This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

IGo Reports Second Quarter 2011 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 second quarter ending June 30, 2011.

Revenue was $10.8 million for the second quarter of 2011, an increase of 11% over revenue of $9.7 million in the same period of the prior year.

Net loss was $1.9 million, or ($0.06) per share, in the second quarter of 2011, compared with a net loss of $400,000, or ($0.01) per share, in the same quarter of the prior year.

The Company had $16.0 million in cash, cash equivalents, and short-term investments, $15.3 million in working capital (excluding cash, cash equivalents and short-term investments), and no debt as of June 30, 2011.

Michael D. Heil, President and Chief Executive Officer of iGo, commented, “We continue to make good progress in expanding our distribution, including generating a significant increase in sales through the wireless carrier channel in the second quarter of 2011. However, we have seen a more rapid decline in sales to RadioShack than we anticipated and, as a result, we now expect our revenue in the second half of 2011 to be roughly equivalent to our revenue in the first half of the year.

“We remain optimistic about our opportunities to grow the business over the long-term. We believe that sales of our new audio products, protection products, and rechargeable alkaline batteries will steadily grow over time, and licensing opportunities with our iGo Green® technology provides another potential revenue stream. Accordingly, we have made adjustments to our organization in order to align our business in a manner that allows us to better capitalize on the stronger growth opportunities with our new product categories. As we diversify our revenue mix beyond power products, we believe we will be a stronger, healthier company with an improved ability to drive sustainable sales and earnings growth in the future,” said Mr. Heil.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs