ZAGG Incorporated (NASDAQ:ZAGG) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 26.16%.
ZAGG Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 31.25% to $0.11 in the quarter versus EPS of $0.16 in the year-earlier quarter.
Revenue: Decreased 7.17% to $51.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ZAGG Incorporated reported adjusted EPS income of $0.11 per share. By that measure, the company missed the mean analyst estimate of $0.21. It missed the average revenue estimate of $66.57 million.
Quoting Management: “This was a uniquely challenging quarter in which our results were impacted by a number of circumstances, some that were macro in nature and others that were company specific. Though the company experienced reduced sales, ZAGG also realized benefits to its financial activities through the pay down of our line of credit and the repurchase of company stock,” said Randy Hales, president and CEO. “We are working internally to make necessary changes to build a superior company and increase shareholder value over the long-term. While the consequences of these changes in the near-term are challenging, I remain confident that we are building a stronger foundation for growth. Our creative product solutions, go-to-market strategies and diversification of our overall portfolio are what set ZAGG apart from the competition and our retailers have recognized that. In fact, next week a large retail customer will highlight us as one of its top suppliers in 2012 and the first ever in the mobile accessories industry.”
Key Stats (on next page)…