TUALATIN, Ore., Aug. 9, 2017 /PRNewswire/ -- CUI Global,
Inc. (NASDAQ: CUI), today reported its unaudited financial results
for the three and six months ended June 30, 2017.
Second Quarter 2017 Financial Performance Summary:
(Comparisons to Prior Year Period)
- Quarterly revenue decreased 3% to $22.5
million versus $23.1
million;
- Quarterly gross profit margin was 37%, as compared to 40%;
- Quarterly consolidated net loss of $(1.6) million or $(0.07) per share versus $(1.5) million or $(0.07) per share;
- Quarterly adjusted EBITDA was $(0.8)
million, as compared to $0.1
million;
- Cash and cash equivalents were $1.8
million at June 30, 2017;
- Power and Electromechanical (P&EM) segment unaudited
backlog was $19.2 million at
June 30, 2017;
- Energy segment unaudited backlog was $16.4 million at June 30,
2017.
Recent Business and Operational Highlights:
- CUI Inc. announced the production release of ICE Switch
following the receipt of UL/cUL and TUV 60950-1 safety
certifications. ICE Switch is a power monitoring and switching
system that allows power to be intelligently distributed across
racks depending upon need and historical usage patterns. CUI Inc.'s
ICE technology products – ICE Block and ICE Switch – utilize
Virtual Power Systems' Intelligent Control of Energy, or ICE,
software to provide peak shaving capabilities and unlock
underutilized power capacity in data centers;
- Orbital Gas Systems (US) conducted flow lab testing of its
patented VE Technology helical strakes on thermowells and sampling
probes with a highly respected, North American independent metering
research facility. The test proved that the VE Technology was an
innovative and effective solution to many of the common issues
encountered by traditional sample probes and thermowells;
- Orbital Gas Systems (UK) hosted UK and Western European natural
gas innovation seminars developed in response to OFGEM's relaxation
of the accuracy requirement of OFGEM-approved Calorific Value
Determining Devices (CVDD) with a goal to demonstrate Orbital's
innovative natural gas solutions to industry leaders;
- Orbital Gas Systems (UK) was awarded a follow-on development
contract to study the distribution of unconventional gas, such as
biomethane, within the UK's regional distribution network. The
follow-on underscores the company's close working relationship with
a leading Energy industry services provider, DNV GL, to determine
the feasibility of deploying a modified GasPT product for
residential use;
- The company announced that OFGEM, the UK's energy regulator and
international energy authority, formally relaxed the accuracy
requirement of OFGEM-approved CVDDs. OFGEM's decision enables CUI
Global to broadly market and sell its GasPT fiscal monitoring
solution to gas operators both in the UK and Western Europe.
"On a sequential basis, the ongoing recovery in the electronics
industry drove very strong P&EM segment growth that offset flat
revenues from our Energy business," stated William Clough, president and CEO of CUI Global.
"Investments made during the electronics industry downturn to
broaden our customer base and increase distributions channels are
today yielding dividends. Energy segment activity was geared
towards expanding the pipeline of opportunities with initiatives to
drive greater awareness of the disruptive nature of our products.
We ended the quarter with substantial backlogs in both business
segments that, together with initiatives to lower costs and improve
cash flow and profitability, portend well for a stronger
second-half.
"Business momentum for our Energy products, especially for our
GasPT, is building across a broader base of prospective customers
and geographies," continued Mr. Clough, "In Europe, we submitted a
bid for up to 1,000 GasPTs for biomethane-to-grid applications to
ENGIE. We will soon initiate field trials for our odorizer product
that is already eliciting interest from gas operators in
continental Europe. In
North America, we see traction in
both our GasPT and VE sampling system products. In particular, we
are closing in on an opportunity to establish GasPT as the
standardized process control device for a Top-3 gas turbine
manufacturer. We initiated field trials in Canada with a large energy delivery company
for GasPT as a fiscal monitoring solution that is similar in scope
to our project in Italy. Increased
opportunity also extends to our P&EM segment, where design
activity levels today indicate sustained, long-term demand for our
products. In addition, beta testing of our ICE Block units in the
field are proceeding very well. We have received safety
certifications for the ICE Switch product and expect certifications
for the ICE Block product soon, both of which are expected to
generate initial sales this year."
Concluded Mr. Clough, "The opportunities ahead of us are many
and substantial, borne of a product-set that is unmatched in the
marketplace. As we build our Energy business today, together with
the recovery in the electronics industry, we are on a path to
sustained growth."
Termination of 'At-The-Market' Equity Offering
Program
Concurrently, based on recent, strong order flow in its P&EM
segment, backlog of orders in both its P&EM and Energy segments
and robust pipeline of opportunities for its Energy products, CUI
Global announced the immediate termination of its 'At-The-Market'
equity offering program associated with the company's S-3
Registration Statement filed on March 14,
2017. The company did not sell any shares under the
program.
Second Quarter and Year-to-Date 2017 Financial
Results
For the quarter ended June 30, 2017, CUI Global produced
consolidated total revenues of $22.5
million and year-to-date revenues of $40.3 million. Total revenues for the second
quarter decreased 3% year-over-year, compared to $23.1 million in the second quarter of 2016. For
the second quarter, the Power and Electromechanical segment
contributed revenues of $18.2 million
and the Energy segment contributed $4.3
million. For the year-to-date period, the Power and
Electromechanical segment contributed revenues of $31.8 million and the Energy segment contributed
$8.5 million. The revenues for the
three and six months ended June 30, 2017 were lower than the
comparable period due to lower revenue in our Energy segment
associated with lower translated revenue at the Company's UK
operations due to the lower value British pound Sterling following
Brexit, timing of customer project delivery schedules and the
temporary halt of deliveries of gas related metering, monitoring
and control systems, specifically GasPT units in Italy due to a regulatory hurdle. The Italian
contract is still in place and the Company expects deliveries to
return to previous levels as soon as the regulatory issue is
resolved. Partially offsetting the decrease in the Energy segment
in the three and six months ended June 30, 2017, was a
$2.8 million and $3.4 million, increase in revenue in the Power
and Electromechanical segment, respectively, due to the timing of
customer delivery schedules and sell through activity at
distributors.
For the three months ended June 30,
2017, the cost of revenues as a percentage of revenue
increased to 63% from 60% during the prior-year comparative period.
For the six months ended June 30,
2017, the cost of revenues as a percentage of revenue
increased to 66% from 61% during the prior-year comparative period.
This percentage will vary based upon the power and
electromechanical product mix sold, the mix of natural gas systems
sold, contract labor necessary to complete gas related projects,
the competitive markets in which the Company competes, and foreign
exchange rates. The cost of revenues as a percentage of revenue for
the Energy segment for the three months ended June 30, 2017
was 62% compared to 52% in the three months ended June 30,
2016 and the cost of revenues as a percentage of revenue for the
Power and Electromechanical segment for the three month period
ended June 30, 2017 was 64% compared to 65% during the
prior-year comparative period. For the six months ended
June 30, 2017, the cost of revenues
as a percentage of revenue for the Energy segment was 65% compared
to 54% in the prior-year comparable period and the cost of revenues
as a percentage of revenue for the Power and Electromechanical
segment was 66% compared with 64% during the six months ended
June 30, 2016. The higher cost
percentage in the Energy segment was due to a less favorable
product mix and the change in the Power and Electromechanical
segment was primarily related to higher sales volumes at slightly
lower margins during the three and six months ended June 30,
2017 compared to the prior-year comparable periods. As previously
noted, the Energy segment was affected by a temporary halt in
shipments of higher margin GasPT units to an Italian customer until
a regulatory issue can be resolved.
The sales order backlog at June 30, 2017 was a consolidated
$35.6 million. Of that, the Power and
Electromechanical segment held a backlog of customer orders of
approximately $19.2 million and the
Energy segment held a backlog of approximately $16.4 million.
Gross profit was $8.2 million, or
37%, for the quarter ended June 30, 2017 versus $9.2 million, or 40%, in the same period of 2016.
During the three months ended June 30, 2017, the Power and
Electromechanical segment generated gross profit margins of 36%,
while the Energy segment generated gross profit margins of 39%.
This compares to 36% for the Power and
Electromechanical segment and 48% for the Energy segment in the
three months ended June 30, 2016. For the six months ended
June 30, 2017 gross profit was
$13.9 million, or 35%, versus
$17.2 million or 39%, in the same
period of 2016. For the six months ended June 30, 2017 and 2016, the Power and
Electromechanical segment gross profit margins decreased to 34%
from 36% and the Energy segment gross profit margins decreased to
35% from 46%.
During the three and six months ended June 30, 2017,
SG&A decreased $0.3 million and
$1.0 million, compared to the
prior-year comparative period. These decreases are largely due to
$0.5 million lower bonuses in the
Other category and $0.8 million in
severance costs incurred in the Power and Electromechanical segment
for the transition of the R&D team to CUI-Canada in 2016 and
for various positions within the Energy segment that did not recur
in 2017. SG&A as a percent of revenue remained unchanged at 39%
of total revenue during the three-month period ended June 30,
2017 and for the six month period ended June 30, 2017,
SG&A increased to 43% from 42% in the six months ended
June 30, 2016.
The company reported a net loss of $1.6
million or $(0.07) per share
(EPS) for the quarter ended June 30, 2017 as compared with a
net loss of $1.5 million or
$(0.07) per share in the prior year
period. For the six months ended June
30, net loss was $(5.4)
million or $(0.26) per share
(EPS) compared to a net loss of $(4.1)
million or $(0.20) in the same
period last year. The consolidated net loss for the three and six
months ended June 30, 2017, was primarily the result of lower
revenue in the Energy segment related to lower sales of gas related
metering, monitoring and control systems, including GasPT, lower
gross profit margins in both the Power and Electromechanical
segment and the Energy segment, and the ongoing amortization of
intangible assets related to the Orbital Gas Systems Limited and
CUI-Canada acquisitions. In 2017, a lower value of the British
pound Sterling due to the recent Brexit vote resulted in lower
translated revenue at our U.K. operations, but did not have a
significant effect on operating or net loss.
The earnings before interest, taxes, depreciation and
amortization (EBITDA) for the three and six months ended
June 30, 2017 were a loss of $(0.9)
million and a loss of $(4.1)
million, respectively. EBITDA for the three and six months
ended June 30, 2016 was a loss of $(0.5) million and a loss of $(2.2) million.
As of June 30, 2017, CUI Global held cash and cash
equivalents of $1.8 million, a
decrease of $(2.8) million since
December 31, 2016. Operations, other intangible assets, and
equipment, have been funded through cash on hand and debt during
the six months ended June 30, 2017.
Conference Call
Management will host a conference call today, Wednesday, August 9, 2017 at 8:30 a.m. ET to discuss these results as well as
recent corporate developments. After management's opening remarks,
there will be a question and answer period. To access the call,
please dial (888) 734-0328 and provide conference ID 52180180. For
international callers, please dial (678) 894-3054. The live webcast
of the conference call and accompanying slide presentation can be
accessed through the 'Events & Presentations' page of the CUI
Global Investor Relations website (www.cuiglobal.com).
For those unable to attend the live call, a telephonic replay
will be available until August 23,
2017. To access the replay of the call dial (855) 859-2056
or (404) 537-3406 and provide conference ID 6151472. An archived
copy of the webcast and slide presentation will also be available
on the 'Events & Presentations' page of the CUI Global Investor
Relations website.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected
World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to
maximizing shareholder value through the acquisition and
development of innovative companies, products and technologies.
From Orbital Gas Systems' advanced GasPT platform targeting the
energy sector, to CUI Inc.'s digital power platform serving the
networking and telecom space, CUI Global and its subsidiaries have
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. But most importantly, a commitment to
conduct business with a high level of integrity, respect, and
philanthropic dedication allows the organization to make a
difference in the lives of their customers, employees, investors
and global community.
For more information please visit www.cuiglobal.com.
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.
Media
Contact:
|
Outside IR
contact:
|
CUI Global,
Inc.
|
LHA
|
Jeff
Schnabel
|
Jody Burfening/Sanjay
M. Hurry
|
Main:
503-612-2300
|
212-838-3777
|
press@cuiglobal.com
|
cuiglobal@lhai.com
|
- Tables to Follow -
CUI Global,
Inc.
|
Condensed
Consolidated Balance Sheets
|
|
|
June 30,
|
|
December
31,
|
(in thousands, except
share and per share data)
|
2017
|
|
2016
|
|
(unaudited)
|
|
|
Assets:
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,787
|
|
$
|
4,617
|
Trade accounts
receivable, net of allowance of $98
|
|
|
|
and $151,
respectively
|
11,656
|
|
9,375
|
Inventories, net of
allowance of $965 and $774, respectively
|
13,822
|
|
13,202
|
Costs in excess of
billings
|
1,647
|
|
2,735
|
Prepaid expenses and
other
|
1,047
|
|
2,174
|
Total current
assets
|
29,959
|
|
32,103
|
|
|
|
|
Property and
equipment, less accumulated depreciation of
|
|
|
|
$3,818 and $3,299,
respectively
|
11,237
|
|
10,952
|
Goodwill
|
20,512
|
|
20,125
|
Other intangible
assets, less accumulated amortization of $10,744
|
|
|
|
and $9,438,
respectively
|
15,959
|
|
16,201
|
Note receivable, less
current portion
|
327
|
|
362
|
Deposits and other
assets
|
1,712
|
|
100
|
|
|
|
|
Total
assets
|
$
|
79,706
|
|
$
|
79,843
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
|
5,901
|
|
$
|
6,170
|
Line of
credit
|
1,066
|
|
—
|
Mortgage note
payable, current portion
|
91
|
|
89
|
Capital lease
obligation, current portion
|
4
|
|
28
|
Accrued
expenses
|
5,053
|
|
4,542
|
Billings in excess of
costs
|
3,623
|
|
1,977
|
Unearned
revenue
|
6,352
|
|
4,932
|
Total current
liabilities
|
22,090
|
|
17,738
|
|
|
|
|
Long term mortgage
note payable, less current portion
|
3,303
|
|
3,350
|
Long term note
payable, related party
|
5,304
|
|
5,304
|
Capital lease
obligation, less current portion
|
11
|
|
12
|
Derivative
liability
|
432
|
|
467
|
Deferred tax
liabilities
|
3,681
|
|
4,120
|
Other long-term
liabilities
|
125
|
|
217
|
Total
liabilities
|
34,946
|
|
31,208
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Preferred stock, par
value $0.001; 10,000,000 shares authorized;
|
|
|
|
no shares issued at
June 30, 2017 or December 31, 2016
|
—
|
|
—
|
Common stock, par
value $0.001; 325,000,000 shares
|
|
|
|
authorized;
20,980,720 shares issued and outstanding at
|
|
|
|
June 30, 2017 and
20,916,848 shares issued and
|
|
|
|
outstanding at
December 31, 2016
|
21
|
|
21
|
Additional paid-in
capital
|
150,521
|
|
150,174
|
Accumulated
deficit
|
(101,392)
|
|
(95,970)
|
Accumulated other
comprehensive loss
|
(4,390)
|
|
(5,590)
|
Total stockholders'
equity
|
44,760
|
|
48,635
|
Total liabilities and
stockholders' equity
|
$
|
79,706
|
|
$
|
79,843
|
CUI Global,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
|
(In thousands, except
per share
amounts)
|
For the three months
ended June 30,
|
|
For the six
months ended June 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
22,500
|
|
$
|
23,140
|
|
$
|
40,345
|
|
$
|
43,802
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
14,276
|
|
13,983
|
|
26,437
|
|
26,609
|
|
|
|
|
|
|
|
|
Gross
profit
|
8,224
|
|
9,157
|
|
13,908
|
|
17,193
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general
and
administrative
|
8,712
|
|
9,009
|
|
17,268
|
|
18,247
|
Depreciation and
amortization
|
564
|
|
616
|
|
1,115
|
|
1,225
|
Research and
development
|
614
|
|
527
|
|
1,224
|
|
1,032
|
Provision (credit)
for bad debt
|
(23)
|
|
42
|
|
(51)
|
|
49
|
Other operating
expenses
|
7
|
|
—
|
|
12
|
|
—
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
9,874
|
|
10,194
|
|
19,568
|
|
20,553
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(1,650)
|
|
(1,037)
|
|
(5,660)
|
|
(3,360)
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
46
|
|
(195)
|
|
92
|
|
(271)
|
Interest
expense
|
(121)
|
|
(121)
|
|
(237)
|
|
(245)
|
|
|
|
|
|
|
|
|
Loss before
taxes
|
(1,725)
|
|
(1,353)
|
|
(5,805)
|
|
(3,876)
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
(157)
|
|
128
|
|
(383)
|
|
273
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(1,568)
|
|
$
|
(1,481)
|
|
$
|
(5,422)
|
|
$
|
(4,149)
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted
average common
|
|
|
|
|
|
|
|
shares
outstanding
|
20,967,957
|
|
20,889,052
|
|
20,958,656
|
|
20,883,800
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per
common share
|
$
|
(0.07)
|
|
$
|
(0.07)
|
|
$
|
(0.26)
|
|
$
|
(0.20)
|
CUI Global,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
(in
thousands)
|
For the six months
ended June 30,
|
|
2017
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net loss
|
$
|
(5,422)
|
|
$
|
(4,149)
|
Adjustments to
reconcile net loss to net cash used in
|
|
|
|
operating
activities:
|
|
|
|
Depreciation
|
482
|
|
468
|
Amortization of
intangibles
|
945
|
|
969
|
Stock and options
issued and stock to be issued for compensation, royalties and
services
|
204
|
|
841
|
Unrealized (gain)
loss on derivative liability
|
(35)
|
|
146
|
Provision for (credit
to) bad debt expense and returns allowances
|
(51)
|
|
44
|
Deferred income
taxes
|
(490)
|
|
(43)
|
Inventory
reserve
|
173
|
|
136
|
Non-cash unrealized
foreign currency (gains)/losses
|
(98)
|
|
185
|
Impairment of
intangible assets
|
3
|
|
—
|
Loss on disposal of
assets
|
9
|
|
—
|
|
|
|
|
(Increase) decrease
in operating assets:
|
|
|
|
Trade accounts
receivable
|
(2,039)
|
|
1,672
|
Inventory
|
(570)
|
|
(553)
|
Costs in excess of
billings
|
1,175
|
|
(985)
|
Prepaid expenses and
other current assets
|
(283)
|
|
583
|
Deposits and other
assets
|
(27)
|
|
(39)
|
Increase (decrease)
in operating liabilities:
|
|
|
|
Accounts
payable
|
(391)
|
|
(293)
|
Accrued
expenses
|
523
|
|
(612)
|
Unearned
revenue
|
1,358
|
|
843
|
Billings in excess of
costs
|
1,505
|
|
517
|
NET CASH USED IN
OPERATING ACTIVITIES
|
(3,029)
|
|
(270)
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Purchase of property
and equipment
|
(473)
|
|
(329)
|
Proceeds from sale of
property and equipment
|
2
|
|
—
|
Investments in other
intangible assets
|
(339)
|
|
(442)
|
Proceeds from notes
receivable
|
19
|
|
—
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(791)
|
|
(771)
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Proceeds from line of
credit
|
9,530
|
|
—
|
Payments on line of
credit
|
(8,464)
|
|
—
|
Payments on capital
lease obligations
|
(25)
|
|
(11)
|
Payments on mortgage
note payable
|
(45)
|
|
(43)
|
Payments on
contingent consideration
|
(61)
|
|
(59)
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
935
|
|
(113)
|
|
|
|
|
Effect of exchange
rate changes on cash
|
55
|
|
(90)
|
Net decrease in cash
and cash equivalents
|
(2,830)
|
|
(1,244)
|
Cash and cash
equivalents at beginning of period
|
4,617
|
|
7,267
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
1,787
|
|
$
|
6,023
|
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are
non-GAAP financial measures and are reconciled in the table below.
These non-GAAP financial measures do not represent funds available
for management's discretionary use and is not intended to represent
cash flow from operations. EBITDA, Adjusted EBITDA and Adjusted Net
Income (loss) should not be construed as a substitute for net loss
or as a better measure of liquidity than cash flow from operating
activities, which is determined in accordance with United States generally accepted accounting
principles ("GAAP"). EBITDA, Adjusted EBITDA and Adjusted Net
Income (loss) exclude components that are significant in
understanding and assessing the company's results of operations and
cash flows. In addition, EBITDA, Adjusted EBITDA and Adjusted Net
Income (loss) are not terms defined by GAAP and as a result our
measure of EBITDA, Adjusted EBITDA and Adjusted Net Income (loss)
might not be comparable to similarly titled measures used by other
companies. However, EBITDA, Adjusted EBITDA and Adjusted Net Income
(loss) are used by management to evaluate, assess and benchmark the
company's operational results and the company believes EBITDA,
Adjusted EBITDA, and Adjusted Net Income (loss) are relevant and
useful information which are often reported and widely used by
analysts, investors and other interested parties in the Company's
industry. Accordingly, the Company is disclosing this information
to permit a more comprehensive analysis of its operating
performance, to provide an additional measure of performance and
liquidity and to provide additional information with respect to the
Company's ability to meet future debt service, capital expenditure
and working capital requirements. Adjusted Net Income (loss)
eliminates the amortization expenses associated with intangible
assets acquired with Orbital Gas Systems Limited and CUI-Canada, as
well as non-cash expenses associated with stock and stock options
for compensation, royalties and services during the period.
(in
thousands)
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
EBITDA:
|
|
|
|
|
|
|
|
|
Net (loss)
|
|
$
|
(1,568)
|
|
$
|
(1,481)
|
|
$
|
(5,422)
|
|
$
|
(4,149)
|
Plus: Interest
expense
|
|
121
|
|
121
|
|
237
|
|
245
|
Plus: (Benefit)
provision for taxes
|
|
(157)
|
|
128
|
|
(383)
|
|
273
|
Plus:
Depreciation and amortization
|
|
727
|
|
730
|
|
1,427
|
|
1,437
|
EBITDA
|
|
$
|
(877)
|
|
$
|
(502)
|
|
$
|
(4,141)
|
|
$
|
(2,194)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
Plus: Provision
(credit) for bad debt
|
|
$
|
(23)
|
|
$
|
42
|
|
$
|
(51)
|
|
$
|
49
|
Plus:
Unrealized (gain) loss on derivative
|
|
(2)
|
|
38
|
|
(35)
|
|
146
|
Plus: Stock and
options issued and stock to be
issued for compensation, royalties and services
|
|
113
|
|
552
|
|
204
|
|
841
|
Adjusted
EBITDA
|
|
$
|
(789)
|
|
$
|
130
|
|
$
|
(4,023)
|
|
$
|
(1,158)
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(loss):
|
|
|
|
|
|
|
|
|
Net (loss)
|
|
$
|
(1,568)
|
|
$
|
(1,481)
|
|
$
|
(5,422)
|
|
$
|
(4,149)
|
Plus:
Amortization expense of Orbital and CUI -
Canada acquisition intangibles
|
|
306
|
|
337
|
|
604
|
|
673
|
Plus: Stock and
options issued and stock to be
issued for compensation, royalties and services
|
|
113
|
|
552
|
|
204
|
|
841
|
Adjusted net income
(loss)
|
|
$
|
(1,149)
|
|
$
|
(592)
|
|
$
|
(4,614)
|
|
$
|
(2,635)
|
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SOURCE CUI Global, Inc.