Utah's Zagg reports higher 4Q revenue, earnings
Zagg Inc., the Salt Lake County-based company that makes see-through protective film for electronic devices, said its sales for the fourth quarter of its 2011 fiscal year increased 131 percent, or $67.5 million, from the same period a year ago.
Net income for the quarter was $9.9 million, or 32 cents per share. A year ago, the company reported net income of $3.4 million, or 13 cents per share.
CEO Robert Pedersen II said the company performed well because of strong holiday sales, record online business and an expanded number of its products carried by big-box retailers.
For all of 2011, Zagg reported revenue of $179.1 million, up from $76.1 million in its previous fiscal year. Net income was $17.6 million, compared with $9.9 million in 2010. Earnings per share were 63 cents versus 41 cents.
Pedersen, in a statement announcing the company's 2011 financial results, said Zagg is projecting its 2012 revenue will top $250 million.