Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock trades on the NASDAQ Global Select Market under the symbol UEIC. Our stockholders of record on March 3, 2021 numbered 135. We have never paid cash dividends on our common stock, nor do we currently intend to pay any cash dividends on our common stock in the foreseeable future. We intend to retain our earnings, if any, for the future operation and expansion of our business.
Purchases of Equity Securities
The following table sets forth, for the fourth quarter, our total stock repurchases, average price paid per share and the maximum number of shares that may yet be purchased on the open market under our plans or programs:
Period Total Number of Shares Purchased (1)
Weighted
Average
Price Paid
per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
October 1, 2020 - October 31, 2020 113,700 $ 38.67 113,075 100,000
November 1, 2020 - November 30, 2020 3,004 44.12 — 500,000
December 1, 2020 - December 31, 2020 63,935 52.04 — 500,000
Total 180,639 $ 43.49 113,075
(1) Of the repurchases in October, November, and December, 625, 3,004 and 63,935 shares, respectively, represent common shares of the Company that were owned and tendered by employees to satisfy option cost and tax withholding obligations in connection with stock option exercises and the vesting of restricted shares.
(2) On October 28, 2020, our Board of Directors authorized a new share repurchase program (the "November 2020 Program"), which replaced in its entirety the Company's previous repurchase program in place prior to October 28, 2020. Pursuant to the November 2020 Program, we may, from time to time until February 18, 2021, repurchase up to 500,000 shares of our common stock. At December 31, 2020, we had 500,000 shares of common stock authorized for repurchase remaining under the November 2020 Program. On February 11, 2021, our Board approved a new share repurchase program with an effective date of February 23, 2021 (the "February 2021 Program"). Pursuant to the February 2021 Program, we may, from time to time until May 6, 2021, repurchase up to 300,000 shares of our common stock. We may repurchase shares of common stock in privately negotiated and/or open-market transactions, including pursuant to plans complying with Rule 10b5-1 promulgated under the Exchange Act.
Equity Compensation Plans
Information regarding our equity compensation plans is incorporated by reference to "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS" under the caption "Equity Compensation Plan Information".
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Performance Chart
The following graph and table compares the cumulative total stockholder return with respect to our common stock versus the cumulative total return of the Standard & Poor's Small Cap 600 (the "S&P Small Cap 600"), the NASDAQ Composite Index, and the Peer Group Index for the five-year period ended December 31, 2020. The comparison assumes that $100 was invested on December 31, 2015 in each of our common stock, S&P Small Cap 600, the NASDAQ Composite Index, and the Peer Group Index and that all dividends were reinvested. We have not paid any dividends and, therefore, our cumulative total return calculation is based solely upon stock price appreciation and not upon reinvestment of dividends. The graph and table depicts year-end values based on actual market value increases and decreases relative to the initial investment of $100, based on information provided for each calendar year by the NASDAQ Stock Market and the New York Stock Exchange.
The comparisons in the graph and table below are based on historical data and are not intended to forecast the possible future performance of our common stock.
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Universal Electronics Inc. $ 100 $ 126 $ 92 $ 49 $ 102 $ 102
S&P Small Cap 600 $ 100 $ 125 $ 139 $ 126 $ 152 $ 167
NASDAQ Composite Index $ 100 $ 108 $ 138 $ 133 $ 179 $ 257
Peer Group Index (1)
$ 100 $ 141 $ 182 $ 174 $ 209 $ 346
(1) Companies in the Peer Group Index are as follows: Xperi Corporation (formerly TiVo Corporation), Logitech International, Dolby Laboratories, Inc., and VOXX International Corp.
The information presented above is as of December 31, 2015 through December 31, 2020. This information should not be deemed to be "soliciting material" or to be "filed" with the SEC or subject to the liabilities of Section 18 of the Exchange Act nor should this information be incorporated by reference into any prior or future filings under the Exchange Act, except to the extent that we specifically incorporate it by reference into a filing.
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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The information below is not necessarily indicative of the results of future operations and should be read in conjunction with "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS", and the Consolidated Financial Statements and notes thereto included in "ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA", of this Form 10-K, which are incorporated herein by reference, in order to further understand the factors that may affect the comparability of the financial data presented below.
Year Ended December 31,
(In thousands, except per share data) 2020 2019 2018 2017 2016
Net sales $ 614,680 $ 753,477 $ 680,241 $ 695,790 $ 651,371
Operating income (loss) $ 37,267 $ 15,315 $ (1,665) $ 10,670 $ 25,397
Net income (loss) attributable to Universal Electronics Inc. $ 38,572 $ 3,630 $ 11,924 $ (10,323) $ 20,354
Earnings (loss) per share attributable to Universal Electronics Inc.:
Basic $ 2.78 $ 0.26 $ 0.85 $ (0.72) $ 1.41
Diluted $ 2.72 $ 0.26 $ 0.85 $ (0.72) $ 1.38
Shares used in computing earnings (loss) per share:
Basic 13,893 13,879 13,948 14,351 14,465
Diluted 14,166 14,109 14,060 14,351 14,764
Cash dividends declared per common share — — — — —
Gross profit 28.7 % 22.6 % 20.8 % 23.8 % 25.2 %
Operating expenses as a % of net sales 22.6 % 20.6 % 21.1 % 22.3 % 21.3 %
Operating margin (deficit) 6.1 % 2.0 % (0.2) % 1.5 % 3.9 %
Net income (loss) as a % of net sales 6.3 % 0.5 % 1.8 % (1.5) % 3.1 %
Return on average assets 7.2 % 0.6 % 2.0 % (1.8) % 4.0 %
December 31,
(In thousands, except per share data) 2020 2019 2018 2017 2016
Working capital $ 147,333 $ 112,296 $ 100,597 $ 74,362 $ 108,291
Ratio of current assets to current liabilities 1.8 1.4 1.4 1.2 1.5
Total assets $ 510,290 $ 564,159 $ 555,596 $ 608,430 $ 521,036
Cash and cash equivalents $ 57,153 $ 74,302 $ 53,207 $ 62,438 $ 50,611
Line of credit $ 20,000 $ 68,000 $ 101,500 $ 138,000 $ 49,987
Stockholders' equity $ 313,301 $ 274,399 $ 262,960 $ 253,549 $ 280,510
Book value per share (1)
$ 22.75 $ 19.68 $ 19.03 $ 18.04 $ 19.28
Ratio of liabilities to liabilities and stockholders' equity 38.6 % 51.4 % 52.7 % 58.3 % 46.2 %
(1) Book value per share is defined as stockholders' equity divided by common shares issued less treasury stock.
The comparability of information for 2020, 2019, 2018, and 2017 compared to previous years is affected by the acquisition of the net assets of RCS Technology, LLC ("RCS") during the second quarter of 2017.
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