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iGO Reports First Quarter 2013 Financial Results



iGO Reports First Quarter 2013 Financial Results

SCOTTSDALE, Ariz., May 9, 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 first
quarter ending March 31, 2013.

Revenue was $5.6 million for the first quarter of 2013, compared with $8.2
million for the same period of the prior year. The decline in revenue is
primarily attributable to lower sales of power products. 

Net loss was $2.5 million, or ($0.86) per share, in the first quarter of 2013,
compared with a net loss of $2.8 million, or ($0.99) per share, in the same
quarter of the prior year.

As of March 31, 2013, the Company had $10.4 million in cash, cash equivalents,
and short-term investments, and no debt.

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 first
    quarter of 2013, compared with $6.5 million for the first quarter of 2012.
  * Audio products – Sales of audio products were $464,000 for the first
    quarter of 2013, compared with $778,000 for the first quarter of 2012.
  * Rechargeable alkaline batteries – Sales of rechargeable alkaline batteries
    were $435,000 for the first quarter of 2013, compared with $658,000 for
    the first quarter of 2012.

Gross margin for the first quarter of 2013 was 15.8%, compared with 17.5% for
the first quarter of 2012. The decrease in gross margin is primarily due to
labor and overhead costs being spread over reduced revenue compared to the
same quarter of the prior year.

Total operating expenses were $3.2 million in the first quarter of 2013,
compared with $4.2 million in the first quarter of 2012. The decline is
primarily attributable to efforts the Company has made to reduce its cost
structure over the past year.

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. 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 Annual Report on Form
10-K for the year ended December 31, 2012 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
                                             March 31,
                                             2013             2012
                                                               
                                                               
Revenue                                       $ 5,582          $ 8,247
                                                               
Gross profit                                  881              1,445
                                                               
Operating expenses:                                            
Sales and marketing                           859              1,568
Research and development                      460              651
General and administrative                    1,881            1,996
Total operating expenses                      3,200            4,215
Loss from operations                          (2,319)          (2,770)
Interest income (expense), net                2                5
Other income (expense), net                   (176)            (23)
Net loss                                      $ (2,493)        $ (2,788)
                                                               
Basic and diluted net loss per share  *       $ (0.86)         $ (0.99)
                                                               
Basic and diluted weighted average common     2,898            2,814
shares outstanding
                                                               
                                                               
* March 2012 common stock and per share information has 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)
                                                     
                                          March 31, December 31,
                                          2013      2012
                                                     
ASSETS                                               
                                                     
Cash and cash equivalents                  $ 8,214   $ 8,229
Short-term investments                     2,136     2,129
Accounts receivable, net                   3,534     4,131
Inventories                                6,027     8,376
Prepaid expenses and other current assets  440       336
Total current assets                       20,351    23,201
Other assets, net                          1,432     1,664
Total assets                               $ 21,783  $ 24,865
                                                     
                                                     
LIABILITIES AND EQUITY                               
                                                     
Liabilities, excluding deferred revenue    $ 2,735   $ 3,494
Deferred revenue                           303       307
Total liabilities                          3,038     3,801
                                                     
Total stockholders' equity                 18,745    21,064
Total liabilities and equity               $ 21,783  $ 24,865

CONTACT: Tony Rossi
         Financial Profiles
         trossi@finprofiles.com
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