Wednesday, November 15, 2006
Directed Electronics Reports Q3 Earnings
Directed Electronics Reports Record Third Quarter 2006 Sales; Reaffirms and Updates 2006 Earnings Outlook
* Third Quarter 2006 Net Sales Increase 23% to $75.5 Million * Third Quarter 2006 GAAP Net Income Increases 63% to $3.2 Million, or $0.12 per Diluted Share * Third Quarter 2006 Pro Forma Net Income Increases 79% to $4.8 Million, or $0.19 per Diluted Share * 2006 Pro Forma Consolidated Net Income Outlook of $1.09 to $1.13 per Diluted Share
VISTA, Calif., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Directed Electronics, Inc. (Nasdaq: DEIX) today announced record sales and also announced net income results for the quarter ended September 30, 2006. The Company also reaffirmed and updated guidance for the full year of 2006.
"We are pleased with our third quarter performance," commented James E. Minarik, Directed's President and Chief Executive Officer. "While our SIRIUS satellite radio products continued to experience outstanding growth, the previously announced FCC inquiry slowed our distribution during the third quarter, shifting approximately $15 million of satellite radio gross sales into the fourth quarter. We are currently shipping all satellite radio receivers as the FCC inquiry has since been finalized. We do not expect that inquiry to have any annual financial impact to Directed. In our security and entertainment sales, a continued significant decline in mobile video, due to industry-wide softness in this category, as well as a slight decline in security sales as retailers delayed their seasonal load-in of these products, were largely offset by continued growth in home audio sales, particularly to Best Buy's Magnolia stores. Our fourth quarter security sales to date have been very robust, giving us confidence in achieving our full year 2006 sales plans." ...read more: here
11/15/2006 07:16:00 AM
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