HOUSTON, March 30, 2020 /PRNewswire/ -- CUI Global, Inc.
(Nasdaq: CUI) ("CUI Global" or the "Company") today reported
unaudited financial results for the three and twelve months ended
December 31, 2019.
Financial and Operating Highlights:
- Reported total revenues of $5.7
million for the fourth quarter of 2019 and $23.5 million for the full year 2019, compared to
$7.4 million and $20.3 million for the fourth quarter and full
year 2018, respectively;
- Gross profit was $1.5 million for
the fourth quarter of 2019 and $5.8
million for the full year 2019, compared to a gross loss of
$0.5 million for the fourth quarter
of 2018 and gross profit of $2.6
million for the full year 2018;
- Gross margin was 26.0% for the fourth quarter of 2019 and 24.7%
for the full year 2019, compared to (6.6%) and 12.6% for the fourth
quarter and full year 2018, respectively;
- Operating loss was $4.9 million
for the fourth quarter of 2019 and $16.0
million for the full year 2019, compared to $8.9 million for the fourth quarter of 2018 and
$22.1 million for the full year
2018;
- Cash and cash equivalents were $23.4
million at December 31,
2019;
- Energy segment backlog was $9.6
million at December 31, 2019,
compared to $15.7 million at
December 31, 2018;
- Completed the sale of electromechanical components business of
the Company's Power and Electromechanical segment to a private
entity for total consideration of $15
million;
- Sold the majority of its remaining Power business to Bel Fuse
(Nasdaq: BELFA and Nasdaq: BELFB)
for $32.0 million in cash, subject to
post-closing adjustments;
- Authorized a share repurchase program under which CUI may
repurchase up to $5.0 million of CUI
Global common stock at market prices;
- Subsequent to year end, announced the acquisition of Reach
Construction Group ("Reach"), an engineering, procurement and
construction ("EPC") company with expertise in the renewable energy
industry.
Commentary
"In 2019, our Energy segment continued to take advantage
of operators increasing capital investment in energy services
infrastructure," said Jim O'Neil,
vice chairman and CEO of CUI Global. "At the same time, we laid the
groundwork for our plan to become a diversified energy
infrastructure services company. This included the sale of our
electromechanical components business of our legacy Power and
Electromechanical segment for a total consideration of $15 million. Following this, we sold the majority
of our remaining Power business to Bel Fuse for $32 million in gross proceeds, which continued
our transformation and strengthened our balance sheet. More
recently, we announced another major milestone with the accretive,
platform acquisition of Reach Construction Group.
Mr. O'Neil continued, "Reach's utility-scale solar energy
expertise and established relationships with solar developers and
panel manufacturers represents a strong addition to our energy
infrastructure services focused operations. This acquisition
extends our energy services business into the rapidly growing areas
of alternative and renewable energy, and also expands our
engineering and construction capabilities to deploy a broader set
of service offerings in the energy infrastructure market. Going
forward, we will continue to grow our existing energy business and
use our strong balance sheet to pursue attractive acquisition
opportunities. By executing on this targeted acquisition strategy,
focused on innovative companies in complementary industries, we
will develop a diversified platform for growth and create long-term
value for our shareholders."
Conference Call
Management will host a conference call today, March 30, 2020 at 5:00 PM
ET to discuss these results as well as recent corporate
developments. After management's opening remarks, there will be a
question and answer period. To access the call, please dial (888)
734-0328 and provide conference ID 7065114. For international
callers, please dial (678) 894-3054. The live webcast of the
conference call and accompanying slide presentation can be accessed
through the 'Events & Presentations' page of the CUI Global
Investor Relations website (www.cuiglobal.com).
For those unable to attend the live call, a telephonic replay
will be available until April 16,
2020. To access the replay of the call dial (855) 859-2056
or (404) 537-3406 and provide conference ID 7065114. An archived
copy of the webcast and slide presentation will also be available
on the 'Events & Presentations' page of the CUI Global Investor
Relations website.
About CUI Global, Inc.
CUI Global, Inc. is a publicly traded company dedicated to
maximizing shareholder value through the acquisition and
development of innovative companies to create a diversified energy
services platform. CUI Global's Energy business, Orbital Gas
Systems is a leader in innovative gas solutions with more than 30
years of experience in design, installation and the commissioning
of industrial gas sampling, measurement and delivery systems
providing solutions to the energy, power and processing
markets. Orbital Gas Systems manufactures and delivers a
broad range of technologies including environmental monitoring, gas
metering, process control, telemetry, gas sampling and BioMethane.
As a publicly traded company, shareholders can participate in the
opportunities, revenues, and profits generated by the products,
technologies, and market channels of CUI Global and its
subsidiaries. But most important, a commitment to conduct business
with a high level of integrity, respect, and philanthropic
dedication allows the organization to make a difference in the
lives of their customers, employees, investors and global
community.
For more information please visit: http://www.cuiglobal.com
Important Cautions Regarding Forward Looking
Statements
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements are subject to risks and uncertainties that could
cause actual results to vary materially from those projected in the
forward-looking statements. The Company may experience significant
fluctuations in future operating results due to a number of
economic, competitive, and other factors, including, among other
things, our reliance on third-party manufacturers and suppliers,
government agency budgetary and political constraints, new or
increased competition, changes in market demand, and the
performance or reliability of our products. These factors and
others could cause operating results to vary significantly from
those in prior periods, and those projected in forward-looking
statements. Additional information with respect to these and other
factors, which could materially affect the Company and its
operations, are included in certain forms the Company has filed
with the Securities and Exchange Commission.
Investor Relations:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
dhanover@kcsa.com
CUI Global,
Inc.
Consolidated
Balance Sheets
|
|
|
|
|
|
December
31,
|
|
December
31,
|
(In thousands, except
share and per share amounts)
|
2019
|
|
2018
|
Assets:
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
23,351
|
|
|
$
|
3,979
|
|
Trade accounts
receivable, net of allowance of $47
|
|
|
|
and $17,
respectively
|
5,295
|
|
|
5,034
|
|
Inventories
|
1,631
|
|
|
1,622
|
|
Contract
assets
|
2,309
|
|
|
1,744
|
|
Note receivable,
current portion
|
—
|
|
|
318
|
|
Prepaid expenses and
other current assets
|
2,215
|
|
|
1,512
|
|
Assets held for sale,
current portion
|
6,893
|
|
|
21,272
|
|
Total current
assets
|
41,694
|
|
|
35,481
|
|
Property and
equipment, less accumulated depreciation of
|
|
|
|
$1,441 and $1,284,
respectively
|
4,454
|
|
|
4,540
|
|
Investment in VPS -
equity method
|
4,865
|
|
|
—
|
|
Right of use assets -
Operating leases
|
5,524
|
|
|
—
|
|
Other intangible
assets, less accumulated amortization of $11,191
|
|
|
|
and $9,601,
respectively
|
4,298
|
|
|
5,353
|
|
Restricted
cash
|
—
|
|
|
523
|
|
Note
receivable
|
3,253
|
|
|
—
|
|
Convertible note
receivable
|
—
|
|
|
655
|
|
Deposits and other
assets
|
70
|
|
|
508
|
|
Assets held for sale,
noncurrent portion
|
—
|
|
|
|
23,107
|
|
Total
assets
|
$
|
64,158
|
|
|
$
|
70,167
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
|
2,904
|
|
|
$
|
1,520
|
|
Short-term overdraft
facility
|
—
|
|
|
1,344
|
|
Notes payable,
current
|
473
|
|
|
—
|
|
Operating lease
obligations - current portion
|
821
|
|
|
—
|
|
Accrued
expenses
|
5,159
|
|
|
1,893
|
|
Contract
liabilities
|
1,668
|
|
|
1,956
|
|
Deferred gain on
leaseback, current portion
|
—
|
|
|
289
|
|
Liabilities held for
sale, current portion
|
4,970
|
|
|
11,584
|
|
Total current
liabilities
|
15,995
|
|
|
18,586
|
|
|
|
|
|
Operating lease
obligations, less current portion
|
4,852
|
|
|
—
|
|
Deferred gain on
leaseback, less current portion
|
—
|
|
|
2,599
|
|
Liabilities held for
sale, noncurrent portion
|
—
|
|
|
7,241
|
|
Other long-term
liabilities
|
194
|
|
|
203
|
|
Total
liabilities
|
21,041
|
|
|
28,629
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Preferred stock. par
value $0.001; 10,000,000 shares authorized
|
|
|
|
no shares issued at December
31, 2019 or 2018
|
—
|
|
|
—
|
|
Common stock, par
value $0.001; 325,000,000 shares
|
|
|
|
authorized;
28,383,373 shares issued and outstanding at
|
|
|
|
December 31, 2019 and
28,552,886 shares issued and
|
|
|
|
outstanding at
December 31, 2018
|
29
|
|
|
29
|
|
Additional paid-in
capital
|
170,106
|
|
|
169,898
|
|
Treasury stock at
cost; 353,063 shares held at December 31, 2019 and 0
shares held at December 31, 2018
|
(413)
|
|
|
—
|
|
Accumulated
deficit
|
(122,234)
|
|
|
(123,993)
|
|
Accumulated other
comprehensive loss
|
(4,371)
|
|
|
(4,396)
|
|
Total stockholders'
equity
|
43,117
|
|
|
41,538
|
|
Total liabilities and
stockholders' equity
|
$
|
64,158
|
|
|
$
|
70,167
|
|
CUI Global,
Inc.
Consolidated
Statements of Operations
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
per share amounts)
|
For the three months
ended December 31,
|
|
For the year
ended December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
5,700
|
|
|
$
|
7,434
|
|
|
$
|
23,492
|
|
|
$
|
20,342
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
4,217
|
|
|
7,924
|
|
|
17,680
|
|
|
17,783
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,483
|
|
|
(490)
|
|
|
5,812
|
|
|
2,559
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
5,972
|
|
|
4,855
|
|
|
20,063
|
|
|
18,629
|
|
Depreciation and
amortization
|
389
|
|
|
387
|
|
|
1,544
|
|
|
1,549
|
|
Research and
development
|
16
|
|
|
39
|
|
|
139
|
|
|
155
|
|
Provision (credit)
for bad debt
|
21
|
|
|
8
|
|
|
131
|
|
|
13
|
|
Impairment of
goodwill and intangible assets
|
—
|
|
|
3,084
|
|
|
—
|
|
|
4,347
|
|
Other operating
expenses
|
(7)
|
|
|
—
|
|
|
(20)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
6,391
|
|
|
8,373
|
|
|
21,857
|
|
|
24,693
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(4,908)
|
|
|
(8,863)
|
|
|
(16,045)
|
|
|
(22,134)
|
|
|
|
|
|
|
|
|
|
Other (expense)
income
|
1,132
|
|
|
(254)
|
|
|
567
|
|
|
(316)
|
|
Interest
expense
|
(26)
|
|
|
(52)
|
|
|
(61)
|
|
|
(216)
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes and equity in net loss of affiliate
|
(3,802)
|
|
|
(9,169)
|
|
|
(15,539)
|
|
|
(22,666)
|
|
|
|
|
|
|
|
|
|
Net loss of
affiliate
|
(333)
|
|
|
—
|
|
|
(1,043)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before taxes
|
(4,135)
|
|
|
(9,169)
|
|
|
(16,582)
|
|
|
(22,666)
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
(1,191)
|
|
|
(300)
|
|
|
(2,956)
|
|
|
(1,342)
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations, net of income taxes
|
(2,944)
|
|
|
(8,869)
|
|
|
(13,626)
|
|
|
(21,324)
|
|
|
|
|
|
|
|
|
|
Income from
operations of discontinued power
and electromechanical components businesses
(including gain on disposal of $14,100)
|
6,673
|
|
|
1,478
|
|
|
12,908
|
|
|
5,135
|
|
Income tax
expense
|
(722)
|
|
|
374
|
|
|
411
|
|
|
1,136
|
|
Income from
discontinued operations, net of
income taxes
|
7,395
|
|
|
1,104
|
|
|
12,497
|
|
|
3,999
|
|
Net loss
|
$
|
4,451
|
|
|
$
|
(7,765)
|
|
|
$
|
(1,129)
|
|
|
$
|
(17,325)
|
|
Basic and diluted
weighted average number of
shares outstanding
|
28,706,671
|
|
|
28,547,149
|
|
|
28,654,500
|
|
|
28,517,339
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations per common
share - basic and diluted
|
$
|
(0.10)
|
|
|
$
|
(0.31)
|
|
|
$
|
(0.48)
|
|
|
$
|
(0.75)
|
|
Earnings from
discontinued operations per
common share - basic and diluted
|
$
|
0.26
|
|
|
$
|
0.04
|
|
|
$
|
0.44
|
|
|
$
|
0.14
|
|
Basic and diluted
loss per common share
|
$
|
0.16
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.61)
|
|
CUI Global,
Inc.
Consolidated
Statements of Cash Flows
|
|
|
(in
thousands)
|
For the year ended
December 31,
|
|
2019
|
|
2018
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net loss
|
$
|
(1,129)
|
|
|
$
|
(17,325)
|
|
Adjustments to
reconcile net loss to net cash used in
|
|
|
|
operating
activities:
|
|
|
|
Depreciation
|
724
|
|
|
1,103
|
|
Amortization of
intangibles
|
1,637
|
|
|
1,902
|
|
Amortization of note
receivable discount
|
(70)
|
|
|
—
|
|
Stock issued and
stock to be issued for compensation, royalties and
services
|
215
|
|
|
229
|
|
Unrealized gain on
derivative liability
|
—
|
|
|
(129)
|
|
Non-cash loss on
equity method investment in affiliate
|
1,043
|
|
|
—
|
|
Non-cash fair value
gain on equity method investment purchase
|
(629)
|
|
|
—
|
|
Non-cash royalties,
net
|
5
|
|
|
(7)
|
|
Provision for (credit
to) bad debt expense and returns allowances
|
136
|
|
|
33
|
|
Deferred income
taxes
|
(2,574)
|
|
|
(352)
|
|
Non-cash unrealized
foreign currency (gain) loss
|
(422)
|
|
|
246
|
|
Impairment of
goodwill and other intangible assets
|
278
|
|
|
4,347
|
|
Inventory
reserve
|
79
|
|
|
1,592
|
|
Impairment of
deposits and other assets
|
—
|
|
|
1,509
|
|
Loss on disposal of
assets
|
31
|
|
|
13
|
|
Gain on sale of
businesses
|
(14,100)
|
|
|
—
|
|
|
|
|
|
(Increase) decrease
in operating assets:
|
|
|
|
Trade accounts
receivable
|
1,510
|
|
|
(3,841)
|
|
Inventories
|
(119)
|
|
|
(2,235)
|
|
Contract
assets
|
(512)
|
|
|
(61)
|
|
Prepaid expenses and
other current assets
|
121
|
|
|
(392)
|
|
Right of use assets -
Operating leases
|
1,825
|
|
|
—
|
|
Deposits and other
assets
|
31
|
|
|
(59)
|
|
Increase (decrease)
in operating liabilities:
|
|
|
|
Accounts
payable
|
1,708
|
|
|
1,436
|
|
Operating lease
liabilities
|
(1,755)
|
|
|
—
|
|
Accrued
expenses
|
2,189
|
|
|
1,116
|
|
Refund
liabilities
|
(1,339)
|
|
|
852
|
|
Contract
liabilities
|
(401)
|
|
|
(2,260)
|
|
NET CASH USED IN
OPERATING ACTIVITIES
|
(11,518)
|
|
|
(12,283)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Proceeds from sale of
businesses
|
35,396
|
|
|
—
|
|
Proceeds from sale of
building, net
|
—
|
|
|
7,720
|
|
Proceeds from sale of
restricted investment
|
400
|
|
|
—
|
|
Cash paid for
restricted investment
|
—
|
|
|
(400)
|
|
Purchases of property
and equipment
|
(321)
|
|
|
(1,042)
|
|
Proceeds from sale of
property and equipment
|
21
|
|
|
—
|
|
Cash paid for other
intangible assets
|
(353)
|
|
|
(492)
|
|
Cash paid for
convertible note receivable
|
—
|
|
|
(655)
|
|
Cash paid for
equity-method investment
|
(2,068)
|
|
|
—
|
|
Proceeds from Notes
receivable
|
313
|
|
|
19
|
|
NET CASH PROVIDED BY
INVESTING ACTIVITIES
|
33,388
|
|
|
5,150
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Proceeds from
overdraft facility
|
6,842
|
|
|
19,532
|
|
Payments on overdraft
facility
|
(8,208)
|
|
|
(18,122)
|
|
Proceeds from line of
credit
|
27,483
|
|
|
19,955
|
|
Payments on line of
credit
|
(28,462)
|
|
|
(18,976)
|
|
Payments on capital
lease obligations
|
(4)
|
|
|
(3)
|
|
Payments on mortgage
note payable
|
—
|
|
|
(3,350)
|
|
Payments on notes
payable
|
(303)
|
|
|
—
|
|
Cash payments for
repurchases of common stock
|
(413)
|
|
|
—
|
|
Payment to closeout
derivative liability
|
—
|
|
|
(227)
|
|
Payments on
contingent consideration
|
—
|
|
|
(45)
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
(3,065)
|
|
|
(1,236)
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
44
|
|
|
225
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
18,849
|
|
|
(8,144)
|
|
Cash, cash
equivalents and restricted cash at beginning of year
|
4,502
|
|
|
12,646
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END
OF YEAR
|
$
|
23,351
|
|
|
$
|
4,502
|
|
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are
non-GAAP financial measures and are reconciled in the table below.
These non-GAAP financial measures do not represent funds available
for management's discretionary use and is not intended to represent
cash flow from operations. EBITDA, Adjusted EBITDA and Adjusted Net
Income (loss) should not be construed as a substitute for net loss
or as a better measure of liquidity than cash flow from operating
activities, which is determined in accordance with United States generally accepted accounting
principles ("GAAP"). EBITDA, Adjusted EBITDA and Adjusted Net
Income (loss) exclude components that are significant in
understanding and assessing the company's results of operations and
cash flows. In addition, EBITDA, Adjusted EBITDA and Adjusted Net
Income (loss) are not terms defined by GAAP and as a result our
measure of EBITDA, Adjusted EBITDA and Adjusted Net Income (loss)
might not be comparable to similarly titled measures used by other
companies. However, EBITDA, Adjusted EBITDA and Adjusted Net Income
(loss) are used by management to evaluate, assess and benchmark the
company's operational results and the company believes EBITDA,
Adjusted EBITDA, and Adjusted Net Income (loss) are relevant and
useful information which are often reported and widely used by
analysts, investors and other interested parties in the Company's
industry. Accordingly, the Company is disclosing this information
to permit a more comprehensive analysis of its operating
performance, to provide an additional measure of performance and
liquidity and to provide additional information with respect to the
Company's ability to meet future debt service, capital expenditure
and working capital requirements. Adjusted Net Income (loss)
eliminates the amortization expenses associated with intangible
assets acquired with Orbital Gas Systems Limited and CUI-Canada, as
well as non-cash expenses associated with impairments, Gains on
sale of businesses, non-cash gains and losses related to the
Company's equity method investment in VPS and stock and stock
options for compensation, royalties and services during the
period.
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
For the Three Months
Ended
|
|
For the year
ended
|
|
|
December
31
|
|
December
31
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
EBITDA:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
4,451
|
|
|
$
|
(7,765)
|
|
|
$
|
(1,129)
|
|
|
$
|
(17,325)
|
|
Plus: Interest
expense
|
|
29
|
|
|
132
|
|
|
338
|
|
|
502
|
|
Plus: (Benefit)
provision for taxes
|
|
(1,913)
|
|
|
74
|
|
|
(2,545)
|
|
|
(206)
|
|
Plus:
Depreciation and amortization
|
|
390
|
|
|
760
|
|
|
2,361
|
|
|
3,005
|
|
EBITDA
|
|
$
|
2,957
|
|
|
$
|
(6,799)
|
|
|
$
|
(975)
|
|
|
$
|
(14,024)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
Less: Gain on
disposal of discontinued operation
|
|
(10,469)
|
|
|
—
|
|
|
(14,100)
|
|
|
—
|
|
Plus: Bad
debt
|
|
46
|
|
|
43
|
|
|
136
|
|
|
33
|
|
Plus: Impairment of
goodwill and intangible assets
|
|
278
|
|
|
3,084
|
|
|
278
|
|
|
4,347
|
|
Plus: Impairment of
Energy segment deposits and other
assets
|
|
—
|
|
|
1,509
|
|
|
—
|
|
|
1,509
|
|
Non-cash loss (gain)
and unrealized gain on derivative liability
|
|
—
|
|
|
35
|
|
|
—
|
|
|
(129)
|
|
Plus: Stock and
options issued and stock to be issued for
compensation, royalties and services
|
|
60
|
|
|
41
|
|
|
215
|
|
|
229
|
|
Less: Pretax gain on
assets contributed as part of the
purchase of VPS
|
|
—
|
|
|
—
|
|
|
(629)
|
|
|
—
|
|
Plus: Non-cash loss
on equity method investment in VPS
|
|
333
|
|
|
—
|
|
|
1,043
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
(6,795)
|
|
|
$
|
(2,087)
|
|
|
$
|
(14,032)
|
|
|
$
|
(8,035)
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(loss):
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
4,451
|
|
|
$
|
(7,765)
|
|
|
$
|
(1,129)
|
|
|
$
|
(17,325)
|
|
Less: Gain on
disposal of discontinued operation
|
|
(10,469)
|
|
|
—
|
|
|
(14,100)
|
|
|
—
|
|
Plus: Impairment of
goodwill and intangible assets
|
|
278
|
|
|
3,084
|
|
|
278
|
|
|
4,347
|
|
Plus: Impairment of
Energy segment deposits and other
assets
|
|
—
|
|
|
1,509
|
|
|
—
|
|
|
1,509
|
|
Plus:
Amortization expense of Orbital and CUI -
Canada acquisition intangibles
|
|
243
|
|
|
297
|
|
|
1,126
|
|
|
1,233
|
|
Plus: Stock and
options issued and stock to be issued for
compensation, royalties and services
|
|
60
|
|
|
41
|
|
|
215
|
|
|
229
|
|
Less: Pretax gain on
assets contributed as part of the
purchase of VPS
|
|
—
|
|
|
—
|
|
|
(629)
|
|
|
—
|
|
Plus: Non-cash loss
on equity method investment in VPS
|
|
333
|
|
|
—
|
|
|
1,043
|
|
|
—
|
|
Adjusted net
loss
|
|
$
|
(5,104)
|
|
|
$
|
(2,834)
|
|
|
$
|
(13,196)
|
|
|
$
|
(10,007)
|
|
|
|
|
|
|
|
|
|
|
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SOURCE CUI Global, Inc.