84% Increase in Sales InfoSonics reported net
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Posted On: 01/24/2014 1:02:42 PM
84% Increase in Sales
InfoSonics reported net sales for the third quarter of 2013 of $9.9 million, which represented a $4.5 million, or 84%, increase from $5.4 million for the third quarter of 2012. As noted above, net sales to carrier customers in South America doubled and sales to customers in Central America grew 59%. Sales were also strong to U.S. based distributors selling to customers in Latin America and Mexico.
Gross profit for the third quarter of 2013 was $1.8 million, a 60% increase from $1.1 million in the 2012 third quarter, reflecting the significantly higher level of net sales. Gross margin as a percent of net sales in the 2013 third quarter was 18.5% compared to 21.2% in the 2012 third quarter. The lower gross margin this year reflects the sale of slow moving inventory at reduced prices and margins, as well as a decrease of private label sales to customers in EMEA and APAC.
Operating expenses in the third quarter of 2013 of $1.8 million declined 23% compared to $2.3 million in the 2012 third quarter. Reduced spending in a number of areas resulted in a 13% decrease in selling, general and administrative expenses. R&D expenses fell by 58%, reflecting savings associated with the consolidation of our China development team earlier in the year into one location in Shenzhen.
Net income for the third quarter of 2013 was $34,000, or $0.00 per share, compared to a net loss of $1.2 million, or $0.08 per share, in the third quarter of 2012.
At September 30, 2013, the Company had $15.8 million in working capital , including $1.9 million in cash and restricted cash , and
NO OUTSTANDING INDEBTEDNESS .
InfoSonics reported net sales for the third quarter of 2013 of $9.9 million, which represented a $4.5 million, or 84%, increase from $5.4 million for the third quarter of 2012. As noted above, net sales to carrier customers in South America doubled and sales to customers in Central America grew 59%. Sales were also strong to U.S. based distributors selling to customers in Latin America and Mexico.
Gross profit for the third quarter of 2013 was $1.8 million, a 60% increase from $1.1 million in the 2012 third quarter, reflecting the significantly higher level of net sales. Gross margin as a percent of net sales in the 2013 third quarter was 18.5% compared to 21.2% in the 2012 third quarter. The lower gross margin this year reflects the sale of slow moving inventory at reduced prices and margins, as well as a decrease of private label sales to customers in EMEA and APAC.
Operating expenses in the third quarter of 2013 of $1.8 million declined 23% compared to $2.3 million in the 2012 third quarter. Reduced spending in a number of areas resulted in a 13% decrease in selling, general and administrative expenses. R&D expenses fell by 58%, reflecting savings associated with the consolidation of our China development team earlier in the year into one location in Shenzhen.
Net income for the third quarter of 2013 was $34,000, or $0.00 per share, compared to a net loss of $1.2 million, or $0.08 per share, in the third quarter of 2012.
At September 30, 2013, the Company had $15.8 million in working capital , including $1.9 million in cash and restricted cash , and
NO OUTSTANDING INDEBTEDNESS .
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