Infosonics Grows Revenue, Pares Net LossWednesday, August 15, 2012
Infosonics Corp., a San Diego provider of cell phones and related devices to distributors outside the country, reported a second quarter net loss of $265,000, compared with a net loss of $822,000 for the like quarter of 2011.
For the six months, Infosonics reported a net loss of $160,000 compared with a net loss of $1.7 million in the first half of 2011.
Revenue in the past quarter was $8.1 million, up 28 percent from the like quarter of 2011. For the half, revenue was $20.5 million, compared with revenue of $15.8 million in the first half of 2011.
CEO Joseph Ram said the company shipped 145 percent more handsets compared with the prior year second quarter as it expanded distribution channels and introduced more entry level products into its portfolio.
Ram noted sales of its verykool products nearly doubled in the quarter, with sales to Latin American customers increasing 81 percent. The company also saw increases in its sales in Europe and Asia.
In midday Aug. 14 trading on Nasdaq, shares of the company, under the ticker IFON, were at $1.32, down 3 cents from the prior day’s closing price. Its 52-week range is 50 cents to $1.78.
— Mike Allen