iGo Reports Second Quarter Financial Results

NEW YORK--()--iGo, Inc. (OTC PINK: IGOI) today announced operating results for the second quarter and six months ended June 30, 2019.

Revenue for the second quarter of 2019 was $14,925,000, reflecting the Kasco acquisition. iGo had revenue of $9,000 in the same period of the prior year. Net income, also reflecting contributions from Kasco, was $415,000, or $0.05 per share, for the second quarter of 2019, compared with a net loss of $231,000, or $0.08 per share, in the same quarter of the prior year.

Revenue for the six months ended June 30, 2019 was $30,548,000, reflecting the Kasco acquisition. iGo had revenue of $9,000 in the same period of the prior year. Net income, also reflecting contributions from Kasco, was $473,000, or $0.06 per share, for the six months ended June 30, 2019, compared with a net loss of $498,000, or $0.17 per share, in the same period of the prior year.

About iGo

iGo, Inc. has been a provider of mobile accessories since 1995, offering power management solutions and accessories for laptop computers and electronic mobile devices, and has been evaluating alternative strategies for uses of its capital and the iGo brand. iGo's Kasco subsidiary provides metallic blade products for the meat cutting, food cutting and wood cutting industries to the global market. Its route distribution unit provides the U.S. and Canada retail grocery and retail food industries with quality butcher supplies, resupply products and seasonings. Headquartered in St. Louis and founded in 1901, Kasco has manufacturing and warehouse operations in St. Louis, Canada, Mexico, Wales and Germany.

Forward-looking statements

Certain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements do not guaranty future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. iGo 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, iGo does not undertake any responsibility to provide updates 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.

Consolidated Balance Sheets

(unaudited)

(in thousands, except common stock)

 

 

 

 

 

June 30, 2019

 

December 31, 2018

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,258

 

 

$

1,885

 

Accounts receivable, net

10,305

 

 

9,005

 

Inventories

4,938

 

 

5,552

 

Prepaid expenses and other current assets

857

 

 

832

 

Total current assets

17,358

 

 

17,274

 

Property, plant and equipment, net

11,590

 

 

10,368

 

Operating lease right-of-use assets

1,432

 

 

 

Intangible assets, net

1,150

 

 

1,227

 

Deferred tax assets, net

1,929

 

 

1,929

 

Total Assets

$

33,459

 

 

$

30,798

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

2,999

 

 

$

2,979

 

Short-term debt

551

 

 

441

 

Accrued expenses and other current liabilities

4,831

 

 

3,591

 

Total current liabilities

8,381

 

 

7,011

 

Long-term debt

9,900

 

 

10,000

 

Long-term operating lease liabilities

886

 

 

 

Deferred tax liabilities

197

 

 

197

 

Other non-current liabilities

1,929

 

 

1,929

 

Total Liabilities

21,293

 

 

19,137

 

Stockholders' equity:

 

 

 

Common stock, $0.01 par value: authorized 10,000,000 shares; 7,877,278 shares issued and outstanding

79

 

 

79

 

Accumulated other comprehensive loss

(971

)

 

(1,003

)

Additional paid-in capital

(20,608

)

 

(20,608

)

Retained earnings

33,666

 

 

33,193

 

Total Stockholders' Equity

12,166

 

 

11,661

 

Total Liabilities and Stockholders' Equity

$

33,459

 

 

$

30,798

 

iGo, Inc.

Consolidated Statements of Operations

(unaudited)

(in thousands, except common shares and per common share data)

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2019

 

2018

 

2019

 

2018

Revenue

$

14,925

 

 

$

9

 

 

$

30,548

 

 

$

9

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Cost of goods sold

(7,528

)

 

 

 

(15,462

)

 

 

Selling, general and administrative expenses

(6,589

)

 

(248

)

 

(14,124

)

 

(521

)

Interest expense

(130

)

 

 

 

(251

)

 

 

Gain from asset dispositions

56

 

 

 

 

133

 

 

 

Other (expense) income, net

(7

)

 

8

 

 

(29

)

 

14

 

Total costs and expenses

(14,198

)

 

(240

)

 

(29,733

)

 

(507

)

Income (loss) before income taxes

727

 

 

(231

)

 

815

 

 

(498

)

Income tax provision

312

 

 

 

 

342

 

 

 

Net income (loss)

$

415

 

 

$

(231

)

 

$

473

 

 

$

(498

)

Net income (loss) per common share - basic and diluted

$

0.05

 

 

$

(0.08

)

 

$

0.06

 

 

$

(0.17

)

Weighted average common shares outstanding - basic and diluted

7,877,278

 

 

2,924,208

 

 

7,877,278

 

 

2,924,208

 

 

Contacts

Jennifer Golembeske
212-520-2300
jgolembeske@steelpartners.com

Contacts

Jennifer Golembeske
212-520-2300
jgolembeske@steelpartners.com