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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.

Gross margin for the first quarter of 2013 was 15.8%, compared with 17.5% for the first quarter of 2012. The decrease in gross margin is primarily due to labor and overhead costs being spread over reduced revenue compared to the same quarter of the prior year.

Total operating expenses were $3.2 million in the first quarter of 2013, compared with $4.2 million in the first quarter of 2012. The decline is primarily attributable to efforts the Company has made to reduce its cost structure over the past year.

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