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IGO Reports Fourth Quarter 2012 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and the Company's Annual Report on Form 10-K for the year ended December 31, 2011 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 Year ended
  December 31,  December 31, 
  2012 2011 2012 2011
         
         
Net revenue  $ 6,406  $ 8,647  $ 29,876  $ 38,372
         
Gross profit  894  686  5,283  8,469
         
Selling, engineering and administrative expenses  3,010  4,072  14,497  17,806
Asset impairment  1,443  2,260  1,443  2,260
 Loss from operations  (3,559)  (5,646)  (10,657)  (11,597)
Interest income (expense), net  2  7  12  62
Other income (expense), net  (320)  (81)  (1,379)  6
Net loss  $ (3,877)  $ (5,720)  $ (12,024)  $ (11,529)
         
Basic and diluted net loss per share *  $ (1.34)  $ (2.04)  $ (4.22)  $ (4.14)
         
Basic and diluted weighted average common shares outstanding *  2,885  2,810  2,852  2,784
         
         
         
* Common stock and per share information have been retroactively restated to reflect the 1-for-12 reverse stock split, effective January 28, 2013
iGO, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(000's)
(unaudited)
         
      December 31, December 31,
      2012 2011
         
ASSETS        
         
Cash and cash equivalents  $ 8,229  $ 10,290
Short-term investments 2,129  4,890
Accounts receivable, net  4,131  5,813
Inventories    8,376  11,177
Prepaid expenses and other current assets  336  540
Total current assets    23,201  32,710
Other assets, net    1,664  4,568
Total assets    $ 24,865  $ 37,278
         
         
LIABILITIES AND EQUITY    
         
Liabilities, excluding deferred revenue  $ 3,494  $ 5,106
Deferred revenue    307  1,305
Total liabilities    3,801  6,411
         
Total stockholders' equity  21,064  30,867
         
Total liabilities and equity  $ 24,865  $ 37,278
CONTACT: Tony Rossi
         Financial Profiles
         trossi@finprofiles.com

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