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
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