iGo Reports Third Quarter Financial Results

iGo, Inc. (OTC PINK: IGOI) today announced operating results for the third quarter and nine months ended September 30, 2019.

Revenue for the third quarter of 2019 was $14,280,000, reflecting the Kasco acquisition. iGo had revenue of $0 in the same period of the prior year. Net loss, also reflecting contributions from Kasco, was $120,000, or $0.02 per share, for the third quarter of 2019, compared with a net loss of $310,000, or $0.11 per share, in the same quarter of the prior year.

Revenue for the nine months ended September 30, 2019 was $44,828,000, 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 $353,000, or $0.04 per share, for the nine months ended September 30, 2019, compared with a net loss of $808,000, or $0.28 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 guarantee 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)

September 30, 2019

December 31, 2018

ASSETS

Current assets:

Cash and cash equivalents

$

1,390

$

1,885

Accounts receivable, net

7,651

9,005

Inventories

4,765

5,552

Prepaid expenses and other current assets

881

832

Total current assets

14,687

17,274

Property, plant and equipment, net

10,755

10,368

Operating lease right-of-use assets

1,335

Intangible assets, net

1,111

1,227

Deferred tax assets, net

1,929

1,929

Total Assets

$

29,817

$

30,798

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

2,714

$

2,979

Short-term debt

302

441

Accrued expenses and other current liabilities

4,738

3,591

Total current liabilities

7,754

7,011

Long-term debt

7,200

10,000

Long-term operating lease liabilities

820

Deferred tax liabilities

197

197

Other non-current liabilities

1,929

1,929

Total Liabilities

17,900

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

(1,100

)

(1,003

)

Additional paid-in capital

(20,608

)

(20,608

)

Retained earnings

33,546

33,193

Total Stockholders' Equity

11,917

11,661

Total Liabilities and Stockholders' Equity

$

29,817

$

30,798

 

iGo, Inc.

Consolidated Statements of Operations

(unaudited)

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

Three Months Ended

Nine Months Ended

September 30,

September 30,

2019

2018

2019

2018

Revenue

$

14,280

$

$

44,828

$

9

Costs and expenses

Cost of goods sold

(7,270

)

(22,732

)

Selling, general and administrative expenses

(6,330

)

(341

)

(19,878

)

(862

)

Asset impairment charges

(659

)

(659

)

Restructuring charges

(117

)

(693

)

Interest expense

(106

)

(357

)

Gain from asset dispositions

52

185

Other income, net

40

31

11

45

Total costs and expenses

(14,390

)

(310

)

(44,123

)

(817

)

(Loss) income before income taxes

(110

)

(310

)

705

(808

)

Income tax provision

10

352

Net (loss) income

$

(120

)

$

(310

)

$

353

$

(808

)

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

$

(0.02

)

$

(0.11

)

$

0.04

$

(0.28

)

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

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