Cypress-based Universal Electronics Inc. posted record sales in the second quarter, the company said Tuesday.
Universal Electronics makes remote controls that work with TVs, stereos and other electronic devices.
Second-quarter sales rose 30% to $44.3 million though its operating income fell 60% to $974,000. The company took a $1.6 million write-down related to money owed by a European distributor of its products.
The company said it saw a $1.3 million benefit related to foreign exchange movements.
“Our strong second-quarter sales and recently announced customer agreements with consumer electronics market leaders Panasonic and Pioneer illustrate our ability to execute on plan,” said Paul Arling, the company’s chairman and chief executive. “During the second half of the year, we expect continued demand in subscription broadcasting and retail seasonality will further our growth.”
