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IGo Reports Fourth Quarter 2010 Financial Results

Stocks in this article: IGOI

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 Year ended
December 31, December 31,
2010 2009 2010 2009
As recast* As recast*
 
Net revenue $ 13,220 $ 9,919 $ 43,357 $ 48,944
 
Gross profit 4,407 3,248 14,410 15,168
 
Selling, engineering and administrative expenses   5,020     3,568     16,924     16,606  
Loss from operations (613 ) (320 ) (2,514 ) (1,438 )
Interest income (expense), net 24 52 171 235
Other income (expense), net   238     143     2,176     506  
Loss before income tax benefit (351 ) (125 ) (167 ) (697 )
Income tax benefit   767     234     1,002     234  
Net income (loss) $ 416   $ 109   $ 835   $ (463 )
 
 
Net income (loss) per share:
Basic $ 0.01 $ 0.00 $ 0.03 $ (0.01 )
Diluted $ 0.01 $ 0.00 $ 0.02 $ (0.01 )
 
Weighted average common shares outstanding:
Basic 32,889 32,412 32,770 32,310
Diluted 35,199 33,921 35,081 32,310
 
 
* 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)
       
December 31,
2010 2009
As recast*
ASSETS
 
Cash and cash equivalents $ 9,942 $ 19,775
Short-term investments 14,532 12,777
Accounts receivable, net 8,620 5,109
Inventories 10,307 5,964
Prepaid expenses and other current assets   460   401
Total current assets 43,861 44,026
Other assets, net   6,312   2,151
Total assets $ 50,173 $ 46,177
 
 
LIABILITIES AND EQUITY
 
Liabilities, excluding deferred revenue $ 6,037 $ 4,981
Deferred revenue   1,838   914
Total liabilities 7,875 5,895
 
Total stockholders' equity 42,298 40,282
   
Total liabilities and equity $ 50,173 $ 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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