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Thursday, May 5, 2011

IGo, Inc ( NASDAQ: IGOI) reports quarterly loss but improved revenue on YoY basis!!

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iGo, Inc. (Nasdaq: IGOI), a leading provider of eco-friendly power management solutions and accessories for mobile electronic devices, today reported financial results for the first quarter ending March 31, 2011Although company has reported a loss of $1.6 million or $0.05 a share, company has showed a full paid up debt or obligation as of March 2011. 

Revenue was $9.2 million for the first quarter of 2011, an increase of 13% over revenue of $8.2 million in the same period of the prior year.

Net loss was $1.6 million, or ($0.05) per share, in the first quarter of 2011,

compared with net income of $769,000, or $0.02 per share, in the same quarter of the prior year. Financial results for the first quarter of 2010 were positively impacted by the recognition of a $1.7 million gain related to the reversal of a valuation allowance on a note receivable that was subsequently paid in full.

The Company’s financial position remained strong with $23.3 million in cash, cash equivalents, and short-term investments, $11.0 million in working capital (excluding cash, cash equivalents and short-term investments), and no debt as of March 31, 2011.


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