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Storm
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Zunicom, Inc. Reports Financial Results for Fiscal Year 2004

April 01, 2005 14:48:01 (ET)


CARROLLTON, Texas, Apr 01, 2005 (BUSINESS WIRE) -- Zunicom, Inc. (ZNCM, Trade), parent company to Universal Power Group, Inc. ("UPG") and AlphaNet Hospitality Systems, Inc. ("AlphaNet"), today announced its financial performance results for year ended December 31, 2004.

Financial highlights for 2004 Compared to 2003:

-- Consolidated revenues increased 13 percent to $69,147,060 from $61,122,303;

-- Consolidated net loss attributable to common stockholders was $389,567, or $0.05 loss per basic and diluted share, compared to consolidated net income attributable to common stockholders of $768,077, or $0.09 earnings per basic and diluted share for 2003;

-- Zunicom recognized a write-off of $639,947 on all Alphanet's remaining Innfax(TM) machines during 2004.

-- UPG's revenues maintained year-over-year growth rising 14 percent from $58,669,741 in fiscal 2003 to $67,159,545, and 36 percent over fiscal 2003 from $43,134,082 in fiscal 2002, respectively. UPG's net income decreased to $1,184,793 compared to $2,083,376 in the prior year and $1,346,842 in 2002. The decrease in net income is attributable to several factors including significant increases in freight and raw material costs, particularly in lead.

-- AlphaNet's revenues continued to decline, dropping 19 percent to $1,987,515 from $2,452,562, due primarily to the decline in Innfax(TM) product usage which were offset by the increase of installations of AlphaNet's The Office(TM), 24-hour self-service business center. Net losses for 2004 for the subsidiary totaled $1,019,215, which included a write-off of $639,947.

Ian Edmonds, Executive Vice President of Zunicom, stated, "In 2004, despite increases in freight and raw material costs that UPG chose to absorb for most of the year, UPG has managed to continue its steady trend of consecutive year-over-year top-line revenue growth. UPG has since and continues to renegotiate reductions in freight costs, though raw material costs have yet to stabilize. In that regard, UPG's 2005 key initiatives are to:

-- grow sales and channels of distribution with focus on preserving and improving margins

-- push diversification into higher margin power products

-- grow sales in security and related products

-- grow third-party logistics business

-- grow value-added custom battery pack assembly services

-- continue to manage freight costs and control SG&A

-- continue to seek competitive sources

UPG's revenues from its third-party fulfillment customer, Brink's Home Security continues to grow, and in addition, UPG has increased its product offerings and sales to RadioShack Corporation (RSH, Trade), the nation's most trusted consumer electronics specialty retailer."

"On the AlphaNet front, even though we have seen revenues of The Office(TM) product help partially offset the decrease in in-room facsimile revenues, AlphaNet's overall revenues continue to be impacted by Innfax decline. At the same time, we are pleased that we were able to further reduce AlphaNet's $860,128 notes payable with a recent principal payment of $185,000. AlphaNet still maintains a large customer base, and continues to increase its presence in the business center hospitality market," added Edmonds.

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