This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

IGO Reports Fourth Quarter 2012 Financial Results

Stocks in this article: IGOI

SCOTTSDALE, Ariz., April 1, 2013 (GLOBE NEWSWIRE) -- 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 fourth quarter ending December 31, 2012.

Revenue was $6.4 million for the fourth quarter of 2012, compared with $8.6 million in the same period of the prior year. The decline in revenue is primarily attributable to lower sales of power products.

Net loss was $3.9 million, or ($1.34) per share, in the fourth quarter of 2012, compared with a net loss of $5.7 million, or ($2.04) per share, in the same quarter of the prior year. Net loss in both periods included writedowns in the value of goodwill and other intangible assets carried on the Company's balance sheet. The writedowns totaled $1.4 million in the fourth quarter of 2012 and $2.3 million in the fourth quarter of 2011.

The Company had $10.4 million in cash, cash equivalents, and short-term investments, and no debt as of December 31, 2012. 

Michael D. Heil, President and Chief Executive Officer of iGO, commented, "We continue to see ongoing competitive pressures impacting our revenues and margins. As announced earlier this year, we have implemented a number of cost-savings initiatives during the first quarter of 2013 that will reduce our annual operating expenses. We believe the cost-savings initiatives will better align our cost structure with our current level of revenue."

Financial Review

Following is a breakdown of year-over-year revenue trends in the Company's major product categories:

  • Power products – Sales of power products were $4.6 million for the fourth quarter of 2012, compared with $5.7 million for the fourth quarter of 2011. 
  • Audio products – Sales of audio products were $1.0 million for the fourth quarter of 2012, compared with $1.5 million for the fourth quarter of 2011. 
  • Rechargeable alkaline batteries – Sales of rechargeable alkaline batteries were $447,000 for the fourth quarter of 2012, compared with $897,000 for the fourth quarter of 2011.

Gross margin for the fourth quarter of 2012 was 14.0%, compared with 7.9% in the fourth quarter of 2011. The increase in gross margin is primarily due to a lower level of price discounting compared to the same quarter of the prior year.

1 of 3

Select the service that is right for you!

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 17,793.43 +15.28 0.09%
S&P 500 2,067.28 +6.05 0.29%
NASDAQ 4,763.0430 +14.6470 0.31%

Brokerage Partners

Rates from

  • 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