Universal Electronics Reports Third Quarter 2010 Financial Results: EPS of $0.34

Universal Electronics Inc. (UEI), UEIC reported financial results for the third quarter ended September 30, 2010. “We are pleased to report our third quarter results were generally in line with our expectations,” stated Paul Arling, UEI's Chairman and CEO. “Our business faced some headwinds in the developed markets, most specifically in North American consumer electronics, but fared particularly well in developing economies. Looking forward, we couldn't be more excited about the future of our company, due in large part to the acquisition of Enson Assets Limited, including its subsidiaries C.G. Development Limited and C.G. Technology Limited, which we also announced this afternoon.” Financial Results for the Quarter Ended September 30: 2010 Compared to 2009 * Net sales were $79.0 million, compared to $83.2 million. o Business Category revenue was $66.2 million, compared to $67.0 million. The Business Category contributed 84% of total net sales, compared to 81%. o Consumer Category revenue was $12.8 million, compared to $16.2 million. The Consumer Category contributed 16% of total net sales, compared to 19%. * Gross margins were 32.6%, compared to 31.3%. * Total operating expenses were $19.2 million, compared to $19.4 million. * Operating income was $6.6 million, compared to $6.6 million. * Interest expense was $1,000, compared to interest income of $110,000. * Net income was $4.7 million, or $0.34 per diluted share, compared to $4.2 million, or $0.30 per diluted share. * At September 30, 2010, cash and cash equivalents was $73.0 million.