Universal Electronics Announces the Resignation of Chief Financial Officer Bernard J. Pitz
CYPRESS, Calif.--(BUSINESS WIRE)--Feb. 17, 2005--Leading wireless technology developer Universal Electronics Inc. (UEI)(Nasdaq:UEIC) today announced Bernard J. Pitz, chief financial officer, will resign as of March 1, 2005. Pitz will be joining Sybron Dental Specialties as its chief financial officer.
"I would like to thank Bernie for his dedication and valuable contributions to UEI," stated Paul Arling, the company's chairman and chief executive officer. "Since Bernie joined the team in the fall of 2003, he has led programs to achieve Sarbanes-Oxley compliance, transformed our accounting and financial reporting processes and built an exceptionally strong team. With his help and leadership we have increased our financial flexibility and we have acquired key technology through both internal and external investments. Throughout his tenure, our cash position grew and we made exceptional progress in our foray into the 'connected home.' Bernie has been a great asset to UEI, and we wish him great success in his new position."
Bernie Pitz stated, "When I joined UEI, our goal was to leverage UEI's unique intellectual property to create more opportunities in wireless home connectivity. We have expanded our product line, increased our software and patent portfolios and broadened our market opportunity, while driving profitability. It has been a great experience to participate in driving this tremendous progress and financial growth. I am proud of UEI's solid financial structure, and I am confident the company will continue to grow and succeed."
About Universal Electronics
Universal Electronics Inc., based in Southern California, develops firmware and turnkey solutions as well as software designed to enable consumers to wirelessly connect, control and interact with an increasingly complex home environment. The company's primary markets include original equipment manufacturers (OEMs) in consumer electronics and personal computing, as well as multiple system operators in the cable and satellite subscription broadcasting markets. Over the past 16 years, the company has developed a broad portfolio of patented technologies and the industry's leading database of home connectivity software that it licenses to its customers, including many leading Fortune 500 companies. In addition, UEI sells its universal wireless control products and other audio/visual accessories through its European headquarters in The Netherlands, and to distributors and retailers in Europe, Asia, Latin America, South Africa and Australia/New Zealand under the One For All(R) brand name. More information about UEI can be obtained at http://www.uei.com.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those expressed herein are the following: the failure of the company's business lines to grow and expand in the manner anticipated by the company's management; the failure of the company's customers to grow and expand as anticipated by the company's management; the strength of the Euro as compared to the U.S. Dollar continuing in a manner similar to that experienced during 2004; the growth of, acceptance of and the demand for the company's products and technologies, including new products such as NevoSL, in various markets and geographical regions, including the computing, cable, satellite, consumer electronics, OEM, retail and interactive TV and home automation industries, not materializing as believed by the company's management; the company's inability to add profitable complementary products which are accepted by the market place; the inability by the company to continue to maintain its operating costs at acceptable levels through its cost containment efforts; the company's European subsidiaries continuing to grow and expand its product lines as in the past; the continued strength of the company's balance sheet including the ability to obtain payments from its customers on a timely basis; the inability of the company to continue selling its products or licensing its technologies at higher or profitable margins throughout 2005 and beyond; the failure of the various markets and industries to grow or emerge as rapidly or as successfully as believed by the company's management; the inability of the company to obtain orders or maintain its order volume with its new and existing customers; the possible dilutive effect the company's stock option programs may have on the company's EPS and stock price; the effect of factors(including domestic and global economic environments and natural and other events) beyond the company's control that increase the cost of manufacturing and/or delivering the company's products; the inability of the company to deliver the NevoSL at the time and in the quantities anticipated by the company's management, or to continue to obtain adequate quantities of component parts or secure adequate factory production capacity on a timely basis; and other factors listed from time to time in the company's press releases and SEC filings. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
CONTACT: Universal Electronics Inc.
Paul Arling, 714-820-1000
Kirsten Chapman, 415-433-3777 (IR Agency)
SOURCE: Universal Electronics Inc.