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InfoSonics Corp. Reports Q1 Net Loss of $903K on Net Sales of $9.4 Million

InfoSonics Corp., the University City maker of smartphones and tablets, reported a net loss of $903,000 on net sales of $9.4 million in its first quarter of 2016. The loss amounted to 6 cents per diluted share.

One year ago, the corporation reported net income of $532,000 or 4 cents per diluted share on net sales of $14.5 million.

InfoSonics (Nasdaq: IFON) said the 35 percent decrease in net sales was primarily due to the reduction of sales to an unnamed carrier customer in South America and the Caribbean, as well as soft sales to big box retailers.

“Although the first quarter was challenging, we see positive improvement ahead,” said InfoSonics CEO Joseph Ram in a statement distributed by the company. “More consumers, especially in our target Latin American markets, are recognizing the value of budget smartphones from alternate non-brand name suppliers. In addition, the currency pressure we experienced over the last couple of years against the U.S. dollar appears to have peaked during the quarter and has eased somewhat since then, thereby improving the affordability of our smartphone products.”

During the quarter, Ram said the company worked to clear older inventory at lower margins so InfoSonics could refresh its product lineup for coming quarters.

InfoSonics made its quarterly results public on May 5.

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