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ZAGG Reports Record Second Quarter 2016 Net Sales of $99.8 Million; Maintains Annual Guidance

SALT LAKE CITY, Aug. 02, 2016 (GLOBE NEWSWIRE) -- ZAGG Inc (ZAGG), a leading global mobile lifestyle company, today announced financial results for the second quarter ending June 30, 2016.

Highlights (Comparisons versus second quarter of 2015)

  • Net sales increased 50% to a second quarter record of $99.8 million as compared to $66.7 million
  • Gross margin of $30.9 million (31% of net sales) compared to $25.0 million (37% of net sales); ZAGG (excluding mophie results) gross margin increased 200 basis points to 39% of net sales compared to 37%
  • GAAP earnings per share of $(0.04); Adjusted earnings per share of $0.11
  • Adjusted EBITDA of $10.6 million
  • Identifies $8.0 million in 2016 cost savings/synergies
  • Maintains 2016 annual guidance, net sales and Adjusted EBITDA potentially at the low end of the range

“We are very pleased with our results for the second quarter. The overall business is performing well, with the ZAGG business ahead of expectations and improved momentum in the mophie business,” commented Randy Hales, President and Chief Executive Officer of ZAGG Inc. “I’m also pleased with the integration of the mophie acquisition, which is proceeding well ahead of plan.”

“We have acted quickly to implement our sales and inventory processes with mophie and to drive synergies and lower costs at both companies which we estimate should result in approximately $8.0 million in savings this year,” continued Mr. Hales. “We are maintaining our 2016 annual guidance of $460 million to $500 million for net sales and $60 million to $65 million for Adjusted EBITDA, with the expectation that results could be at the lower end of the range.”

2016 Second Quarter
(Comparisons versus second quarter...