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Pulse Electronics Posts Q4

PHILADELPHIA — Pulse Electronics Corporation (NYSE:PULS), a leading provider of electronic components, today reported results for its fourth quarter ended December 31, 2010.

Fourth Quarter Highlights

• Net sales were $101.2 million compared with $105.4 million in the prior-year quarter.
• Operating profit according to U.S. GAAP was $4.1 million in the quarter compared with $4.5 million in the prior-year quarter.
• Non-GAAP operating profit was $5.4 million, up from $4.8 million in the prior-year quarter. (Non-GAAP operating profit excludes severance, impairment and associated costs; non-cash stock-based compensation expenses; accelerated depreciation; and a curtailment gain related to a defined benefit pension plan. See page 7 for a reconciliation of U.S. GAAP results and non-GAAP measures.)
• Non-GAAP operating profit margin was 5.4 percent in the quarter compared with 4.5 percent in the prior-year quarter.
• U.S. GAAP diluted earnings per share from continuing operations were $0.05 in the quarter compared with $0.08 in the prior-year quarter.
• Non-GAAP diluted earnings per share from continuing operations were $0.08 compared with $0.09 in the prior-year quarter. CEO Comments

“We are pleased the team delivered fourth quarter sales and operating profit that exceeded our outlook,” said Pulse President and Chief Executive Officer Ralph Faison. “However, we recognize the need to raise the financial performance of all three of our product groups. In particular, our top two priorities are to improve the wireless product group and to lower general and administrative expenses.

“Our network and power product groups are solid. Each generated year-over-year sales growth and contribution gains in the fourth quarter. The team also demonstrated prudent cost and expense management in the quarter in light of the lower volume compared with our very robust second and third quarters.

“While overall wireless sales declined in the fourth quarter due to the continued impact of a sourcing strategy change of a large customer announced in the second half of 2009, we delivered strong sales growth from new antenna customers in 2010. In the fourth quarter, we secured 40 wireless design wins, the most of any quarter in 2010.”

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