Directed Electronics (DEIX) Reports Q1 Earnings
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Directed Electronics, Inc. (Nasdaq: DEIX) reports a Q1 GAAP loss of $0.06 ($0.05 profit pro forma) vs. the analyst estimate of ($0.01). Revenues for the quarter were $75.4 million on a pro forma basis (GAAP revenue was $60.5 million), versus the consensus of $69.28 million.
The company's net loss for the first quarter of 2008 was ($1.6) million, or ($0.06) per diluted share, which included ($0.02) of workforce reduction expenses and RSU tax shortfalls, compared with a net loss of ($2.8) million, or ($0.11) per diluted share, for the comparable quarter in the prior year. Pro forma net income in the first quarter of 2007 totaled $1.2 million, or $0.05 per diluted share. First quarter 2007 pro forma net income excluded $5.5 million of pre-tax legal fees and settlement expense related to patent litigation. There were no pro forma items in the first quarter of 2008.
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