iGO Reports Fourth Quarter 2012 Financial Results

iGO Reports Fourth Quarter 2012 Financial Results

SCOTTSDALE, Ariz., April 1, 2013 (GLOBE NEWSWIRE) -- iGO, Inc. (Nasdaq:IGOI),
a leading provider of eco-friendly power management solutions and accessories
for mobile electronic devices, today reported financial results for the fourth
quarter ending December 31, 2012.

Revenue was $6.4 million for the fourth quarter of 2012, compared with $8.6
million in the same period of the prior year. The decline in revenue is
primarily attributable to lower sales of power products.

Net loss was $3.9 million, or ($1.34) per share, in the fourth quarter of
2012, compared with a net loss of $5.7 million, or ($2.04) per share, in the
same quarter of the prior year. Net loss in both periods included writedowns
in the value of goodwill and other intangible assets carried on the Company's
balance sheet. The writedowns totaled $1.4 million in the fourth quarter of
2012 and $2.3 million in the fourth quarter of 2011.

The Company had $10.4 million in cash, cash equivalents, and short-term
investments, and no debt as of December 31, 2012.

Michael D. Heil, President and Chief Executive Officer of iGO, commented, "We
continue to see ongoing competitive pressures impacting our revenues and
margins.As announced earlier this year, we have implemented a number of
cost-savings initiatives during the first quarter of 2013 that will reduce our
annual operating expenses.We believe the cost-savings initiatives will better
align our cost structure with our current level of revenue."

Financial Review

Following is a breakdown of year-over-year revenue trends in the Company's
major product categories:

  *Power products – Sales of power products were $4.6 million for the fourth
    quarter of 2012, compared with $5.7 million for the fourth quarter of
    2011.
  *Audio products – Sales of audio products were $1.0 million for the fourth
    quarter of 2012, compared with $1.5 million for the fourth quarter of
    2011.
  *Rechargeable alkaline batteries – Sales of rechargeable alkaline batteries
    were $447,000 for the fourth quarter of 2012, compared with $897,000 for
    the fourth quarter of 2011.

Gross margin for the fourth quarter of 2012 was 14.0%, compared with 7.9% in
the fourth quarter of 2011.The increase in gross margin is primarily due to a
lower level of price discounting compared to the same quarter of the prior
year.

Total operating expenses were $3.0 million in the fourth quarter of 2012,
compared with $4.1 million in the fourth quarter of 2011.The decline is
primarily attributable to efforts the Company has made to reduce its cost
structure over the past year.

iGO Green® Technology Chip Development

On March 27, 2013, Texas Instruments terminated its agreement with iGO, Inc.
to create an integrated circuit based on iGO Green technology, after multiple
technical issues were encountered during the development process.

iGO, Inc. has no current plans to pursue any other programs to develop an
integrated circuit based on iGO Green technology.

About iGO, Inc.

iGO has been a leader in the mobile accessories industry since 1995, offering
premium power solutions for laptop computers and electronic mobile devices
that enhance the possibility of living life fully charged. iGO's universal
chargers, batteries, and audio accessories offer support and performance that
elevates the mobile consumer experience.

iGO's products are available at www.igo.com as well as through leading
resellers and retailers.For additional information call 480-596-0061, or
visit www.igo.com.

iGO is a registered trademark of iGO, Inc. All other trademarks or registered
trademarks are the property of their respective owners.

This press release contains "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934.The words "believe,"
"expect," "anticipate," "should," and other similar statements of our
expectation identify forward-looking statements.Forward-looking statements in
this press release include the expectation that the announced cost-savings
initiatives will better align the company's cost structure with its current
level of revenue.These forward-looking statements are based largely on
management's expectations and involve known and unknown risks, uncertainties
and other factors, which may cause the Company's actual results, performance
or achievements, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by these
forward-looking statements.Risks that could cause results to differ
materially from those expressed in these forward-looking statements include,
among others, the sufficiency of our revenue to absorb expenses; our
dependence on large purchases from significant customers; our ability to
expand and diversify our customer base; increased focus of consumer
electronics retailers on their own private label brands; our ability to expand
our revenue base and develop new products and product enhancements;
fluctuations in our operating results because of: increases in product costs
from our suppliers, our suppliers' ability to perform, the timing of new
product and technology introductions and product enhancements relative to our
competitors, market acceptance of our products, the size and timing of
customer orders, our ability to effectively manage inventory levels, delay or
failure to fulfill orders for our products on a timely basis, distribution of
or changes in our revenue among distribution partners and retailers, our
inability to accurately forecast our contract manufacturing needs,
difficulties with new product production implementation or supply chain,
product defects and other product quality problems, the degree and rate of
growth in our markets and the accompanying demand for our products, our
ability to expand our internal and external sales forces and build the
required infrastructure to meet anticipated growth, and seasonality of sales;
our ability to manage our inventory levels; decreasing sales prices on our
products over their sales cycles; our failure to integrate acquired
businesses, products and technologies; our reliance on and the risk relating
to outsourced manufacturing fulfillment of our products, including potential
increases in manufacturing costs; the negative impacts of product returns;
design and performance issues with our products; liability claims; our failure
to expand or protect our proprietary rights and intellectual property;
intellectual property infringement claims against us; our ability to hire and
retain qualified personnel; our ability to secure additional financing to meet
our future capital needs; increased competition and/or reduced demand in our
industry; our failure to comply with domestic and international laws and
regulations; economic conditions, political events, war, terrorism, public
health issues, natural disasters and similar circumstances; that our common
stock could be delisted from the NASDAQ Capital Market; volatility in our
stock price; concentration of stock ownership among our executive officers and
principal stockholders; provisions in our certificate of incorporation, bylaws
and Delaware law, as well as our stockholder rights plan, that could make a
proposed acquisition of the Company more difficult; and dilution resulting
from potential future stock issuances.

Additionally, other factors that could cause actual results to differ
materially from those set forth in, contemplated by, or underlying these
forward-looking statements are included in the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 2012 and the Company's Annual
Report on Form 10-K for the year ended December 31, 2011 under the heading
"Risk Factors."In light of these risks and uncertainties, the forward-looking
statements contained in this press release may not prove to be accurate.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 update you 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. and Subsidiaries
Condensed Consolidated Statements of Operations
(000's except per share data)
(unaudited)
                                                              
                                                              
                         Three months ended        Year ended
                         December 31,             December 31,
                         2012         2011         2012          2011
                                                              
                                                              
Net revenue               $6,406     $8,647     $29,876     $38,372
                                                              
Gross profit              894         686         5,283        8,469
                                                              
Selling, engineering and  3,010       4,072       14,497       17,806
administrative expenses
Asset impairment          1,443       2,260       1,443        2,260
Loss from operations     (3,559)     (5,646)     (10,657)     (11,597)
Interest income           2           7           12           62
(expense), net
Other income (expense),   (320)       (81)        (1,379)      6
net
Net loss                  $(3,877)   $(5,720)   $(12,024)   $(11,529)
                                                              
Basic and diluted net     $(1.34)    $(2.04)    $(4.22)     $(4.14)
loss per share *
                                                              
Basic and diluted
weighted average common   2,885       2,810       2,852        2,784
shares outstanding *
                                                              
                                                              
                                                              
*Common stock and per share information have been retroactively restated to
reflect the 1-for-12 reverse stock split, effective January 28, 2013

iGO, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(000's)
(unaudited)
                                                   
                                       December 31, December 31,
                                       2012         2011
                                                   
ASSETS                                              
                                                   
Cash and cash equivalents                 $8,229     $10,290
Short-term investments                    2,129        4,890
Accounts receivable, net                  4,131       5,813
Inventories                              8,376       11,177
Prepaid expenses and other current assets 336         540
Total current assets                     23,201      32,710
Other assets, net                        1,664       4,568
Total assets                             $24,865    $37,278
                                                   
                                                   
LIABILITIES AND EQUITY                                
                                                   
Liabilities, excluding deferred revenue   $3,494     $5,106
Deferred revenue                         307         1,305
Total liabilities                        3,801       6,411
                                                   
Total stockholders' equity                21,064      30,867
                                                   
Total liabilities and equity              $24,865    $37,278

CONTACT: Tony Rossi
         Financial Profiles
         trossi@finprofiles.com
 
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