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10
August
2012

Pulse Electronics releases Q2 earnings

Pulse Electronics has reported results for its second quarter ended June 29, 2012.
Net sales were 100.4 million USD, up 5.9 percent from 94.8 million USD in the prior-year quarter, and up 6.6 percent from $94.1 million in the first quarter.

The operating loss was $0.1 million compared with a loss of $4.2 million in the prior-year quarter and a loss of $2.1 million in the first quarter.

“Overall, our operating performance was well within guidance again this quarter,” said Pulse Chairman and Chief Executive Officer Ralph Faison. “Revenue and non-GAAP operating profit were both within our guidance, which was a good indicator that our strategic actions are generating the improved performance we expected”.

“We are continuing to pursue the asset sales we previously discussed as part of our efforts to deliver our balance sheet, but the process slowed considerably during the last part of July. We still cannot confirm the timing or results of these transactions, but due to a number of factors we do not believe that they will be closed on the same timeline we had hoped. However, we remain committed to exploring all financing and strategic alternatives available to us to reduce our debt levels, increase our liquidity, and maximize shareholder value,” said Faison.

The company expects third quarter 2012 net sales to range from $86 million to $92 million and non-GAAP operating profit to range from a loss of $2 million to breakeven (not adjusted for possible asset sales).
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