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 first quarter ending March 31, 2011.
Revenue was $9.2 million for the first quarter of 2011, an increase of 13% over revenue of $8.2 million in the same period of the prior year.
Net loss was $1.6 million, or ($0.05) per share, in the first quarter of 2011, compared with net income of $769,000, or $0.02 per share, in the same quarter of the prior year. Financial results for the first quarter of 2010 were positively impacted by the recognition of a $1.7 million gain related to the reversal of a valuation allowance on a note receivable that was subsequently paid in full.
The Company’s financial position remained strong with $23.3 million in cash, cash equivalents, and short-term investments, $11.0 million in working capital (excluding cash, cash equivalents and short-term investments), and no debt as of March 31, 2011.Michael D. Heil, President and Chief Executive Officer of iGo, commented, “Our first quarter financial results were in-line with our expectations and reflect our seasonally weakest quarter of the year. We are pleased that we were able to generate strong year-over-year revenue growth despite a significant decline in sales to RadioShack. We were able to more than offset this decline through growth in our other retail accounts and sales of our new audio products and mobile electronic device accessories. We believe several positive trends will enable us to generate strong year-over revenue growth in 2011, while improving our level of profitability, particularly in the seasonally stronger third and fourth quarters of the year.” About iGo, Inc. iGo, Inc. offers a full line of innovative accessories for almost every mobile electronic device on the market. Whether a consumer wants to power, protect, listen to, share, cool, hold or connect to their device, iGo has the accessories they need. iGo is also a leader in developing eco-friendly power solutions based on its patented iGo Green® technology, which automatically reduces the wasteful and expensive standby, or “vampire,” power consumed by electronic devices.