Universal Power Group, Inc. announced results for the first quarter ended March 31, 2011. For the first quarter, UPG reported net income of $402,677, or $0.08 per share, on net sales of $21.6 million, compared with net income of $505,709, or $0.10 per share, on net sales of $26.0 million in the first quarter of 2010.
“We made a number of significant accomplishments in the first quarter of 2011 to drive UPG’s future growth and profitability,” stated Ian Edmonds, UPG’s President and Chief Executive Officer. “Sales to customers other than ADT showed solid growth, and our gross margins continued to improve over the prior year, even as our operating expenses remained flat. In April, we completed our acquisition of Progressive Technologies, Inc. (PTI), which we believe will further support our long-term growth initiatives.”