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IGO Reports Fourth Quarter 2012 Financial Results

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.

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