Strong sales to makers of TVs and other electronics helped Cypress-based Universal Electronics Inc. post big revenue growth in the fourth quarter, the company said Thursday.
The maker of remote controls and software reported fourth-quarter sales of $51.7 million, up 46% versus a year earlier.
Better sales to original equipment manufacturers, such as makers of television and other electronics that use remote controls, was primarily responsible for the gain. Universal’s remotes can be used on any brand of electronics. The company also licenses codes that link remote control devices.
Net income for the quarter was $3.7 million, up from $2.5 million a year earlier.
Analysts were looking for $48.4 million in sales and $3.5 million in net income, according to Thomson Financial Network. Universal’s earnings results were released after the close of trading Thursday.
The company said it will count on its broadening technology and customer base and a recent acquisition of SimpleDevices Inc. to spur growth, said Paul Arling, chairman and chief executive of Universal.
Universal inked a $12.5 million deal to buy San Mateo-based SimpleDevices, a maker of wireless home networking software for televisions, set-top boxes, stereos and car sound systems, in December.
Meanwhile, Universal told investors that Chief Financial Officer Bernard Pitz is set to leave the company March 1 to join Orange-based Sybron Dental Specialties Inc., a maker of orthodontics and dental equipment.
“Since Bernie joined the team in the fall of 2003, he has led programs to achieve Sarbanes-Oxley compliance, transformed our accounting and financial reporting processes and built an exceptionally strong team,” Arling said.
Universal didn’t name a replacement for Pitz.
