The Wireless Xcessories Group Announces Third Quarter 2012 Results
HUNTINGDON VALLEY, Pa., Nov. 30, 2012 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (WIRX), a nationwide manufacturer and distributor of electronic and cellular accessories, announced unaudited second quarter results ending September 30, 2012.
The Company reported third quarter revenue of $ 9,928,387 compared to $5,416, 314 for the same period in fiscal 2012 or an increase of 83.3%.
Income Loss from Operations-third quarter
The second quarter income from operations was $184,847 for 2012 vs. a loss of $93,299 for 2011.
Net Income Comparison-third quarter (including interest/dividends)
The Company had a 2012 third quarter net income of $109,359 or $.03 per share, compared to a net loss of $ 21,951 or $.01 per share in the same period for 2011.
The Company reported nine month revenue of $27,781,430 compared to $15,933,850 for the same period in fiscal 2011, or a net increase of 74.4%.
Income from Operations-nine months
The nine month income from operations was $302,744 or $.08 per share compared to ($149,568) in 2011 or ($.03) per share.
Net Income Comparison—nine months (including interest/dividends)
The Company showed net income of $299,882 or .08 per share in 2012, compared to a net loss of $2,248 or $.00 per share in 2011.
Key Financial Comparisons
The Company ended the year with working capital of approximately $7.8 million, up from $ 7.3 million at December 31, 2011. The Company has no debt, and total equity has reached approximately $ 8,138,000 as of September 30, 2012.
Steve Rade, CEO, stated, "We are pleased and excited to see our sales growth continuing according to our projections." The 83.3% increase over the same period in 2011 is reassuring and confirms that our plans remain on track.
The wireless market is still quite competitive and our pricing must continue to be aggressive to win business from our competitors. Our vendor managed inventory program continued to help us achieve our sales goals and we expanded existing customers and added several new larger customers to our program.
We have introduced our own high quality brand, UMA, "Upwardly Mobile Accessories" in the third quarter and this product line is off to a good start as it is now been introduced into over 400 of our customers. This should help us sustain our growth and improve profit margins.
"The Company continued its cost cutting and restructuring efforts which resulted in only a 11% increase in operating expenses (mostly in sales related expenses) while sales grew by 83% in comparing the third quarter 2012 to 2011."
"We are obviously quite pleased with our performance over the past few quarters and have decided to explore the option of relisting our shares on the OTC Bulletin Board or Nasdaq."
About Wireless Xcessories Group
Wireless Xcessories Group, Inc. designs, manufactures and distributes accessories for cellular phones. The Company offers in excess of 3,000 items that include batteries; hands free devices, car and travel chargers, as well as a variety of carrying cases. The Company sells to dealers and distributors through an in-house sales force and directly from its website, http://www.wirexgroup.com.