Shares of iGo (NASDAQ:IGOI) hit a new 52-week high today running up the charts on strong third quarter results released yesterday along with an announcement today about its upcoming financial conference. In early trading, IGOI jumped 35 percent (or 79 cents) to $2.80 per share on very heavy volume of more than 1.4 million shares compared to its average daily volume of only 119,000 shares. IGOI has a market cap of $84 million and a 52-week range between $1.03 and $2.80 per share.
IGOI reported net income of $51,000, or $0.00 per share, in the third quarter of 2010, compared with net income of $318,000, or $0.01 per share, in the same quarter of the prior year.
Revenue was $12.2 million in the third quarter of 2010, compared to $9.7 million in the second quarter of 2010 and $12.0 million in the same period of the prior year.
The Company’s financial position remained strong at $31.7 million in cash, cash equivalents, and short-term investments, $7.3 million in working capital and no debt as of September 30, 2010.
IGOI announced an agreement with Texas Instruments (NYSE:TXN) to collaboratively develop a custom integrated circuit that enables and expands market availability of efficient iGo Green Technology. Also, IGOI announced the development of a new family of accessories for Cisco's (NASDAQ:CSCO) Flip Video camera.
Shares of iGo (NASDAQ:IGOI) hit a new 52-week high today running up the charts on strong third quarter results released yesterday along with an announcement today about its upcoming financial conference. In early trading, IGOI jumped 35 percent (or 79 cents) to $2.80 per share on very heavy volume of more than 1.4 million shares compared to its average daily volume of only 119,000 shares. IGOI has a market cap of $84 million and a 52-week range between $1.03 and $2.80 per share.
IGOI reported net income of $51,000, or $0.00 per share, in the third quarter of 2010, compared with net income of $318,000, or $0.01 per share, in the same quarter of the prior year.
Revenue was $12.2 million in the third quarter of 2010, compared to $9.7 million in the second quarter of 2010 and $12.0 million in the same period of the prior year.
The Company’s financial position remained strong at $31.7 million in cash, cash equivalents, and short-term investments, $7.3 million in working capital and no debt as of September 30, 2010.
Michael D. Heil, President and Chief Executive Officer of IGOI, commented, “Our revenues continued to trend positively in the third quarter, driven by seasonally strong sales to RadioShack, increasing sales at new retail accounts, and higher international sales. We have also made excellent progress on the strategic plan we outlined last quarter to expand our presence in the mobile electronic device accessories market. With the acquisition of Adapt Mobile and AERIAL7, along with the development of a new family of accessories specifically designed for the popular Flip Video camera by Cisco, we have significantly expanded our product portfolio and improved our ability to drive sustainable growth in revenue and earnings.”
IGOI will present at Tech America's 40th Annual AeA Classic Financial Conference at the Manchester Grand Hyatt in San Diego, California on Tuesday, November 9, 2010.
IGOI offers a full line of innovative accessories for mobile electronic devices, including a variety of proprietary power, protection and audio solutions. IGOI’s unique products allow consumers to enjoy all of the features offered by today’s mobile electronic devices by keeping those devices powered and protected at all times. In addition, IGOI’s audio and visual products offer consumers enhanced options for hearing and viewing all of the powerful multimedia functions offered by the latest mobile electronic devices to hit the market.
IGOI also offers an award-winning line of eco-friendly power solutions based on its patented iGo Green Technology which automatically eliminates wasteful and expensive standby or “vampire” power. Expanding on the company’s history of innovation, IGOI continues to regularly introduce fresh new solutions to the ever changing mobile electronics device market, making the use of such devices easier and more efficient for consumers.
For more information visit: http://www.igo.com/
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