Last Update: 27-Feb-13 07:59 ET
Zagg shares spike 6% following beat on revenues
ZAGG (ZAGG $7.93 +0.45) reported fourth quarter GAAP earnings of $0.2 mln, or $0.01 per share, including an $11.5 mln impairment from iFrogz acquisition, may not be comparable to the GAAP Capital IQ Consensus Estimate of $0.28 (adj. EPS of $0.37 beat the $0.30 consensus), while revenues rose 29.6% year/year to $87.5 million versus the $83.72 mln consensus; adj. EBITDA +12% to $21 mln vs. ests of ~$20 mln. Revenue by channel was 82% through indirect channels, 13% through ZAGG.com and iFrogz.com and 5% through the company's mall cart and kiosk programs. Gross profit for the fourth quarter was $38.6 million or 44.1% of net sales, representing a 23% increase, versus $31.4 million or 46.5% of net sales in the fourth quarter of the prior year. Gross profit as a percentage of sales declined primarily due to airfreight costs and change in product mix. The company issued upside guidance for fiscal year 2013 with revenues of $313-318 million versus the $308.07 million consensus; adjusted EBITDA $69-71 million versus ests of approxmately $70 million.
ZAGG (ZAGG $7.93 +0.45) reported fourth quarter GAAP earnings of $0.2 mln, or $0.01 per share, including an $11.5 mln impairment from iFrogz