IGO Reports First Quarter 2013 Financial Results
SCOTTSDALE, Ariz., May 9, 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 first quarter ending March 31, 2013.
Revenue was $5.6 million for the first quarter of 2013, compared with $8.2 million for the same period of the prior year. The decline in revenue is primarily attributable to lower sales of power products.
Net loss was $2.5 million, or ($0.86) per share, in the first quarter of 2013, compared with a net loss of $2.8 million, or ($0.99) per share, in the same quarter of the prior year.As of March 31, 2013, the Company had $10.4 million in cash, cash equivalents, and short-term investments, and no debt. 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 first quarter of 2013, compared with $6.5 million for the first quarter of 2012.
- Audio products – Sales of audio products were $464,000 for the first quarter of 2013, compared with $778,000 for the first quarter of 2012.
- Rechargeable alkaline batteries – Sales of rechargeable alkaline batteries were $435,000 for the first quarter of 2013, compared with $658,000 for the first quarter of 2012.
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