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IGo Reports Third Quarter 2010 Financial Results

Additionally, other factors that could cause actual results to differ materially from those set forth in, contemplated by, or underlying these forward-looking statements are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 under the heading “Risk Factors.” In light of these risks and uncertainties, the forward-looking statements contained in this press release may not prove to be accurate. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.

iGo, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(000's except per share data)
(unaudited)
       
 
Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
As recast* As recast*
 
Net revenue $ 12,220 $ 11,994 $ 30,137 $ 39,025
 
Gross profit 4,039 4,124 10,003 11,920
 
Selling, engineering and administrative expenses   4,368     3,953   11,904     13,039  
Income (loss) from operations (329 ) 171 (1,901 ) (1,119 )
Interest income (expense), net 52 57 147 184
Other income (expense), net   93     90   1,938     363  
Income (loss) before income tax benefit (184 ) 318 184 (572 )
Income tax benefit   235     -   235     -  
Net income (loss) $ 51   $ 318 $ 419   $ (572 )
 
 
Net income (loss) per share:
Basic $ 0.00 $ 0.01 $ 0.01 $ (0.02 )
Diluted $ 0.00 $ 0.01 $ 0.01 $ (0.02 )
 
Weighted average common shares outstanding:
Basic 32,885 32,412 32,731 32,276
Diluted 34,777 33,958 34,623 32,276
 
 
* Effective January 1, 2010, the Company determined it was no longer the primary beneficiary of Mission
Technology Group. Accordingly, the results of Mission have been removed from the 2009 financial information.
iGo, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(000's)
(unaudited)
     
September 30, December 31,
2010 2009
As recast*
ASSETS
 
Cash and cash equivalents $ 11,472 $ 19,775
Short-term investments 20,216 12,777
Accounts receivable, net 8,115 5,109
Inventories 11,391 5,964
Prepaid expenses and other current assets   321   401
Total current assets 51,515 44,026
Other assets, net   2,506   2,151
Total assets $ 54,021 $ 46,177
 
 
LIABILITIES AND EQUITY
 
Liabilities, excluding deferred revenue $ 10,040 $ 4,981
Deferred revenue   2,504   914
Total liabilities 12,544 5,895
 
Total stockholders' equity 41,477 40,282
   
Total liabilities and equity $ 54,021 $ 46,177
 
 
 
* Effective January 1, 2010, the Company determined it was no longer the primary beneficiary of Mission
Technology Group. Accordingly, the results of Mission have been removed from the 2009 financial information.




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