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

Editors Pick
The recent week marked the lull before the storm, with very few market moving economic numbers released during the week. However, the economic news flow picks up pace in the upcoming week, offering glimpses into every vehicle of economic growth, ranging from consumers to private sector activity to housing.... Life expectancy at birth in the U.S. is already lower than most other developed nations and is now projected to fall further behind by 2030, according to a new study. It also suggests that by 2030, national female life expectancy in South Korea could break the 90 year barrier. Department store chain J.C. Penney Co. Inc. on Friday reported a turnaround to profit in the fourth quarter as a slight decline in sales was more than offset by lower expenses. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues slightly missed their estimates. Earlier today, J.C. Penny announced a plan to optimize its national retail operations.
comments powered by Disqus
Follow RTT