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IGo Reports Second Quarter 2011 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, 2010 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 Six months ended
June 30, June 30,
  2011     2010     2011     2010  
 
 
Net revenue $ 10,831 $ 9,748 $ 20,059 $ 17,916
 
Gross profit 2,800 3,312 5,659 5,963
 
Selling, engineering and administrative expenses   4,810     3,809     9,359     7,536  
Loss from operations (2,010 ) (497 ) (3,700 ) (1,573 )
Interest income (expense), net 21 40 42 96
Other income (expense), net   50     57     80     1,846  
Net income (loss) $ (1,939 ) $ (400 ) $ (3,578 ) $ 369  
 
Net income (loss) per share:
Basic $ (0.06 ) $ (0.01 ) $ (0.11 ) $ 0.01
Diluted $ (0.06 ) $ (0.01 ) $ (0.11 ) $ 0.01
 
Weighted avg common shares outstanding:
Basic 33,315 32,750 33,170 32,654
Diluted 33,315 32,750 33,170 33,965
 
 
iGo, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(000's)
(unaudited)
       
June 30, December 31,
  2011   2010
 
ASSETS
 
Cash and cash equivalents $ 6,974 $ 9,942
Short-term investments 9,020 14,532
Accounts receivable, net 7,126 8,620
Inventories 14,283 10,307
Prepaid expenses and other current assets   828   460
Total current assets 38,231 43,861
Other assets, net   8,222   6,312
Total assets $ 46,453 $ 50,173
 
 
LIABILITIES AND EQUITY
 
Liabilities, excluding deferred revenue $ 6,272 $ 6,037
Deferred revenue   706   1,838
Total liabilities 6,978 7,875
 
Total stockholders' equity 39,475 42,298
   
Total liabilities and equity $ 46,453 $ 50,173
 




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