Directed Electronics Raises 2006 View; Announces Progress With FCC
Directed Electronics Reports Record Second Quarter 2006 Results; Raises 2006 Sales and Earnings Outlook; Announces Progress with FCC* Raises 2006 Net Sales Outlook to an Increase of 25% - 30%, and Earnings Outlook to $1.01 - $1.04 per Diluted Share * Second Quarter 2006 Net Sales Increase 40% to $77.7 Million * Second Quarter 2006 Net Income Increases 175% to $3.1 Million, or $0.12 per Diluted Share, Compared with GAAP Net Income of $1.1 Million or $0.06 per Diluted Share in the Second Quarter of 2005 * Excluding Adjustments in the Prior Year, Second Quarter 2006 Net Income Increases 83% Compared to Pro Forma Net Income of $1.7 Million or $0.09 per Diluted Share in the Second Quarter of 2005 ... Read more:
HEREOf NOTE:
FCC Update
As previously announced, on June 30, 2006, the Company received a letter from the Federal Communications Commission (FCC) stating that two SIRIUS receivers with FM transmitters distributed by the Company, the SIRIUS ST2 and SIRIUS S50-C, were not in compliance with certain FCC frequency or emission limits. The Company has responded to the FCC's letter and provided the information requested.
"We are very pleased to announce that the FCC has now approved the modifications made to the SIRIUS ST2 (Starmate Replay) and has determined that it is now in compliance with FCC frequency and emission limits. Accordingly, we will recommence shipping the SIRIUS ST2 this week," stated Mr. Minarik. "We also continue to ship the new SIRIUS Sportster 4 (SP4TK1), and have ramped up production to meet the strong demand for this new model."
"We continue to cooperate with SIRIUS, our manufacturers and the FCC in their review of the SIRIUS S50, and we expect that any issues with this model will be resolved in the very near future," continued Mr. Minarik. "We also remain on target to have available to consumers by the end of the summer, the new live personal satellite radio, SIRIUS Stiletto (SL100)." 8/15/2006 01:14:00 AM
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