LOS GATOS, Calif., April 22, 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 first quarter ended March 31, 2015.
Net revenue for the first quarter of 2015 was $0.2 million, as compared to $1.6 million in the same period of the prior year. The decline in revenue is primarily attributable to the Company's shift to a royalty/profit sharing model. The royalty/profit sharing model provides an ongoing income stream without having to maintain a sales and distribution infrastructure. Prior to the licensing agreement, iGO sold its products through its own sales and distribution channels.
Net loss was $31,000, or ($0.01) per share, in the first quarter of 2015, compared with a net loss of $1.1 million, or ($0.38) per share, in the same quarter of the prior year.
The Company had $7.5 million in cash, cash equivalents, and short-term investments, and no debt as of March 31, 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. |
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| Consolidated Statements of Operations |
|||
| (Dollars in thousands, except per share) |
|||
| Quarter Ended March 31, |
|||
| 2015 |
2014 |
||
| (Unaudited) |
|||
| Revenue |
$ 220 |
$ 1,568 |
|
| Cost of revenue |
15 |
1,534 |
|
| Gross profit |
205 |
34 |
|
| Operating expenses: |
|||
| General and administrative |
184 |
1,124 |
|
| Total operating expenses |
184 |
1,124 |
|
| Operating income (loss) |
21 |
(1,090) |
|
| Other income (expense), net: |
|||
| Interest income |
4 |
- |
|
| Other expense, net |
(56) |
(29) |
|
| Net loss |
(31) |
(1,119) |
|
| Net loss per share: |
|||
| Basic and diluted |
$(0.01) |
$ (0.38) |
|
| Weighted average common shares outstanding: |
|||
| Basic and diluted |
2,808 |
2,945 |
|
| iGO, Inc. |
|||
| Consolidated Balance Sheets |
|||
| (Dollars in thousands) |
|||
| March 31, |
December 31, |
||
| 2015 |
2014 |
||
| ASSETS |
(Unaudited) |
||
| Current assets: |
|||
| Cash and cash equivalents |
$ 5,364 |
$ 5,244 |
|
| Short-term investments |
2,157 |
2,153 |
|
| Accounts receivable, net |
338 |
458 |
|
| Inventories |
134 |
150 |
|
| Prepaid expenses and other current assets |
31 |
52 |
|
| Total current assets |
8,024 |
8,057 |
|
| Intangible assets, net |
18 |
27 |
|
| Total assets |
$ 8,042 |
$ 8,084 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
| Liabilities: |
|||
| Accounts payable |
$ 78 |
$ 96 |
|
| Accrued expenses and other current liabilities |
18 |
34 |
|
| Total liabilities |
96 |
130 |
|
| Stockholders' equity: |
|||
| Common stock, $0.01 par value; authorized 10,000,000 shares; 2,808,040 shares issued and outstanding |
28 |
28 |
|
| Additional paid-in capital |
175,582 |
175,557 |
|
| Accumulated deficit |
(167,607) |
(167,576) |
|
| Accumulated other comprehensive income |
(57) |
(55) |
|
| Total equity |
7,946 |
7,954 |
|
| Total liabilities and stockholders' equity |
$ 8,042 |
$ 8,084 |
|
CONTACT: Terry R. Gibson
408-399-6490
[email protected]
SOURCE iGO, Inc.
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