$IFON Q1 result: NET PROFIT, NO DEBT, REVENUE INCREASED 49%
InfoSonics Reports First Quarter 2014 Results
SAN DIEGO, May 13, 2014 /PRNewswire/ -- InfoSonics Corporation (NASDAQ: IFON), the provider of verykool(R) wireless handset solutions and tablets, today announced results for its first quarter ended March 31, 2014.
"We are pleased to report a third consecutive quarter of profitability," said Joseph Ram, president and CEO of InfoSonics. "Sales in the first quarter grew 49% over the same quarter last year, gross profit grew 50% and operating expenses declined by 6%. Unit shipments during the quarter rose 51% compared to the prior year. Most importantly, we reported a large swing in profitability by turning a $709,000 loss in the first quarter of 2013 into a $55,000 profit in the first quarter of 2014. Also significant, in late March we secured a $2 million bank line of credit that will provide future liquidity, together with the arrangement of $4 million of credit insurance that will enable our manufacturing vendors to extend credit to us that was not previously available."
InfoSonics reported net sales for the 2014 first quarter of $11.6 million, which represented a $3.8 million, or 49%, increase from $7.8 million for the first quarter of 2013. The Company reported sales growth in a number of geographical areas, primarily in South America and increased private label sales to customers in Europe. These increases were partially offset by a decline in sales to customers in Central America.
Gross profit in the first quarter of 2014 was $2.1 million, a 50% increase over $1.4 million in the 2013 first quarter. The gross profit margin as a percent of sales in the first quarter of 2014 rose to 17.8% compared to 17.7% in the 2013 first quarter.
Operating expenses in the first quarter of 2014 were $2.0 million, a decrease of $129,000, or 6%, compared to $2.1 million in the 2013 first quarter. This reflects a $42,000, or 2%, increase in SG&A expenses and a $171,000, or 43%, decrease in R&D expenses. These changes reflect increased legal fees during the quarter and substantially reduced R&D expenses incident to the Company's restructurings during 2013 of its China-based development team.
Net income for the first quarter of 2014 was $55,000, a significant improvement over the net loss of $709,000 in the first quarter of 2013.
At March 31, 2014, the Company had $1.1 million in cash, $16.3 million of net working capital and no outstanding indebtedness.
http://online.wsj.com/article/PR-CO-20140513-908914.html
InfoSonics Reports First Quarter 2014 Results
SAN DIEGO, May 13, 2014 /PRNewswire/ -- InfoSonics Corporation (NASDAQ: IFON), the provider of verykool(R) wireless handset solutions and tablets, today announced results for its first quarter ended March 31, 2014.
"We are pleased to report a third consecutive quarter of profitability," said Joseph Ram, president and CEO of InfoSonics. "Sales in the first quarter grew 49% over the same quarter last year, gross profit grew 50% and operating expenses declined by 6%. Unit shipments during the quarter rose 51% compared to the prior year. Most importantly, we reported a large swing in profitability by turning a $709,000 loss in the first quarter of 2013 into a $55,000 profit in the first quarter of 2014. Also significant, in late March we secured a $2 million bank line of credit that will provide future liquidity, together with the arrangement of $4 million of credit insurance that will enable our manufacturing vendors to extend credit to us that was not previously available."
InfoSonics reported net sales for the 2014 first quarter of $11.6 million, which represented a $3.8 million, or 49%, increase from $7.8 million for the first quarter of 2013. The Company reported sales growth in a number of geographical areas, primarily in South America and increased private label sales to customers in Europe. These increases were partially offset by a decline in sales to customers in Central America.
Gross profit in the first quarter of 2014 was $2.1 million, a 50% increase over $1.4 million in the 2013 first quarter. The gross profit margin as a percent of sales in the first quarter of 2014 rose to 17.8% compared to 17.7% in the 2013 first quarter.
Operating expenses in the first quarter of 2014 were $2.0 million, a decrease of $129,000, or 6%, compared to $2.1 million in the 2013 first quarter. This reflects a $42,000, or 2%, increase in SG&A expenses and a $171,000, or 43%, decrease in R&D expenses. These changes reflect increased legal fees during the quarter and substantially reduced R&D expenses incident to the Company's restructurings during 2013 of its China-based development team.
Net income for the first quarter of 2014 was $55,000, a significant improvement over the net loss of $709,000 in the first quarter of 2013.
At March 31, 2014, the Company had $1.1 million in cash, $16.3 million of net working capital and no outstanding indebtedness.
http://online.wsj.com/article/PR-CO-20140513-908914.html
