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iGo Reports Third Quarter Financial Results

·5 min read

iGo, Inc. (OTC PINK:IGOI) (the "Company") today announced operating results for the third quarter and nine months ended September 30, 2020.

Financial Overview

Third quarter of 2020 compared with third quarter of 2019

  • Revenue for the third quarter of 2020 was $15.8 million, as compared to revenue of $14.3 million in the same period of the prior year.

  • Net income was $1.7 million, or $0.22 per share, for the third quarter of 2020, as compared to net loss of $0.1 million, or $0.02 per share, in the same period of the prior year.

Nine months ended September 30, 2020 compared with nine months ended September 30, 2019

  • Revenue for the nine months ended September 30, 2020 was $46.4 million, as compared to revenue of $44.8 million in the same period of the prior year.

  • Net income was $3.0 million, or $0.38 per share, for the nine months ended September 30, 2020, as compared to net income of $0.4 million, or $0.04 per share, in the same period of the prior year.

The Company continues to evaluate the global risks and the slowdown in business activity related to COVID-19, including the potential impacts on its employees, customers, suppliers, and financial results. The impact on the Company's business for the remainder of 2020 and beyond will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic, the disruption to the demand for our businesses' products and services, and the impact of the global business and economic environment on liquidity and the availability of capital, all of which are uncertain and cannot be predicted. To help mitigate the financial impact of the COVID-19 pandemic, the Company initiated cost reduction actions, including hiring freezes, staffing and force reductions, salary reductions, bonus payment deferrals, and temporary 401(k) match suspension. The Company has fully restored the prior salary reductions; however, management continues its focus on cash management and liquidity, which includes the elimination of discretionary spending, aggressive working capital management, and strict approvals for capital expenditures. The Company will evaluate further actions if circumstances warrant.

About the Company

The Company was previously a provider of mobile accessories and is evaluating alternative strategies for uses of its capital and the iGo brand. The Company's Kasco subsidiary (www.kasco.com) 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, sales, 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. Due to the continued uncertainty of the impact of COVID-19 on the global economy, it is difficult to predict the duration of the pandemic and its impact on the Company's business, operations, and financial condition. The Company 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, the Company 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.

(Financial Tables Follow)

iGo, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

(Unaudited)
September 30, 2020

December 31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

1,942

$

1,687

Accounts receivable, net

7,867

7,731

Inventories

5,580

4,844

Prepaid expenses and other current assets

1,073

1,012

Total current assets

16,462

15,274

Property, plant and equipment, net

11,440

11,498

Operating lease right-of-use assets

869

1,225

Intangible assets, net

986

1,070

Deferred tax assets

953

1,408

Total Assets

$

30,710

$

30,475

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

3,417

$

2,974

Accrued expenses

4,324

3,051

Short-term debt

570

Payable to related parties

388

301

Operating lease liabilities

465

478

Total current liabilities

8,594

7,374

Long-term debt

4,500

7,600

Long-term operating lease liabilities

393

734

Deferred tax liabilities

173

Other non-current liabilities

1,424

1,928

Total Liabilities

15,084

17,636

Commitments and Contingencies

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

(1,060

)

(867

)

Capital deficit

(20,608

)

(20,608

)

Retained earnings

37,215

34,235

Total Stockholders' Equity

15,626

12,839

Total Liabilities and Stockholders' Equity

$

30,710

$

30,475

iGo, Inc.

Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Revenue

$

15,798

$

14,280

$

46,360

$

44,828

Costs and expenses

Cost of goods sold

8,158

7,270

23,930

22,732

Selling, general and administrative expenses

6,206

6,330

19,003

19,878

Asset impairment charges

659

659

Restructuring charges

117

(28

)

693

Interest expense

24

106

171

357

Gains from asset dispositions

(27

)

(52

)

(89

)

(185

)

Other income, net

(50

)

(40

)

(159

)

(11

)

Total costs and expenses

14,311

14,390

42,828

44,123

Income (loss) before income taxes

1,487

(110

)

3,532

705

Income tax (benefit) provision

(236

)

10

553

352

Net income (loss)

$

1,723

$

(120

)

$

2,979

$

353

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

$

0.22

$

(0.02

)

$

0.38

$

0.04

Weighted average common shares outstanding - basic and diluted

7,877,278

7,877,278

7,877,278

7,877,278

View source version on businesswire.com: https://www.businesswire.com/news/home/20201103005773/en/

Contacts

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