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Thursday, Oct 6, 2022
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InfoSonics Corp. Reports Q4 Net Loss of $959,000

InfoSonics Corp., which produces wireless phones and tablets largely for the Latin American market, reported a fourth-quarter net loss of $959,000, or 7 cents per share, on quarterly net sales of $10.2 million. In the same quarter one year ago, the business reported net income of $730,000, or a nickel per share, on revenue of $17.9 million.

InfoSonics (Nasdaq: IFON) said the 43 percent sales decrease stemmed from less business with two Latin American wireless carriers, which the company moved away from earlier in the year; as well as reduced sales at Mexican big box stores, which were caused by supply chain constraints and currency-related pricing pressures.

For the year, InfoSonics reported a net loss of $1.24 million, or 9 cents per share, on net sales of $47.8 million — roughly flat with 2014 net sales of $48.1 million. Net income at the end of 2014 was $261,000, or 2 cents per share.

On a more positive note, InfoSonics said average selling price per unit rose 29 percent as customers demanded more smartphones.

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The business reported its results on March 10. Shares of InfoSonics stock fell 41 percent to $1.11 as the trading day neared its end.

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