IGo Reports Second Quarter 2011 Financial Results
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.
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