logo
Share SHARE
FONT-SIZE Plus   Neg

ZAGG Q4 Profit Surges, Tops Estimates

ZAGG Inc. (ZAGG) Monday reported fourth-quarter net income of $9.9 million or $0.32 per share, rising from last year's $3.4 million or $0.13 per share. Earnings beat estimates.

In the quarter, ZAGG incurred an impairment charge of $0.4 million on its note receivable which was offset by a $1.9 million gain on the deconsolidation of HzO as ZAGG no longer has a controlling interest in HzO.

Excluding these items, non-GAAP net income for the quarter was $8.6 million or $0.27 per share, compared to $3.4 million or $0.14 per share last year.

On average, 4 analysts polled by Thomson Reuters expected the company to earn $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter increased to $67.5 million from $29.2 million last year. Analysts expected sales of $63.97 million for the quarter.

Robert G. Pedersen, CEO of the company, said, "ZAGG performed exceptionally well with record fourth quarter revenue and earnings, as the result of strong holiday sales, record online sales and an expanded SKU presence at our indirect channel to big-box retail partners for both ZAGG and iFrogz branded products. With the operating initiatives we have put in place, and our alignment around a product-centric structure, we are building a company that can keep pace with the global growth we are seeing for mobile device accessories in 2012 and beyond."

The company guided 2012 revenues in excess of $250 million. Analysts expect full-year 2012 revenues of $240.57 million.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Jeff Bezos, the CEO of Amazon, has overtaken Berkshire Hathaway's founder Warren Buffet to become the third-richest person in the world, according to the Bloomberg Billionaires Index. Bezos is now behind clothing retailer Zara's founder Amancio Ortega, who is now second, and Bill Gates, co-founder... The White House has announced new initiative to fight climate change, curb usage of fossil fuels and increase access to clean energy by pushing the use of electric vehicles. The Obama administration announced a series of actions from the Federal government, private sector, and states, as well as... Telecom giant Verizon Communications Inc. is reportedly very close to a deal to buy the core business of struggling internet company Yahoo Inc. Verizon has trumped out rival bidders and is close to acquire Yahoo's core internet business, reported Bloomberg News, citing people familiar with the matter. Verizon...
comments powered by Disqus
Follow RTT