NEW YORK--(BUSINESS WIRE)--iGo, Inc. (OTC PINK: IGOI) (the "Company") today announced operating results for the second quarter and six months ended June 30, 2021.
Financial Overview
Second quarter of 2021 compared with second quarter of 2020
- Revenue for the second quarter of 2021 was $18.1 million, as compared to revenue of $15.4 million in the same period of the prior year.
- Net income was $1.1 million, or $0.14 per share, for the second quarter of 2021, as compared to net income of $0.8 million, or $0.11 per share, in the same period of the prior year.
Six months ended June 30, 2021 compared with six months ended June 30, 2020
- Revenue for the six months ended June 30, 2021 was $34.1 million, as compared to revenue of $30.6 million in the same period of the prior year.
- Net income was $1.8 million, or $0.23 per share, for the six months ended June 30, 2021, as compared to net income of $1.3 million, or $0.16 per share, in the same period of the prior year.
Net Operating Losses
At December 31, 2020, the Company had carryforwards of federal net operating losses ("NOLs") of approximately $113.2 million available to reduce future federal taxes. The Company has a valuation allowance to reserve its deferred tax asset associated with the NOLs. The Company’s Federal NOLs may be subject to an Internal Revenue Code Section 382 limitation, and as a result, may not be available to reduce taxable income.
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. |
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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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June 30, 2021 |
December 31, 2020 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
2,745 |
$ |
2,427 |
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Accounts receivable - net of allowance for doubtful accounts of $422 and $464 at June 30, 2021 and December 31, 2020, respectively |
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7,643 |
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7,208 |
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Inventories |
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6,418 |
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6,342 |
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Prepaid expenses and other current assets |
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2,349 |
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1,366 |
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Total current assets |
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19,155 |
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17,343 |
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Property, plant and equipment, net |
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12,447 |
|
12,085 |
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Operating lease right-of-use assets |
|
520 |
|
758 |
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Intangible assets, net |
|
836 |
|
913 |
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Deferred tax assets |
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1,327 |
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1,343 |
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Total Assets |
$ |
34,285 |
$ |
32,442 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
3,394 |
$ |
4,806 |
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Income taxes payable |
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— |
|
608 |
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Accrued expenses |
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5,428 |
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3,371 |
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Payable to related parties |
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— |
|
392 |
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Operating lease liabilities |
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413 |
|
467 |
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Total current liabilities |
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9,235 |
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9,644 |
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Long-term debt |
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3,550 |
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3,000 |
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Long-term income taxes payable |
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— |
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382 |
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Deferred tax liabilities |
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190 |
|
199 |
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Long-term operating lease liabilities |
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101 |
|
280 |
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Other non-current liabilities |
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1,558 |
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1,343 |
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Total Liabilities |
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14,634 |
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14,848 |
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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 at June 30, 2021 and December 31, 2020 |
|
79 |
|
79 |
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Accumulated other comprehensive loss |
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(312) |
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(537) |
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Capital deficit |
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(20,608) |
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(20,608) |
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Retained earnings |
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40,492 |
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38,660 |
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Total Stockholders' Equity |
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19,651 |
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17,594 |
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Total Liabilities and Stockholders' Equity |
$ |
34,285 |
$ |
32,442 |
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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 |
Six Months Ended |
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June 30, |
June 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenue |
$ |
18,094 |
$ |
15,366 |
$ |
34,121 |
$ |
30,562 |
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Costs and expenses |
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Cost of goods sold |
12,100 |
7,863 |
22,646 |
15,772 |
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Selling, general and administrative expenses |
4,487 |
6,203 |
9,089 |
12,797 |
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Restructuring charges |
— |
— |
(1) |
(28) |
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Interest expense |
23 |
71 |
39 |
147 |
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Gains from asset dispositions |
(25) |
(32) |
(55) |
(62) |
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Other expense (income), net |
13 |
(72) |
36 |
(109) |
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Total costs and expenses |
16,598 |
14,033 |
31,754 |
28,517 |
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Income before income taxes |
1,496 |
1,333 |
2,367 |
2,045 |
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Income tax provision |
390 |
505 |
535 |
789 |
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Net income |
$ |
1,106 |
$ |
828 |
$ |
1,832 |
$ |
1,256 |
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Net income per common share - basic and diluted |
$ |
0.14 |
$ |
0.11 |
$ |
0.23 |
$ |
0.16 |
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Weighted average common shares outstanding - basic and diluted |
7,877,278 |
7,877,278 |
7,877,278 |
7,877,278 |
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