iGO Reports Third Quarter 2015 Financial Results

Nov 03, 2015, 17:00 ET from iGO, Inc.

LOS GATOS, Calif., Nov. 3, 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 third quarter ended September 30, 2015.

Net revenue for the third quarter of 2015 was $177,000, as compared to $373,000 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 loss was $136,000, or $0.05 per share, in the third quarter of 2015, compared with a net loss of $305,000, or $0.10 per share, in the same quarter of the prior year. The decrease in net loss was the result of cost reductions.

The Company had $7.8 million in cash, cash equivalents, and short-term investments, and no debt as of September 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.

Forward-looking statements

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.


iGO, Inc.

Consolidated Statements of Operations

(Dollars in thousands, except per share)



Quarter Ended September 30,


Nine Months Ended September 30,


2015


2014


2015


2014


 (Unaudited) 









Revenue

$               177


$               373


$                 777


$              2,392

Cost of revenue

77


266


100


1,854

Gross profit

100


107


677


538









Operating expenses:








General and administrative

240


367


716


2,115

  Total operating expenses

240


367


716


2,115









Operating loss

(140)


(260)


(39)


(1,577)









Other income (expense), net:








Interest income

3


-


10


-

Other income (expense), net

1


(45)


(23)


(107)









Net loss

$              (136)


$              (305)


$                 (52)


$             (1,684)









Net loss per share:









$             (0.05)


$             (0.10)


$              (0.02)


$              (0.57)

Weighted average common shares outstanding:








Basic and diluted

2,884,388


2,944,744


2,856,019


2,944,744

 

iGO, Inc.

Consolidated Balance Sheets

(Dollars in thousands)



September 30,


December 31,


2015


2014

ASSETS

(Unaudited)



Current assets:




Cash and cash equivalents

$             5,612


$             5,244

Short-term investments

2,160


2,153

Accounts receivable, net

148


458

Inventories

60


150

Prepaid expenses and other current assets

50


52

  Total current assets

8,030


8,057





Intangible assets, net

5


27

Total assets

$             8,035


$             8,084





LIABILITIES AND STOCKHOLDERS' EQUITY




Liabilities:




Accounts payable

$                 27


$                 96

Accrued expenses and other current liabilities

32


34

  Total liabilities

59


130





Stockholders' equity:




Common stock, $0.01 par value; authorized 10,000,000 shares;




2,884,388 and 2,808,040 shares issued and outstanding, respectively

29


28

Additional paid-in capital

175,635


175,557

Accumulated deficit

(167,628)


(167,576)

Accumulated other comprehensive income

(60)


(55)

  Total equity

7,976


7,954

Total liabilities and stockholders' equity

$             8,035


$             8,084

 

CONTACT:

Terry R. Gibson


408-399-6490


investorrelations@igo.com

 

SOURCE iGO, Inc.



RELATED LINKS

http://www.igo.com