CUI Global Reports Unaudited Consolidated (Second Quarter 2013) Revenue of $18,151,091

TUALATIN, Ore., Aug. 14, 2013 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, today reported unaudited results for the second quarter ended June 30, 2013.

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For the six months ended June 30, 2013, CUI Global produced consolidated total revenues of $28,210,451.  The numbers demonstrate that gross revenues for the Second Quarter ($18,151,091) grew 80% sequentially from First Quarter revenues ($10,059,360) and 81% year-over-year, when compared to Second Quarter 2012 ($10,011,758), before the acquisition of Orbital-UK and associated accretive revenues.

The company had $28,105,549 of cash and cash equivalents as of June 30, 2013 – an increase of more than $25,000,000 since December 31, 2012($3,039,840). 

The company earned a net profit of $0.02 earnings per share (EPS) for the quarter ended June 30, 2013.  The earnings before interest, taxes, depreciation and amortization (EBIDTA) per share for the second quarter were $0.08. 

In addition, as an operating unit, the power and electro-mechanical segment (CUI Inc and CUI Japan) posted record YTD revenues of $22,253,366, which represented a $3,771,845 (20%) increase as compared to the same period in 2012. 

The sales order back log at June 30, 2013 was a consolidated $38.2 million, a $26.0 million (200%) increase from the June 30, 2012 back log balance of $12.2 million (before the acquisition of Orbital-UK and associated accretive revenues).

"This is the first consolidated reporting period following our acquisition of Orbital-UK and the results are quite compelling," explained William Clough, CUI Global's president & CEO.  "The sequential growth in revenue; the dramatic increase in customer back orders; and our turn to profitability all demonstrate the tangible results of this immediately accretive acquisition and our continuing efforts, now through CUI, Inc., CUI Japan and Orbital-UK, to increase our penetration into both the electronics and natural gas markets."

"Moreover, the 200% increase in sales order back log, year-to-year, ensures us of a robust delivery schedule for the Third Quarter of 2013."

"The acquisition of Orbital-UK and its recognized expertise in the natural gas industry, along with its team of professional engineers should only enhance the penetration into the market of our GasPT Technology; the recently acquired VE-Probe Technology; and our proprietary IRIS remote telemetry system – All-in-all, very exciting times for our company and its shareholders," Clough concluded.

The Company will conduct a conference call and web cast to review the results on Thursday, August 15, 2013 at 11:00 a.m. ET.

CUI Global, Inc. Second Quarter Results Conference Call
Thursday, August 15, 2013 at 11:00 a.m. Eastern
Dial in number: 877-407-8029

A simultaneous webcast will also be available via:
http://www.investorcalendar.com/IC/CEPage.asp?ID=171427

In addition, a replay of the conference call will be archived and available until September 14, 2013 at the following number:  877-660-6853, conference ID: 418837.

About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World....

CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT2 platform targeting the energy sector, to CUI Inc's digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.

For more information please visit www.cuiglobal.com

About CUI Inc
CUI Inc is a technology company dedicated to the development, commercialization, and distribution of new, innovative electro-mechanical products. Over the past 20 years, CUI has become a recognized name in electronic components worldwide in the areas of power, interconnect, motion control, and sound. CUI's solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly owned subsidiary of CUI Global, Inc. 

For more information, please visit www.cui.com.  

About Orbital Gas Systems Ltd.
Orbital Gas Systems Ltd ("Orbital-UK") is the largest natural gas systems integrator in the United Kingdom. For over 25 years, Orbital-UK has developed its portfolio of products, services and resources to offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries.  Orbital-UK's internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology with the ground-breaking GasPTi device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems.  Orbital-UK is a wholly owned subsidiary of CUI Global, Inc. 

For more information, please visit www.orbital-uk.com.

Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Financial Measures
EBITDA is a non-GAAP financial measure and is reconciled in the table below. EBITDA does not represent funds available for management's discretionary use and is not intended to represent cash flow from operations. EBITDA should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which is determined in accordance with United States generally accepted accounting principles ("GAAP"). EBITDA excludes components that are significant in understanding and assessing the company's results of operations and cash flows. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might not be comparable to similarly titled measures used by other companies. However, EBITDA is used by management to evaluate, assess and benchmark the company's operational results and the company believes EBITDA is relevant and useful information which is often reported and widely used by analysts, investors and other interested parties in the company's industry. Accordingly, the company is disclosing this information to permit a more comprehensive analysis of its operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to the company's ability to meet future debt service, capital expenditure and working capital requirements. 

SOURCE CUI Global, Inc.