CUI Global Reports Unaudited Consolidated (Third Quarter 2013) Revenue of $17,213,757

  CUI Global Reports Unaudited Consolidated (Third Quarter 2013) Revenue of

PR Newswire

TUALATIN, Ore., Nov. 13, 2013

TUALATIN, Ore., Nov. 13, 2013 /PRNewswire/ --CUI Global, Inc. (NASDAQ: CUI),
a platform company dedicated to the acquisition, development, and
commercialization of new, innovative products and technologies, today reported
unaudited results for the third quarter ended September 30, 2013.


For the nine months ended September 30, 2013, CUI Global produced consolidated
total revenues of $45,424,208. The numbers demonstrate that year-to-date
("YTD") gross revenues grew 55% year-over-year, when compared to the nine
months ended September 30, 2012 ($29,193,827), before the acquisition of
Orbital-UK and associated accretive revenues.

The company had $18,716,542 of cash and cash equivalents and $10,882,682 of
short term investments as of September 30, 2013 – these figures represent a
quarter-over-quarter increase of $1,493,675 from Second Quarter 2013
($28,105,549) and an increase of more than $26,000,000 since December 31, 2012
($3,039,840). Most significantly, an examination of cash flows from operating
activities demonstrates that YTD the company has generated $2,370,673 of cash
flows from operating activities in 2013 as compared to $1,098,022 of cash
flows used in operating activities for the same period last year, an
improvement of $3,468,695. 

The earnings before interest, taxes, depreciation and amortization (EBITDA)
per share for the Third Quarter ended September 30, 2013 were $0.07 and, for
the YTD, an EBITDA per share of $0.17. This compares to an EBITDA per share
loss of $0.12 for the same period last year. The company earned a
pre-adjusted net profit of $0.01 EPS on net income of $214,315 for the quarter
ended September 30, 2013.

In addition, the selling, general and administrative expenses decreased as a
percentage of revenues to 29.16% and 31.37%, respectively, for the three and
nine months ended September 30, 2013 as compared with 34.92% and 39.05% in the
prior year comparative periods. These improvements are the result of
continued efficiencies gained throughout the company in generating revenue
growth while tempering selling, general and administrative expenses.

"This is the second consolidated reporting period following our acquisition of
Orbital-UK and the results continue to be quite compelling," explained William
Clough, CUI Global's president & CEO. "The sequential YTD growth in revenue;
the dramatic year-over-year increase in cash flow; and our turn to both
quarter and YTD profitability all demonstrate the tangible results of this
immediately accretive acquisition. These results also validate and evidence
our continuing efforts, now through CUI, Inc., CUI Japan and Orbital-UK, to
increase our penetration into both the electronics and natural gas markets."

"The acquisition of Orbital-UK and its recognized expertise in the natural gas
industry, along with its team of professional engineers continues to enhance
the penetration into the market of our GasPT Technology; the recently acquired
VE-Probe Technology; and our proprietary IRIS remote telemetry system –
All-in-all, these continue to be very exciting times for our company," Clough

The Company will conduct a conference call and web cast to review the results
on Thursday, November 14, 2013 at 9:00 a.m. ET.

CUI Global, Inc. Third Quarter Results Conference Call
Thursday, November 14, 2013 at 9:00 a.m. Eastern
Dial in number: (888) 734-0328; Conference ID: 99326648
A simultaneous webcast will also be available via:

To access the replay of the call dial (855) 859-2056 and provide the same
Conference ID.

Condensed Consolidated Balance Sheets

                                          September 30,      December 31,
                                          2013               2012
Current Assets:
Cash and cash equivalents                 $            $       
                                          18,716,542        3,039,840
Short term investments held to maturity   10,882,682         -
Trade accounts receivable, net of
allowance of $230,000 and $130,000,       8,995,279          4,965,926
Inventories, net of allowance of $624,110 6,118,945          4,843,905
and $250,000, respectively
Costs in excess of billings               368,446            -
Prepaid expenses and other                740,327            378,885
Total current assets                      45,822,221         13,228,556
Property and equipment, net               3,032,086          1,016,219
Other assets:
Investment - equity method                262,456            258,244
Other Intangible assets, net              24,031,876         8,618,524
Deposits and other                        21,986             11,360
Notes receivable, net                     470,604            501,422
Debt offering costs, net                  -                  42,778
Goodwill, net                             18,413,545         13,046,358
Total other assets                        43,200,467         22,478,686
Total assets                              $            $      
                                          92,054,774        36,723,461
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable                          $           $       
                                          4,463,176          2,496,881
Line of credit                            -                  459,448
Leases payable, current                   99,056             -
Accrued expenses                          2,117,339          1,140,743
Accrued taxes payable                     570,699            2,096
Accrued compensation                      463,720            186,636
Billings in excess of costs               6,695,121          -
Unearned revenue                          708,819            371,541
Total current liabilities                 15,117,930         4,657,345
Leases payable, net of current portion    66,649             -
Long term note payable, related party     5,303,683          7,303,683
Total long term liabilities               5,370,332          7,303,683
Total liabilities                         20,488,262         11,961,028
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.001;
325,000,000 shares authorized; 20,564,163
 shares issued and outstanding at      20,564             10,883
September 30, 2013 and 10,883,280 shares
issued and
 outstanding at December 31, 2012
Additional paid-in capital                146,484,223        100,947,708
Accumulated deficit                       (76,124,821)       (76,171,822)
Accumulated other comprehensive income    1,186,546          (24,336)
Total stockholders' equity                71,566,512         24,762,433
Total liabilities and stockholders'       $            $      
equity                                    92,054,774        36,723,461
See notes to unaudited condensed consolidated financial statements in the
filed 10-Q

Condensed Consolidated Statements of Operations

                       For the three months ended    For the nine months ended
                       September 30,                 September 30,
                       2013           2012           2013         2012
Product Sales          $ 17,204,407  $ 10,697,471  $           $ 
                                                     45,395,252   29,157,410
Revenue from freight   9,350          14,835         28,956       36,417
Total revenue          17,213,757     10,712,306     45,424,208   29,193,827
Cost of revenues       10,614,380     6,778,965      27,747,351   18,174,099
Gross profit           6,599,377      3,933,341      17,676,857   11,019,728
Operating expenses
Selling, general and   5,019,853      3,740,318      14,247,723   11,400,909
Depreciation and       1,008,046      224,920        2,202,448    521,769
Research and           187,866        204,343        631,331      558,833
Bad debt               (10,000)       32,979         32,470       32,979
Impairment of
intangible, trademark  -              -              -            278,428
and trade name
Total operating        6,205,765      4,202,560      17,113,972   12,792,918
Income (loss) from     393,612        (269,219)      562,885      (1,773,190)
Other income (expense)
Other income           55,137         8,580          172,432      43,461
Other expense          (3,302)        (13,189)       (13,208)     (16,885)
Earnings (loss) from   8,338          (3,318)        4,212        36,473
equity investment
Amortization of
investment premiums    (9,526)        -              (9,526)      -
and discounts
Amortization of debt   (6,111)        (18,333)       (42,777)     (55,000)
offering costs
Interest expense       (107,501)      (158,981)      (308,954)    (460,510)
Total other income     (62,965)       (185,241)      (197,821)    (452,461)
(expense), net
Income (loss) before   330,647        (454,460)      365,064      (2,225,651)
Provision for taxes    116,332        8,539          318,063      23,995
Consolidated Net       $           $            $        $ 
Income (loss)          214,315        (462,999)      47,001       (2,249,646)
Basic income (loss)    $         $         $       $     
per common share      0.01          (0.04)          0.00       (0.23)
Diluted income (loss)  $         $         $       $     
per common share       0.01          (0.04)          0.00       (0.23)
Basic weighted average
common shares          20,564,163     10,819,681     16,796,310   9,940,168
Diluted weighted
average common and    20,574,784     10,819,681     16,805,972   9,940,168
common equivalents
shares outstanding
See notes to unaudited condensed consolidated financial statements in the
filed 10-Q

Condensed Consolidated Statements of Cash Flows

                                      For the nine months ended September 30,
                                      2013                  2012
Net income (loss)                     $             $      
                                      47,001               (2,249,646)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities:
Stock, options and notes issued for   410,916               948,370
compensation and services
Non-cash interest expense, including  42,777                55,000
amortization of debt offering costs
Earnings from Equity Investment       (4,212)               (36,473)
Bad debt expense                      32,470                32,979
Allowance for ship and debit returns  90,000                -
Amortization of intangibles           1,676,731             83,651
Impairment of intangible, trademark   -                     278,428
and trade name V-Infinity
Inventory reserve                     23,792                60,000
Depreciation                          525,717               438,118
(Increase) decrease in assets:
Trade accounts receivable             1,761,055             (498,936)
Inventory                             (855,296)             (1,512,671)
Costs in excess of billings           (1,089)               -
Prepaid expenses and other current    (340,871)             293,282
Deposits and other assets             (10,626)              17,801
Increase (decrease) in liabilities:
Accounts payable                      338,560               402,216
Accrued expenses                      (1,736,576)           275,608
Accrued compensation                  (4,511)               2,726
Accrued taxes payable                 (553,303)             -
Unearned revenue                      289,841               311,525
Billings in excess of costs           638,297               -
NET CASH PROVIDED BY (USED IN)        2,370,673             (1,098,022)
Cash paid upon acquisition, net of    (17,709,507)          -
cash received
Investment in other intangible        (405,900)             (39,940)
assets, net
Purchase of short term investments    (10,882,682)          -
held to maturity
Proceeds from Notes receivable        27,273                22,096
Purchase of property and equipment    (836,892)             (559,713)
NET CASH (USED IN) INVESTING          (29,807,708)          (577,557)
Proceeds from (payments to) demand
notes payable, net of debt offering   (459,448)             (1,528,900)
Proceeds from (payments to) leases    (39,051)              -
Payments on notes and loans payable   -                     (4,000,000)
Payments on notes payable, related    (2,000,000)           (3,000,000)
Payments on convertible note payable, -                     (35,000)
related party
Proceeds from sales of common stock,
and exercise of warrants and options, 45,135,280            13,532,285
net of offering
NET CASH PROVIDED BY FINANCING        42,636,781            4,968,385
EFFECT OF EXCHANGE RATE CHANGES ON    476,956               (18,494)
Cash and cash equivalents at          3,039,840             176,775
beginning of year
Cash and cash equivalents at end of   18,716,542            3,451,087
NET INCREASE IN CASH AND CASH         $                $      
EQUIVALENTS                           15,676,702           3,274,312
See notes to unaudited condensed consolidated financial statements in the
filed 10-Q

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, products and technologies. From Orbital Gas Systems' advanced
GasPT2 platform targeting the energy sector, to CUI Inc's digital power
platform serving the networking and telecom space, CUI Global and its
subsidiaries have built a diversified portfolio of industry leading
technologies that touch many markets. As a publicly traded company,
shareholders are able to participate in the opportunities, revenues, and
profits generated by the products, technologies, and market channels of CUI
Global and its subsidiaries. But most importantly, 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

About CUI Inc.
CUI Inc. is a technology company dedicated to the development,
commercialization, and distribution of new, innovative electro-mechanical
products. Over the past 20 years, CUI has become a recognized name in
electronic components worldwide in the areas of power, interconnect, motion
control, and sound. CUI's solid customer commitment and honest corporate
message are a hallmark in the industry. CUI is a wholly owned subsidiary of
CUI Global, Inc.

For more information, please visit 

About Orbital Gas Systems Ltd.
Orbital Gas Systems Ltd ("Orbital-UK") is the largest natural gas systems
integrator in the United Kingdom. For over 25 years, Orbital-UK has developed
its portfolio of products, services and resources to offer a diverse range of
personalized gas engineering solutions to the gas utilities, power generation,
emissions, manufacturing and automotive industries. Orbital-UK's
internationally recognized expertise in the natural gas industry, including
bringing together the patented VE-technologywith the ground-breaking GasPTi
device, offers natural gas operators and users a comprehensive engineering
array for the next generation of energy metering systems. Orbital-UK is a
wholly owned subsidiary of CUI Global, Inc.

For more information, please visit

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.

Reconciliation of Non-GAAP Financial Measures
EBITDA is a non-GAAP financial measure and is reconciled in the table below.
EBITDA does not represent funds available for management's discretionary use
and is not intended to represent cash flow from operations. EBITDA 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
excludes components that are significant in understanding and assessing the
company's results of operations and cash flows. In addition, EBITDA is not a
term defined by GAAP and as a result our measure of EBITDA might not be
comparable to similarly titled measures used by other companies. However,
EBITDA is used by management to evaluate, assess and benchmark the company's
operational results and the company believes EBITDA is relevant and useful
information which is 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

                    For the nine months ended,   For the nine months ended,
                    September 30, September 30,  September 30, September 30,
                    2013          2012           2013          2012
Net Income (loss)   $        $          $       $  
                    214,315       (462,999)      47,001        (2,249,646)
Interest expense -
amortization of     6,111         18,333         42,777        55,000
offering costs
 Plus:          107,501       158,981        308,954       460,510
Interest expense
Depreciation and    1,008,046     224,920        2,202,448     521,769
Provision for       116,332       8,539          318,063       23,995
EBITDA              $          $         $          $  
                    1,452,305    (52,226)       2,919,243    (1,188,372)
Basic EBITDA per    $       $        $       $       
common share          0.07       (0.00)         0.17      (0.12)
Diluted EBITDA per  $       $        $       $       
common share          0.07       (0.00)         0.17      (0.12)
Basic weighted
average common      20,564,163    10,819,681     16,796,310    9,940,168
Diluted weighted
average common and
 common          20,574,784    10,819,681     16,805,972    9,940,168
equivalents shares

SOURCE CUI Global, Inc.

Contact: Company Contact: CUI Global, Inc., Media Contact: Maggie Lefor, Main:
503-612-2300,, or Investor Relations: CUI Global, Inc.,, or Outside IR contact: Stonegate Securities, Casey
Stegman, 214-987-4121