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CUI Global on path to realising growth potential - chief executive

In the quarter, the power and electromechanical segment contributed revenues of $16.7 million,
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The firm operates in the energy, gas and power sectors

CUI Global Inc (NASDAQ:CUI) is on a path to realising its growth potential, it said, posting the latest quarterly results 

Total revenue for the three months fell  6% to $21.8mln from $23.3 million in the third quarter of 2016, while net loss was $1.9mln, up from a loss of $507,000 last year.

In the quarter, the power and electromechanical segment contributed revenues of $16.7 million, while the energy segment contributed $5.1 million.

The sales order backlog as at September 30 this year was a consolidated US$31.8mln.

Of that, the power and electromechanical segment held a backlog of customer orders of $18.1 million and the energy segment had $13.7 million.

"During the third quarter, we continued to invest in and advance initiatives to drive the adoption of our disruptive solutions and position the company for long-term growth," William Clough, the president and chief executive of CUI Global, told investors.

"Our P&EM segment generated year-over-year revenue growth driven by strong point of sale results from all channel partners and by a strong direct OEM business that is seeing design activity continuing across a broad mix of our product offering.

"In our energy segment, revenue was below last year due to differences in the timing of delivery schedules and the impact of Hurricane Harvey which caused a shuttering of our facility in Houston for much of September and associated delays from customers for the delivery of integration projects."

He added: "With an expanded opportunity-set across both business segments grounded in our market-changing technology and growing market adoption, we are on a path to realizing the growth potential our technologies promise."

Recent highlights for the firm have been the raising of around US$19.2mln after it closed its underwritten offering of more than 7.3mln shares.

Also its gas monitoring business - Orbital Gas Systems (UK)  -= was notified by its Italian distribution partner that a tariff issue between the Italian energy authority and Snam Rete Gas (SRG), the national gas transmission company of Italy, has been resolved.

It means the deployment of the initial 400-unit order for the  firm' GasPT solution as part of SRG's re-metering project has now been resumed.

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