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
Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed... Popular photo sharing network Instagram is adding a new translation button on its pages, so that the global crowd can read and enjoy the captions and comments given for the photographs uploaded. The new update will be available from next month onward.
comments powered by Disqus
Follow RTT