iGo Reports Q4 Revs $8.65M
iGo, Inc. (Nasdaq: IGOI) today reported financial results for the fourth quarter ending December 31, 2011.
Revenue was $8.6 million for the fourth quarter of 2011, compared with $13.2 million in the same period of the prior year. Sales of power products declined to $5.7 million for the fourth quarter of 2011, compared to $11.5 million for the fourth quarter of 2010. This decline was partially offset by $2.4 million in sales of the new audio and rechargeable alkaline battery lines for the fourth quarter of 2011, compared to $640,000 for the fourth quarter of 2010.
Net loss was $5.7 million, or ($0.17) per share, in the fourth quarter of 2011, compared with net income of $416,000, or $0.01 per share, in the same quarter of the prior year. Net loss in the fourth quarter of 2011 included a $2.3 million writedown in the value of goodwill and other intangible assets carried on the Company's balance sheet. Additional factors resulting in the reduction in profitability include a lower level of sales of power products and lower gross margins in the retail channel.
The Company had $15.2 million in cash, cash equivalents, and short-term investments, $11.1 million in working capital (excluding cash, cash equivalents and short-term investments), and no debt as of December 31, 2011.
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