conix
5 년 전
Hedge fund pushes for sale of Zagg, seller of screen protectors
By Josh Kosman
October 23, 2019
The nation’s dominant maker of smartphone screen protectors may soon need to shield itself against a hedge fund demanding a sale.
Zagg, which makes protective covers for iPhones, Android phones and other devices, has been put on notice by a hedge fund formed in 2017 by former Greenlight Capital and Jana Partners executives. Arex Capital Management has taken a 7.5 percent stake in Zagg and plans to push for a sale, it said in a Securities and Exchange Commission filing Tuesday.
Zagg “should maximize shareholder value by selling the company as a whole, or by selling its brands,” Arex wrote in announcing the stake.
If Zagg fails to sell itself “by the end of the year, perhaps sooner,” Arex will step up the volume, Arex founder Andrew Rechtschaffen, a former partner at David Einhorn’s Greenlight Capital, told The Post.
“At this time, all options, including calling a special meeting and running a slate of directors, are on the table,” Rechtschaffen said of Arex’s first public activist play.
Zagg, based in Midvale, Utah, declined to comment. The stock rose 2.7 percent to $7.31 Wednesday, giving it a $213 million market cap.
As The Post exclusively reported on Aug. 21, Zagg is not without suitors. The company, which makes up an estimated 90 percent of US screen-protection sales, secured confidentiality agreements over the summer from two potential buyers in exchange for a look at its financials. One of the potential bidders was Acco Brands, owner of Swingline staplers and Artline pens. The other bidder was an undisclosed private equity firm that offered as much as $9 a share, according to the The Post’s report.
Zagg has since announced a sales process — but no winner.
Sources have told The Post that the company may be holding out for a bigger price tag than the $9 a share offered by the private equity firm.
The summer sales process kicked off after Zagg cut its 2019 earnings forecast amid weakening smartphone sales and concerns about the impact US tariffs could have on its supply chain.
Screen protectors for the iPhone, which has seen sagging sales, make up the bulk of Zagg’s revenue.
PennyWorld
6 년 전
ORANGE COUNTY, Calif., Jan. 03, 2019 (GLOBE NEWSWIRE) -- mophie, a ZAGG Inc (ZAGG) company and the No. 1 external battery brand in the U.S.1, today announced ahead of CES the powerstation® PD and powerstation PD XL, two universal batteries designed to charge popular smartphones at the fastest speed possible. The powerstation PD features a 6,700mAh battery, while the powerstation PD XL is packed with a 10,050mAh battery. Both will charge select iPhone smartphones up to 2.5 times faster compared to a standard 5W charger, or up to 50 percent in just 30 minutes2.
A photo accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f66e930b-595b-402c-9ef4-38c49c44c8e4, and a product video is available at .
“We developed this new line of powerstation batteries using the power delivery protocol so consumers can charge as quickly and safely as possible,” said Robert Johnson, general manager for mophie. “As consumer habits evolve, mophie adapts to deliver the most advanced charging solutions that are convenient, fast, and efficient. The powerstation PD and PD XL are no exception.”
The mophie powerstation PD and powerstation PD XL feature a shared USB-C PD input and output port, which delivers fast charging (18W) and recharging (15W). An additional USB-A port allows for two devices to be charged simultaneously. With Priority+® charging, power is sent to connected devices first before the powerstation itself starts to recharge. An LED power indicator displays the charging status and current battery life.
Both powerstations are finished with a textured design, providing a comfortable feel and protection against scratches or scuffs when stowed alongside other devices. As with all mophie batteries, the powerstations are triple-test certified to ensure peak performance and safe operation.
The mophie powerstation PD and powerstation PD XL are available today on mophie.com for a suggested retail price of $59.95 and $79.95 respectively.
New powerstation plus switch tip line
In addition to the powerstation PD and powerstation PD XL, mophie also announced a new powerstation plus line equipped with integrated Lightning / micro USB switch tip output cables. Available in three sizes, the powerstation plus mini (4,000mAh), powerstation plus (6,000mAh), and powerstation plus XL (10,000mAh) batteries will charge your device with speeds up to 10W. You can also recharge the powerstation plus XL wirelessly on any Qi-compatible wireless charger. The powerstation plus line features Priority+ charging, micro USB recharging input, premium fabric finish, and LED power indicators. The powerstation plus line will be available in various colors on mophie.com in Q1 2019 for $59.95, $79.95, and $99.95 respectively.
For the latest updates about all new mophie products, upcoming events and promotions, follow mophie on Facebook, Twitter, and Instagram, or register at mophie.com/innovation.
1The NPD Group, Inc., U.S. Retail Tracking Service, Mobile Power, Portable Power Packs, Based on Dollars, Jan. 2015-Nov. 2018
2Based on a 30-minute charge from 0 percent on an iPhone Xs using a Power Delivery (PD) charger and an Apple USB-C to Lightning cable versus a 5W in-box charger. Results will vary by charging configuration and device.
mophie, the mophie logo, powerstation, Priority+, and Stay Powerful are trademarks of mophie inc. iPhone and Lightning are trademarks of Apple Inc. USB-C is a trademark of USB Implementers Forum. Other trademarks and trade names are those of their respective owners.
About mophie:
mophie, the #1 selling battery case manufacturer and the #1 external battery brand in the US, is a California-based, award-winning designer and manufacturer that empowers the mobile world to Stay Powerful®. Widely acclaimed for innovative mobile solutions, mophie is the proud developer of the original juice pack. mophie products are recognized for style and engineered for performance, providing a seamless integration of hardware, software and design. mophie has operations in California, Michigan, Netherlands, Hong Kong, and China. mophie products are available in more than 130 countries, and can be found at Apple, Best Buy, Verizon, and T-Mobile stores, as well as Sprint and other leading retailers. Visit mophie.com and follow us on Facebook, Twitter, and Instagram (@mophie).
About ZAGG Inc:
ZAGG Inc (ZAGG) is a global leader in accessories and technologies that empower mobile lifestyles. The Company has an award-winning product portfolio that includes screen protection, power management solutions, mobile keyboards, and personal audio sold under the InvisibleShield®, mophie®, ZAGG®, BRAVEN®, IFROGZ®, and Gear4® brands. ZAGG Inc has operations in the United States, Ireland, the U.K., and China. For more information, please visit the company’s websites at www.zagg.com, www.mophie.com, and Gear4.com.
Contacts:
Media:
The Brand Amp
Nicole Fait
949-438-1104
nicolef@thebrandamp.com
Company:
ZAGG Inc
Jeff DuBois
801-506-7336
jeff.dubois@ZAGG.com
PennyWorld
6 년 전
SALT LAKE CITY, Jan. 03, 2019 (GLOBE NEWSWIRE) -- ZAGG Inc (ZAGG), a global leader and innovator in accessories and technologies that empower mobile lifestyles, today announced it has acquired HALO, a leading direct-to-consumer mobile accessories company with an extensive IP portfolio, for a total purchase price of $43 million in a combination of cash and stock.
HALO has a rich history in innovation and a broad IP portfolio—including wireless charging, car and wall chargers, portable power, power wallets, and more—and a long-standing reputation as one of the top selling electronics brands on QVC®. The addition of HALO strengthens ZAGG’s product, brand, distribution, innovation pipeline, and IP portfolio while furthering its mission to empower the mobile lifestyle. HALO will benefit by leveraging ZAGG’s expansive global distribution footprint and expertise in building preferred brands to drive increased sales and profitability. ZAGG gains a profitable business that will contribute incremental revenue and accretive gross margins, while also expanding ZAGG’s distribution network through a strong relationship with QVC, a global leader in televised home shopping and e-commerce. By combining forces, ZAGG will be unique in offering, at scale, the most innovative mobile lifestyle solutions available on the market today and better positioned to address the evolving needs of consumers around the world. ZAGG will retain the services of HALO’s talented senior leadership team and employees in the U.S., and the Cayman Islands.
“The acquisition of HALO is consistent with our commitment to offer the most innovative products, gives us access to an incredibly strong IP portfolio, and allows us to strategically expand product distribution,” said Chris Ahern, CEO of ZAGG Inc. “It creates meaningful value for our shareholders through the addition of a powerful new and profitable revenue stream along with an entrée into the multibillion-dollar televised and online home shopping channel. HALO’s business is immediately accretive to our gross margins, and provides us with incremental and diversified growth opportunities as we continue toward our goal of $1 billion in annual revenue and enhanced profitability.”
Durham Jones & Pinegar, P.C. acted as legal counsel to ZAGG in the transaction. Sullivan & Worcester LLP acted as legal counsel to HALO in the transaction.
About ZAGG Inc
ZAGG Inc (ZAGG) is a global leader in accessories and technologies that empower mobile lifestyles. The Company has an award-winning product portfolio that includes screen protection, power management solutions, mobile keyboards, and personal audio sold under the InvisibleShield®, mophie®, ZAGG®, BRAVEN®, IFROGZ®, and Gear4® brands. ZAGG Inc has operations in the United States, Ireland, the U.K., and China. For more information, please visit the company’s websites at www.zagg.com, www.mophie.com, and Gear4.com.
About HALO
HALO designs, develops and markets innovative technology products to make consumers’ lives easier. The company is a leading direct-to-consumer mobile accessories brand that offers a wide array of products including wireless charging, portable power, car jump starters, and power handbags that incorporate aesthetically beautiful designs and pragmatic functionality. HALO is committed to offering products at the nexus of fashion and function created to power your life. The company has operations in the United States and the Cayman Islands. For more information, please visit the company’s website at www.BestHalo.com.
Media Contact
ZAGG Inc
Jeff DuBois
801-506-7336
jeff.dubois@ZAGG.com
PennyWorld
7 년 전
Great EPS Report just out. Just wait until the Institutions digest this!!!
ZAGG Reports 2017 Third Quarter and Nine Months Results; Company Raises 2017 Outlook
Company Release - 11/1/2017 4:05 PM ET
SALT LAKE CITY, Nov. 01, 2017 (GLOBE NEWSWIRE) -- ZAGG Inc (Nasdaq: ZAGG), a leading global mobile lifestyle company, today announced financial results for the third quarter and nine months ending September 30, 2017.
Third Quarter Highlights (Comparisons versus third quarter 2016)
Net sales of $134.4 million, an 8% increase compared to $124.7 million
Gross margin of 36% compared to 35%
Net income of $9.8 million compared to a net loss of ($7.1) million
Adjusted EBITDA of $22.4 million compared to $17.8 million
Year-to-Date Highlights (Comparisons versus nine months 2016)
Net sales of $342.6 million, a 19% increase compared to $286.9 million
Gross margin of 33% compared to 34%
Net income of $7.0 million compared to a net loss of ($11.4) million
Adjusted EBITDA of $37.2 million compared to $33.5 million
Increases 2017 Full Year Outlook
Net sales in the range of $500.0 million to $520.0 million, an increase from the previous guidance range of $470.0 million to $500.0 million
Adjusted EBITDA in the range of $75.0 million to $78.0 million, an increase from the previous guidance range of $71.0 million to $75.0 million.
“Our business performed extremely well across the board during the third quarter,” commented Randy Hales, President and Chief Executive Officer. “With two of the strongest brands in the mobile lifestyle category – InvisibleShield and mophie – combined with an enhanced operating structure, we’ve created a powerful platform that is generating record revenue and Adjusted EBITDA. In addition to our strong year-to-date results, we believe the Company has a long runway for growth evidenced by our increased guidance for 2017. Our optimism extends from our core product lines to our recently introduced wireless charging pad that supports Apple’s new iPhones. I am confident that the Company is well positioned to capitalize on the many opportunities that lie ahead and will deliver increased value to our shareholders for years to come.”
Third Quarter Results
(in millions, except per share amounts) September 30, 2017 September 30, 2016
Net Sales $134.4 $124.7
Gross Profit (Gross Profit %) $48.4 (36%) $43.1 (35%)
Net Income (Loss) $9.8 ($7.1)
Earnings (Loss) per Diluted Share $0.34 ($0.25)
Adjusted EBITDA (Margin %) $22.4 (17%) $17.8 (14%)
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