRIL 29, 2003
UNIVERSAL ELECTRONICS INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NUMBER: 0-21044
DELAWARE 33-0204817
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
6101 GATEWAY DRIVE
CYPRESS, CALIFORNIA 90630
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, WITH ZIP CODE)
(714) 820-1000
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE):
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Press Release dated April 29, 2003.
ITEM 9. REGULATION FD DISCLOSURE
The information herein is being furnished under Item 12 of Form 8-K. On April
29, 2003, Universal Electronics Inc., a Delaware corporation ("UEI"), announced
its financial results for the quarter ended March 31, 2003. A copy of UEI's
press release announcing these financial results is attached as Exhibit 99.1
hereto and incorporated by reference herein.
The press release furnished as an exhibit to this report includes "safe harbor"
language, pursuant to the Private Securities Litigation Reform Act of 1995,
indicating that certain statements about UEI's business contained in the press
release are "forward-looking" rather than "historic."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Universal Electronics Inc.
Date: April 29, 2003 By: /s/ Mark Z. Belzowski
-------------------------
Mark Z. Belzowski
Vice President and Chief Financial Officer
(Principal Financial Officer)
INDEX TO EXHIBITS
Exhibit Number Description
- -------------- -----------
99.1 Press Release dated April 29, 2003
EXHIBIT 99.1
Contacts: Paul Arling (UEI) 714.820.1000
Mark Belzowski (UEI) 714.820.1000
Lillian Armstrong (IR Agency) 415.433.3777
www.uei.com
UNIVERSAL ELECTRONICS REPORTS FIRST QUARTER 2003 FINANCIAL RESULTS
CYPRESS, CA - April 29, 2003 - Leading wireless technology provider
Universal Electronics Inc. (UEI; NASDAQ: UEIC) today announced financial results
for the quarter ended March 31, 2003.
For the first quarter of fiscal 2003, Universal Electronics Inc. reported
net sales of $26.9 million, up 15 percent compared to $23.4 million in the first
quarter of 2002. UEI's net income increased 39 percent from $675,000 in the
first quarter of 2002 to $939,000 in the first quarter of 2003. Earnings per
diluted share increased 40 percent from $0.05 during 2002's first quarter to
$0.07 in the quarter ended March 31, 2003.
Paul Arling, UEI's chairman and chief executive officer, stated, "The first
quarter's performance is continuing to show the success of our new products,
which drove strong performance across the board. Coming off a seasonally strong
fourth quarter, we continued to expand our reach with new customer wins as well
as new products sold into existing relationships. We remain focused on
delivering cutting-edge and quality products to our customers, and these efforts
are laying the foundation for UEI to benefit from the future turn around of our
served markets."
Rob Lilleness, UEI's president and chief operating officer, commented,
"Difficult times can lead to opportunities for strong companies to capture
market share from competitors. UEI is committed to long-term revenue and market
share growth, and during the first quarter we made prudent competitive decisions
to realize this goal. We are confident our leadership position in home control
is building, as we continue to expand our technology product portfolio and
customer base. In addition, we will continue to focus on managing cost of goods
sold and S,G&A expenses. Our strong financial position gives us the platform
from which to pursue these endeavors and maintain our competitive advantage."
Mark Belzowski, UEI's chief financial officer, added, "UEI generated $2.7
million in net cash and short term cash investments during the first quarter
after buyback of 33,000 shares of common stock totaling $312,000. We continue to
implement prudent financial management, and now have $43.3 million in cash and
short-term cash investments on our balance sheet."
UEI's management team will hold a conference call today, Tuesday, April 29,
2003 at 4:30 pm Eastern Time to review results and hold a question and answer
session for callers. To participate call 1-800-622-9917 ten minutes
prior to start time. International dialers call 1-706-645-0366. The live call
can also be accessed via the Internet through UEI's web site at www.uei.com. If
you are unable to participate, a replay will be available beginning at 8:00 p.m.
Pacific Time on April 29, 2003 for 48 hours. To access, please dial
1-800-642-1687 and reservation number 9729893 and international dial-in
1-706-645-9291. The replay can also be heard at www.uei.com for 90 days.
Any additional or updated material, non-public information that might be
discussed during the call will be provided on the company's web site at
www.uei.com shortly after the call and will be retained there for at least
twelve months.
ABOUT UNIVERSAL ELECTRONICS
Universal Electronics Inc., based in Southern California, develops firmware,
software and turnkey solutions designed to enable consumers to wirelessly
connect, control and interact with an increasingly complex home environment. The
company's primary markets include original equipment manufacturers (OEMs) in
consumer electronics and personal computing, as well as multiple system
operators in the cable and satellite subscription broadcasting markets. Over the
past 16 years, the company has developed a broad portfolio of patented
technologies and the industry's leading database of home connectivity software
that it licenses to its customers, including many leading Fortune 500 companies.
In addition, UEI sells its universal wireless control products and other
audio/visual accessories through its European headquarters in The Netherlands,
and to distributors and retailers in Europe, Asia, Latin America, South Africa
and Australia/New Zealand under the One For All(R) brand name. More information
about UEI can be obtained at http://www.uei.com/.
Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve a number of risks
and uncertainties. Among the factors that could cause actual results to differ
materially from those expressed herein are the following: the failure of the
company's business lines to grow and expand in the manner anticipated by the
company's management; the failure of the company's customers to grow and expand
as anticipated by the company's management; the effects of natural or other
events beyond the company's control; the domestic and global economic
environments' effect on the company and its customers; the growth of, acceptance
of and the demand for the company's products and technologies in various markets
and geographical regions, including the computing, cable, satellite, consumer
electronics, retail and interactive TV and home automation industries, not
materializing as believed by the company's management; the inability by the
company to continue to maintain its operating costs at acceptable levels through
its cost containment efforts; the continued strength of the company's balance
sheet including the ability to obtain payments from its customers on a timely
basis; the inability of the company to continue selling its products or
licensing its technologies at higher or profitable margins throughout 2003 and
beyond; the failure of the various markets and industries to grow or emerge as
rapidly or as successfully as believed by the company's management; the
inability of the company to obtain orders or maintain its order volume with its
new and existing customers; the possible dilutive effect the company's stock
option programs may have on the company's EPS and stock price; the effect of
factors beyond the company's control that increase the cost of manufacturing
and/or delivering the company's products; the inability of the company to
continue to obtain adequate quantities of component parts or secure adequate
factory production capacity on a timely basis; and other factors listed from
time to time in the company's press releases and SEC filings. The company
undertakes no obligation to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the date of this
release.
UNIVERSAL ELECTRONICS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, December 31,
2003 2002
---------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 9,280 $ 18,064
Short-term investments 34,000 22,500
Accounts receivable, net 26,318 26,307
Inventories 18,608 16,046
Prepaid expenses and other current assets 984 1,123
Income tax receivable 2,234 2,234
Deferred income taxes 1,920 1,920
---------- ----------
Total current assets 93,344 88,194
Equipment, furniture and fixtures, net 2,985 3,383
Goodwill, net 2,961 2,961
Intangible assets, net 3,464 3,682
Other assets 736 739
Deferred income taxes 1,057 1,057
---------- ----------
Total assets $ 104,547 $ 100,016
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,618 $ 7,795
Accrued income taxes 2,623 2,407
Accrued compensation 1,537 1,253
Other accrued expenses 5,524 5,283
---------- ----------
Total current liabilities 19,302 16,738
Notes payable 25 41
---------- ----------
Total liabilities 19,327 16,779
---------- ----------
Stockholders' equity:
Common stock 162 160
Paid-in capital 72,525 71,322
Accumulated other comprehensive loss (1,609) (1,740)
Retained earnings 30,851 29,912
Deferred stock-based compensation (126) (147)
Common stock held in treasury (16,583) (16,270)
---------- ----------
Total stockholders' equity 85,220 83,237
---------- ----------
Total liabilities and stockholders' equity $ 104,547 $ 100,016
========== ==========
UNIVERSAL ELECTRONICS INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2003 2002
-------- --------
Net sales $ 26,919 $ 23,411
Cost of sales 16,762 13,995
-------- --------
Gross profit 10,157 9,416
Research and Development 1,163 1,070
Selling, general and administrative expenses 7,688 7,455
-------- --------
Operating income 1,306 891
Interest income 102 117
Other income, net 15 31
-------- --------
Income before income taxes 1,423 1,039
Provision for income taxes (484) (364)
-------- --------
Net income $ 939 $ 675
======== ========
Net income per share:
Basic $ 0.07 $ 0.05
======== ========
Diluted $ 0.07 $ 0.05
======== ========
Shares used in computing earnings per share:
Basic 13,582 13,800
======== ========
Diluted 13,785 14,370
======== ========
