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IGo Reports Fourth Quarter 2010 Financial Results

Stocks in this article: IGOI

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 fourth quarter ending December 31, 2010.

Revenue was $13.2 million for the fourth quarter of 2010, an increase of 33% over revenue of $9.9 million in the same period of the prior year. Revenue in the fourth quarter of 2010 was positively impacted by the recognition of $1.6 million in deferred revenue related to sales to Walmart.

Net income was $416,000, or $0.01 per share, in the fourth quarter of 2010, compared with net income of $109,000, or $0.00 per share, in the same quarter of the prior year.

The Company’s financial position remained strong with $24.5 million in cash, cash equivalents, and short-term investments, $11.5 million in working capital (excluding cash, cash equivalents and short-term investments), and no debt as of December 31, 2010.

Recent Developments

  • Showcased more than 40 new products at the 2011 International CES including new charging solutions, pocket projectors, noise-cancelling headphones and other accessories for mobile electronic devices
  • Received first international patents related to iGo Green® technology
  • Entered rechargeable alkaline battery market through strategic partnership with PureEnergy Solutions

Michael D. Heil, President and Chief Executive Officer of iGo, commented, “Our strong revenue growth in the fourth quarter reflects the impact of our expanded product portfolio and the expansion of key retail relationships. We continue to execute on our strategy of product expansion through our recent entrance into the rechargeable alkaline battery market. This new product line is an excellent strategic fit with our existing portfolio and provides another catalyst for growing our business in the years ahead. We are also on schedule with the development of an integrated chip based on our iGo Green technology, which we continue to expect to be completed during the fourth quarter of 2011.”

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