TUALATIN, Ore., Nov. 12,
2019 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), (the
"Company") today reported unaudited financial results for the three
and nine months ended September 30,
2019.
Note: In accordance with ASC 360-10 Impairment and
Disposal of Long-Lived Assets and ASC 205-20 Discontinued
Operations, as a result of CUI Global's divestiture of its
Electromechanical components business on September 30, 2019, and the classification of the
majority of the remaining assets and liabilities that comprise the
Power and Electromechanical segment, as held for sale within 12
months the Company has reclassified its Power and Electromechanical
segment as discontinued operations for the three and nine-month
periods ended September 30, 2019 and
September 30, 2018. As a result, the
review of the third quarter results presented here focuses on the
Company's continuing operations, which consists of its Energy
segment. On November 8, 2019, the
Company entered into an asset purchase agreement to sell the
majority of its Power business for $32.0
million.
Third Quarter 2019 Unaudited Financial Performance
Summary: (comparisons to prior year period)
- Total revenues were $6.1 million
compared to $5.2 million;
- Gross profit was $1.4 million
compared to $1.3 million;
- Gross margin was 23.4% compared to 25.6%;
- Operating loss was $3.7 million
compared to an operating loss of $3.3
million.
Nine Months 2019 Unaudited Financial Performance
Summary: (comparisons to prior year period)
- Total revenues were $17.8 million
compared to $12.9 million;
- Gross profit was $4.3 million
compared to $3.0 million;
- Gross margin was 24.3% compared to 23.6%;
- Operating loss was $11.1 million
compared to an operating loss of $13.3
million.
Balance Sheet and Backlog Summary:
- Cash and cash equivalents were $1.7
million at September 30,
2019.
- Debt as of September 30, 2019 was
$0.9 million including $0.7 million on a line of credit that is
classified as liability held for sale.
- Energy segment backlog was $10.8
million at September 30, 2019
as compared to $15.7 million at
December 31, 2018.
Financial Accounting Standard Board Accounting Standard
Update 2016-02
Effective January 1, 2019, the
Company adopted Financial Accounting Standard Board Accounting
Standard Update 2016-02, Leases (Topic 842), which requires lessee
recognition of lease assets and lease liabilities on the balance
sheet, at the beginning of fiscal 2019. As a result of the
new lease standard, at September 30, 2019, $5.6 million was included
with non-current assets, $0.8
million with current liabilities and $5.0
million with non-current liabilities, on the condensed
consolidated balance sheets.
"Our third quarter results
reflect continued strength in our engineering and integration
services in North America that
offset lower revenue from our U.K. operations due to the continued
headwinds associated with Brexit," said William Clough, executive chairman of CUI
Global. "We also took steps to unlock the value of our Power and
Electromechanical segment in support of CUI Global's strategy to
become a diversified energy infrastructure services company. We
completed the sale of our Electromechanical components business
during the quarter and yesterday announced the sale of the majority
of our remaining Power business to Bel Fuse for $32 million. With these transactions, we move
forward with a recast balance sheet and the financial resources to
support the company's Energy-centric growth strategy with
Jim O'Neil as CEO."
Jim O'Neil, vice chairman and CEO
of CUI Global, stated, "Secular trends in the oil and natural gas,
electric power and telecommunications industries have created a
sustained market opportunity that is ripe for a market entrant with
a differentiated value proposition and disciplined acquisition
strategy. With the divestiture of the majority Power and
Electromechanical segment, we turn our full attention to executing
on our strategy to diversify our Energy business into the
infrastructure services market and build a recurring revenue and
earnings stream through acquisitions and organic growth. With CUI
Global as the foundation of a diversified platform for growth, we
believe we have the right strategy and the financial means to
establish the company as an industry leader and support a
sustainable growth trajectory."
Conference Call
Management will host a conference call today, November 12, 2019 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 3962226. 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 November 28,
2019. To access the replay of the call dial (855) 859-2056
or (404) 537-3406 and provide conference ID 3962226. 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.
Delivering Innovative Technologies for an Interconnected
World . . . . .
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.
CUI Global Investor Relations Counsel:
LHA Investor
Relations
Sanjay M. Hurry
T: 212-838-3777
cuiglobal@lhai.com
CUI Global,
Inc.
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
September
30,
|
|
December
31,
|
(in thousands, except
share and per share amounts)
|
2019
|
|
2018
|
|
(unaudited)
|
|
|
Assets:
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,728
|
|
|
$
|
3,979
|
|
Trade accounts
receivable, net of allowance of $25
|
|
|
|
and $17,
respectively
|
4,589
|
|
|
5,034
|
|
Inventories
|
1,580
|
|
|
1,622
|
|
Contract
assets
|
2,567
|
|
|
1,744
|
|
Note receivable,
current portion
|
—
|
|
|
318
|
|
Prepaid expenses and
other current assets
|
1,462
|
|
|
1,512
|
|
Assets held for sale
- current
|
30,486
|
|
|
21,272
|
|
Total current
assets
|
42,412
|
|
|
35,481
|
|
|
|
|
|
Property and
equipment, less accumulated depreciation of
|
|
|
|
1,284 and $1,182,
respectively
|
4,211
|
|
|
4,536
|
|
Investment in VPS -
equity method
|
5,198
|
|
|
—
|
|
Right of use assets -
Operating leases
|
5,615
|
|
|
—
|
|
Other intangible
assets, less accumulated amortization of $9,462
|
|
|
|
and $8,889,
respectively
|
4,271
|
|
|
5,314
|
|
Restricted
cash
|
—
|
|
|
523
|
|
Note receivable -
related party
|
3,183
|
|
|
—
|
|
Convertible note
receivable
|
—
|
|
|
655
|
|
Deposits and other
assets
|
69
|
|
|
508
|
|
Assets held for sale
- noncurrent
|
—
|
|
|
23,150
|
|
Total
assets
|
$
|
64,959
|
|
|
$
|
70,167
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
|
3,096
|
|
|
$
|
1,520
|
|
Short-term overdraft
facility
|
—
|
|
|
1,344
|
|
Notes payable -
current
|
269
|
|
|
—
|
|
Operating lease
obligations - current portion
|
754
|
|
|
—
|
|
Accrued
expenses
|
2,599
|
|
|
1,893
|
|
Contract
liabilities
|
2,222
|
|
|
1,956
|
|
Deferred gain on
leaseback, current portion
|
—
|
|
|
289
|
|
Liabilities held for
sale - current
|
10,059
|
|
|
11,584
|
|
Total current
liabilities
|
18,999
|
|
|
18,586
|
|
|
|
|
|
Operating lease
obligations, less current portion
|
4,977
|
|
|
—
|
|
Deferred tax
liabilities
|
1,584
|
|
|
1,914
|
|
Deferred gain on
leaseback, less current portion
|
—
|
|
|
2,599
|
|
Liabilities held for
sale - noncurrent
|
—
|
|
|
5,327
|
|
Other long-term
liabilities
|
166
|
|
|
203
|
|
Total
liabilities
|
25,726
|
|
|
28,629
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Preferred stock, par
value $0.001; 10,000,000 shares authorized;
|
|
|
|
no shares issued at
September 30, 2019 or December 31, 2018
|
—
|
|
|
—
|
|
Common stock, par
value $0.001; 325,000,000 shares
|
|
|
|
authorized;
28,680,260 shares issued and outstanding at
|
|
|
|
September 30, 2019
and 28,552,886 shares issued and
|
|
|
|
outstanding at
December 31, 2018
|
29
|
|
|
29
|
|
Additional paid-in
capital
|
170,049
|
|
|
169,898
|
|
Accumulated
deficit
|
(126,685)
|
|
|
(123,993)
|
|
Accumulated other
comprehensive loss
|
(4,160)
|
|
|
(4,396)
|
|
Total stockholders'
equity
|
39,233
|
|
|
41,538
|
|
Total liabilities and
stockholders' equity
|
$
|
64,959
|
|
|
$
|
70,167
|
|
CUI Global,
Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
(In thousands, except
per share amounts)
|
For the three months
ended September 30,
|
|
For the nine
months ended September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
6,073
|
|
|
$
|
5,155
|
|
|
$
|
17,793
|
|
|
$
|
12,908
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
4,652
|
|
|
3,834
|
|
|
13,464
|
|
|
9,860
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,421
|
|
|
1,321
|
|
|
4,329
|
|
|
3,048
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
4,793
|
|
|
4,222
|
|
|
14,092
|
|
|
13,773
|
|
Depreciation and
amortization
|
359
|
|
|
382
|
|
|
1,136
|
|
|
1,145
|
|
Research and
development
|
20
|
|
|
47
|
|
|
123
|
|
|
116
|
|
Provision (credit)
for bad debt
|
(18)
|
|
|
4
|
|
|
110
|
|
|
5
|
|
Impairment of
goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
1,263
|
|
Other operating
income
|
(11)
|
|
|
—
|
|
|
(13)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
5,143
|
|
|
4,655
|
|
|
15,448
|
|
|
16,302
|
|
|
|
|
|
|
|
|
|
Continuing loss from
operations
|
(3,722)
|
|
|
(3,334)
|
|
|
(11,119)
|
|
|
(13,254)
|
|
|
|
|
|
|
|
|
|
Loss from equity
method investment in VPS
|
(354)
|
|
|
—
|
|
|
(710)
|
|
|
—
|
|
Fair value gain on
equity method investment
purchase
|
—
|
|
|
—
|
|
|
629
|
|
|
—
|
|
Other income
(expense)
|
(463)
|
|
|
(43)
|
|
|
(575)
|
|
|
(79)
|
|
Interest
expense
|
(4)
|
|
|
(60)
|
|
|
(35)
|
|
|
(164)
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before taxes
|
(4,543)
|
|
|
(3,437)
|
|
|
(11,810)
|
|
|
(13,497)
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
(1,310)
|
|
|
(396)
|
|
|
(1,598)
|
|
|
(1,042)
|
|
|
|
|
|
|
|
|
|
loss from continuing
operations
|
(3,233)
|
|
|
(3,041)
|
|
|
(10,212)
|
|
|
(12,455)
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
Income from
operations of discontinued
electromechanical components business (including
gain on disposal of $3,631)
|
3,944
|
|
|
1,760
|
|
|
5,598
|
|
|
3,656
|
|
Income tax
expense
|
1,023
|
|
|
253
|
|
|
966
|
|
|
762
|
|
Income from
discontinued operations
|
2,921
|
|
|
1,507
|
|
|
4,632
|
|
|
2,894
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(312)
|
|
|
$
|
(1,534)
|
|
|
$
|
(5,580)
|
|
|
$
|
(9,561)
|
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted average
|
|
|
|
|
|
|
|
common shares
outstanding
|
28,691,206
|
|
|
28,527,234
|
|
|
28,636,918
|
|
|
28,507,286
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations per common share
- basic and diluted
|
$
|
(0.11)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.35)
|
|
|
$
|
(0.44)
|
|
|
|
|
|
|
|
|
|
Earnings from
discontinued operations - basic and
diluted
|
0.10
|
|
|
0.06
|
|
|
0.16
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic and diluted
|
$
|
(0.01)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.34)
|
|
CUI Global,
Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
(in
thousands)
|
For the nine months
ended September 30,
|
|
2019
|
|
2018
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net loss
|
$
|
(5,580)
|
|
|
$
|
(9,561)
|
|
Adjustments to
reconcile net loss to net cash used in
|
|
|
|
operating
activities:
|
|
|
|
Depreciation
|
645
|
|
|
816
|
|
Amortization of
intangibles
|
1,326
|
|
|
1,429
|
|
Stock issued and
stock to be issued for compensation, royalties and
services
|
155
|
|
|
188
|
|
Unrealized gain on
derivative liability
|
—
|
|
|
(164)
|
|
Non-cash loss on
equity method investment in VPS
|
710
|
|
|
—
|
|
Non-cash fair value
gain on equity method investment purchase
|
(629)
|
|
|
—
|
|
Gain on sale of
electromechanical components business
|
(3,631)
|
|
|
—
|
|
Provision for (credit
to) bad debt expense
|
90
|
|
|
(10)
|
|
Deferred income
taxes
|
(644)
|
|
|
(352)
|
|
Inventory
reserve
|
135
|
|
|
274
|
|
Non-cash unrealized
foreign currency gains
|
614
|
|
|
135
|
|
Impairment of
goodwill
|
—
|
|
|
1,263
|
|
(Gain) loss on
disposal of assets
|
(13)
|
|
|
3
|
|
|
|
|
|
(Increase) decrease
in operating assets:
|
|
|
|
Trade accounts
receivable
|
1,196
|
|
|
(1,439)
|
|
Inventories
|
(31)
|
|
|
(3,727)
|
|
Contract
assets
|
(891)
|
|
|
160
|
|
Prepaid expenses and
other current assets
|
362
|
|
|
(285)
|
|
Right of use assets -
Operating leases
|
743
|
|
|
—
|
|
Deposits and other
assets
|
(248)
|
|
|
13
|
|
Increase (decrease)
in operating liabilities:
|
|
|
|
Accounts
payable
|
2,406
|
|
|
520
|
|
Operating lease
liabilities
|
(687)
|
|
|
—
|
|
Accrued
expenses
|
(122)
|
|
|
684
|
|
Refund
liabilities
|
(367)
|
|
|
953
|
|
Contract
liabilities
|
246
|
|
|
(853)
|
|
NET CASH USED IN
OPERATING ACTIVITIES
|
(4,215)
|
|
|
(9,953)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Purchases of property
and equipment
|
(278)
|
|
|
(644)
|
|
Proceeds from sale of
property and equipment
|
14
|
|
|
—
|
|
Cash paid for other
intangible assets
|
(269)
|
|
|
(348)
|
|
Cash paid for
convertible notes receivable
|
—
|
|
|
(500)
|
|
Cash paid for
equity-method Investment
|
(1,615)
|
|
|
—
|
|
Proceeds from Notes
receivable
|
313
|
|
|
—
|
|
Proceeds from sale of
restricted investment
|
400
|
|
|
—
|
|
Proceeds from
components division sale
|
4,696
|
|
|
—
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
3,261
|
|
|
(1,492)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Proceeds from
overdraft facility
|
6,842
|
|
|
13,895
|
|
Payments on overdraft
facility
|
(8,208)
|
|
|
(12,570)
|
|
Proceeds from line of
credit
|
20,889
|
|
|
6,696
|
|
Payments on line of
credit
|
(21,188)
|
|
|
(6,039)
|
|
Payments on financing
lease obligations
|
(3)
|
|
|
(2)
|
|
Payments on mortgage
note payable
|
—
|
|
|
(71)
|
|
Payments on notes
payable
|
(88)
|
|
|
—
|
|
Payments on
contingent consideration
|
—
|
|
|
(45)
|
|
NET CASH (USED IN)
PROVIDED BY FINANCING ACTIVITIES
|
(1,756)
|
|
|
1,864
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(64)
|
|
|
148
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
(2,774)
|
|
|
(9,433)
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
4,502
|
|
|
12,646
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
1,728
|
|
|
$
|
3,213
|
|
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 stock and stock options
for compensation, royalties and services during the period,
impairment of goodwill, the non-cash gains and loss on the
Company's equity-method investment and the non-cash gain on the
sale of a discontinued operation.
(in
thousands)
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the nine months
ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
EBITDA *:
|
|
|
|
|
|
|
|
Net loss
|
$
|
(312)
|
|
|
$
|
(1,534)
|
|
|
$
|
(5,580)
|
|
|
$
|
(9,561)
|
|
Plus: Interest
expense
|
105
|
|
|
132
|
|
|
309
|
|
|
370
|
|
Plus: Income tax
expense (benefit)
|
(287)
|
|
|
(143)
|
|
|
(632)
|
|
|
(280)
|
|
Plus:
Depreciation and amortization
|
602
|
|
|
742
|
|
|
1,971
|
|
|
2,245
|
|
EBITDA
|
108
|
|
|
(803)
|
|
|
(3,932)
|
|
|
(7,226)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
*:
|
|
|
|
|
|
|
|
Gain on disposal of
discontinued operation
|
(3,631)
|
|
|
—
|
|
|
(3,631)
|
|
|
—
|
|
Plus: Provision
(credit) for bad debt
|
(48)
|
|
|
24
|
|
|
90
|
|
|
(10)
|
|
Plus: Impairment of
goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
1,263
|
|
Plus:
Unrealized gain on derivative
|
—
|
|
|
(38)
|
|
|
—
|
|
|
(164)
|
|
Plus: Stock and
options issued and stock to be issued for
compensation, royalties and services
|
44
|
|
|
42
|
|
|
155
|
|
|
188
|
|
Fair value gain on
equity method investment purchase
|
—
|
|
|
—
|
|
|
(629)
|
|
|
—
|
|
Plus: Non-cash loss
on equity-method investment
|
354
|
|
|
—
|
|
|
710
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
(3,173)
|
|
|
$
|
(775)
|
|
|
$
|
(7,237)
|
|
|
$
|
(5,949)
|
|
|
|
|
|
|
|
|
|
Adjusted net loss
*:
|
|
|
|
|
|
|
|
Net loss
|
$
|
(312)
|
|
|
$
|
(1,534)
|
|
|
$
|
(5,580)
|
|
|
$
|
(9,561)
|
|
Gain on disposal of
discontinued operation
|
(3,631)
|
|
|
—
|
|
|
(3,631)
|
|
|
—
|
|
Plus: Impairment of
goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
1,263
|
|
Plus:
Amortization expense of Orbital and CUI -
Canada acquisition intangibles
|
286
|
|
|
300
|
|
|
883
|
|
|
936
|
|
Plus: Stock and
options issued and stock to be issued for
compensation, royalties and services
|
44
|
|
|
42
|
|
|
155
|
|
|
188
|
|
Fair value gain on
equity method investment purchase
|
—
|
|
|
—
|
|
|
(629)
|
|
|
—
|
|
Plus: Non-cash loss
on equity-method investment
|
354
|
|
|
—
|
|
|
710
|
|
|
—
|
|
Adjusted net
loss
|
$
|
(3,259)
|
|
|
$
|
(1,192)
|
|
|
$
|
(8,092)
|
|
|
$
|
(7,174)
|
|
|
|
|
|
|
|
|
|
* Includes the combined totals from continuing and discontinued
operations.
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SOURCE CUI Global, Inc.