iGO Reports Second Quarter 2015 Financial Results
LOS GATOS, Calif., July 23, 2015 /PRNewswire/ -- iGO, Inc. (OTCQB: IGOI) (the "Company" or "iGO"), a provider of eco-friendly power management solutions and accessories for mobile electronic devices, today reported financial results for the second quarter ended June 30, 2015.
Net revenue for the second quarter of 2015 was $0.4 million, as compared to $0.4 million in the same period of the prior year. The royalty/profit sharing model provides an ongoing income stream without having to maintain a sales and distribution infrastructure.
Net income was $0.1 million, or $0.01 per share, in the second quarter of 2015, compared with a net loss of $0.3 million, or ($0.09) per share, in the same quarter of the prior year. The increase was the result of cost reductions.
The Company had $7.9 million in cash, cash equivalents, and short-term investments, and no debt as of June 30, 2015.
About iGO, Inc.
iGO has been a provider of mobile accessories since 1995, offering premium power solutions for laptop computers and electronic mobile devices that enhance the possibility of living life fully charged. iGO's universal chargers, batteries, and audio accessories offer support and performance that elevates the mobile consumer experience.
iGO's products are available at www.igo.com as well as through leading resellers and retailers.
iGO® is a registered trademark of iGO, Inc. All other trademarks or registered trademarks are the property of their respective owners.
iGO has adopted a Rights Agreement to deter acquisitions of 4.9% or more of the Company's common stock (subject to certain exceptions) by any group or person in order to protect the Company's ability to utilize its net loss carryforwards to reduce potential future federal income tax obligations.
iGO's Certificate of Incorporation limits the ability of any group or person to acquire 5% or more of iGO's common stock (subject to certain exceptions as provided in the Certificate of Incorporation) in order to protect iGO's ability to utilize its net operating loss carryforwards and renders inapplicable to iGO the limitations of Section 203 of the Delaware General Corporation Law.
Certain information in this press release may constitute forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from those estimated. Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those estimated. Undue reliance should not be placed on such forward-looking statements.
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.
Consolidated Statements of Operations
(Dollars in thousands, except per share)
Quarter Ended June 30,
Six Months Ended June 30,
Cost of revenue
General and administrative
Total operating expenses
Operating income (loss)
Other income (expense), net:
Other income (expense), net
Net income (loss)
Net income (loss) per share:
Basic and diluted
Weighted average common shares outstanding:
Basic and diluted
Consolidated Balance Sheets
(Dollars in thousands)
Cash and cash equivalents
Accounts receivable, net
Prepaid expenses and other current assets
Total current assets
Intangible assets, net
LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued expenses and other current liabilities
Common stock, $0.01 par value; authorized 10,000,000 shares; 2,884,388 and 2,808,040 shares issued and outstanding, respectively
Additional paid-in capital
Accumulated other comprehensive income
Total liabilities and stockholders' equity
Terry R. Gibson
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SOURCE iGO, Inc.