Subject: EARNINGS
iGo Reports Fourth Quarter Financial Results
iGo, Inc. (OTC PINK: IGOI) today announced operating results for the fourth quarter and year ended December 31, 2019.
Financial Overview
Fourth quarter of 2019 compared with fourth quarter of 2018
- Revenue for the fourth quarter of 2019 was $14.6 million, as compared to revenue of $5.0 thousand in the same period of the prior year.
- Net income was $689.4 thousand, or $0.09 per share, for the fourth quarter of 2019, as compared to a net loss of $434.0 thousand, or $0.15 per share, in the same period of the prior year.
Year ended December 31, 2019 compared with year ended December 31, 2018
- Revenue for year ended December 31, 2019 was $59.4 million, as compared to $14.0 thousand in 2018.
- Net income was $1.0 million, or $0.13 per share, for the year ended December 31, 2019, as compared to a net loss of $1.2 million, or $0.42 per share, in 2018.
On December 31, 2018, iGo completed the acquisition of Kasco, LLC in a share contribution transaction under which Kasco became a wholly-owned subsidiary of iGo. Results for the quarter and year ended December 31, 2019 reflect the impacts of this acquisition.
Prioritizing People
The Company has implemented a variety of measures to promote the health and safety of its employees and their families during the COVID-19 pandemic. These measures include business travel restrictions, remote work capabilities, social distancing practices, increased cleaning frequency and thoroughness, temperature screenings, and quarantine protocols. The Company's practices and policies are informed by recommendations from public health authorities, such as the Centers for Disease Control and Prevention and the World Health Organization.
Financial Position and Liquidity
Our management team is working closely with customers to maintain visibility of market developments. The Company continually aligns its resources as customer needs and market conditions change. The Company has initiated cost reduction actions, including hiring freezes, staffing and force reductions, and salary reductions to mitigate the financial impact of the COVID-19 pandemic. The Company continues its focus on cash management and liquidity, which includes the elimination of discretionary spending and strict approvals for capital expenditures.
About iGo
iGo, Inc. was previously a provider of mobile accessories and is 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, 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. 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. |
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Consolidated Balance Sheets |
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(unaudited) |
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(in thousands, except common shares) |
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December 31, 2019 |
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December 31, 2018 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
1,687 |
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$ |
1,885 |
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Accounts receivable, net |
7,731 |
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9,005 |
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Inventories |
4,844 |
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5,552 |
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Prepaid expenses and other current assets |
1,012 |
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832 |
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Total current assets |
15,274 |
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17,274 |
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Property, plant and equipment, net |
11,498 |
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10,368 |
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Operating lease right-of-use assets |
1,225 |
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? |
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Intangible assets, net |
1,070 |
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1,227 |
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Deferred tax assets |
1,408 |
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1,929 |
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Total Assets |
$ |
30,475 |
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$ |
30,798 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
2,974 |
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$ |
2,979 |
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Accrued expenses |
3,051 |
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3,591 |
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Short-term debt |
570 |
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441 |
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Payable to related parties |
301 |
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? |
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Operating lease liabilities |
478 |
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? |
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Total current liabilities |
7,374 |
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7,011 |
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Long-term debt |
7,600 |
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10,000 |
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Long-term operating lease liabilities |
734 |
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? |
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Deferred tax liabilities |
? |
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197 |
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Other non-current liabilities |
1,928 |
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1,929 |
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Total Liabilities |
17,636 |
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19,137 |
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Commitments and Contingencies |
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Stockholders' equity: |
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Common stock, $0.01 par value: authorized 10,000,000 shares; 7,877,278 shares issued and outstanding |
79 |
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79 |
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Accumulated other comprehensive loss |
(867 |
) |
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(1,003 |
) |
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Capital deficit |
(20,608 |
) |
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(20,608 |
) |
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Retained earnings |
34,235 |
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33,193 |
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Total Stockholders' Equity |
12,839 |
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11,661 |
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Total Liabilities and Stockholders' Equity |
$ |
30,475 |
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$ |
30,798 |
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iGo, Inc. |
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Consolidated Statements of Operations |
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(unaudited) |
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(in thousands, except common shares and per common share data) |
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenue |
$ |
14,585 |
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$ |
5 |
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$ |
59,413 |
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$ |
14 |
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Costs and expenses |
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Cost of goods sold |
7,523 |
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? |
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30,255 |
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? |
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Selling, general and administrative expenses |
6,085 |
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461 |
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25,963 |
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1,323 |
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Interest expense |
86 |
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? |
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443 |
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? |
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Gain from asset dispositions |
(46 |
) |
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? |
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(231 |
) |
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? |
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Asset impairment charges |
? |
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? |
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659 |
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? |
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Restructuring and other charges |
213 |
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? |
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906 |
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? |
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Other income, net |
(76 |
) |
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(22 |
) |
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(87 |
) |
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(67 |
) |
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Total costs and expenses |
13,785 |
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439 |
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57,908 |
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1,256 |
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Income (loss) before income taxes |
800 |
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(434 |
) |
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1,505 |
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(1,242 |
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Income tax provision |
111 |
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? |
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463 |
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? |
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Net income (loss) |
$ |
689 |
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$ |
(434 |
) |
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$ |
1,042 |
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$ |
(1,242 |
) |
Net income (loss) per common share - basic and diluted |
$ |
0.09 |
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$ |
(0.15 |
) |
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$ |
0.13 |
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$ |
(0.42 |
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Weighted average common shares outstanding - basic and diluted |
7,877,278 |
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2,962,742 |
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7,877,278 |
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2,933,921 |
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