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IGo Reports Third Quarter 2010 Financial Results

iGo, Inc. (Nasdaq: IGOI), a leading provider of eco-friendly power management solutions and accessories for mobile electronic devices, today reported financial results for the third quarter ending September 30, 2010.

Net income was $51,000, or $0.00 per share, in the third quarter of 2010, compared with net income of $318,000, or $0.01 per share, in the same quarter of the prior year.

Revenue was $12.2 million in the third quarter of 2010, compared to $9.7 million in the second quarter of 2010 and $12.0 million in the same period of the prior year.

The Company’s financial position remained strong at $31.7 million in cash, cash equivalents, and short-term investments, $7.3 million in working capital and no debt as of September 30, 2010.

Recent Developments

  • Adapt Mobile, a London-based marketer of a broad range of mobile electronic device accessories, was acquired in August
  • AERIAL7, a designer and marketer of innovative headphones for mobile electronic devices and professional audio equipment, was acquired in October
  • Five patents have been issued on iGo Green® Technology
  • An agreement was signed with Texas Instruments to collaboratively develop a custom integrated circuit that enables and expands market availability of efficient iGo Green® Technology
  • iGo announced the development of a new family of accessories for Cisco’s Flip Video camera

Michael D. Heil, President and Chief Executive Officer of iGo, commented, “Our revenues continued to trend positively in the third quarter, driven by seasonally strong sales to RadioShack, increasing sales at new retail accounts, and higher international sales. We have also made excellent progress on the strategic plan we outlined last quarter to expand our presence in the mobile electronic device accessories market. With the acquisition of Adapt Mobile and AERIAL7, along with the development of a new family of accessories specifically designed for the popular Flip Video camera by Cisco, we have significantly expanded our product portfolio and improved our ability to drive sustainable growth in revenue and earnings.”

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