iGo Reports First Quarter Financial Results | Financial Buzz

iGo Reports First Quarter Financial Results

iGo, Inc. (OTC PINK: IGOI) (the “Company”) today announced operating results for the first quarter ended March 31, 2021.

Financial Overview

First quarter of 2021 compared with first quarter of 2020

  • Revenue for the first quarter of 2021 was $16.0 million, as compared to revenue of $15.2 million in the same period of the prior year.
  • Net income was $0.7 million, or $0.09 per share, for the first quarter of 2021, as compared to net income of $0.4 million, or $0.05 per share, in the same period of the prior year.

The Company continues to evaluate the global risks and the slowdown in business activity related to COVID-19, including the potential impacts on its employees, customers, suppliers, and financial results. The impact on the Company’s business beyond 2021 will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic, the disruption to the demand for our businesses’ products and services, and the impact of the global business and economic environment on liquidity and the availability of capital, all of which are uncertain and cannot be predicted. To help mitigate the financial impact of the COVID-19 pandemic, the Company initiated cost reduction actions, including hiring freezes, staffing and force reductions, salary reductions, bonus payment deferrals, and temporary 401(k) match suspension. The Company has fully restored the prior salary reductions; however, management continues its focus on cash management and liquidity, which includes the elimination of discretionary spending, aggressive working capital management, and strict approvals for capital expenditures. The Company will evaluate further actions if circumstances warrant.

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.

 

iGo, Inc.

Consolidated Balance Sheets

(in thousands, except common shares)

 

 

 

 

 

(Unaudited)

 

 

 

March 31, 2021

 

December 31, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

2,030

 

 

$

2,427

 

Accounts receivable – net of allowance for doubtful accounts of $484 and $464 at March 31, 2021 and December 31, 2020, respectively

7,219

 

 

7,208

 

Inventories

6,687

 

 

6,342

 

Prepaid expenses and other current assets

1,711

 

 

1,366

 

Total current assets

17,647

 

 

17,343

 

Property, plant and equipment, net

12,101

 

 

12,085

 

Operating lease right-of-use assets

637

 

 

758

 

Intangible assets, net

876

 

 

913

 

Deferred tax assets

1,327

 

 

1,343

 

Total Assets

$

32,588

 

 

$

32,442

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,769

 

 

$

4,806

 

Income taxes payable

 

 

608

 

Accrued expenses

4,252

 

 

3,371

 

Payable to related parties

790

 

 

392

 

Operating lease liabilities

442

 

 

467

 

Total current liabilities

9,253

 

 

9,644

 

Long-term debt

3,000

 

 

3,000

 

Long-term income taxes payable

 

 

382

 

Deferred tax liabilities

187

 

 

199

 

Long-term operating lease liabilities

186

 

 

280

 

Other non-current liabilities

1,558

 

 

1,343

 

Total Liabilities

14,184

 

 

14,848

 

Commitments and Contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.01 par value: authorized 10,000,000 shares; 7,877,278 shares issued and outstanding at March 31, 2021 and December 31, 2020

79

 

 

79

 

Accumulated other comprehensive loss

(453

 

(537

Capital deficit

(20,608

 

(20,608

Retained earnings

39,386

 

 

38,660

 

Total Stockholders’ Equity

18,404

 

 

17,594

 

Total Liabilities and Stockholders’ Equity

$

32,588

 

 

$

32,442

 

iGo, Inc.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except common shares and per common share data)

 

 

 

Three Months Ended

 

March 31,

 

2021

 

2020

Revenue

$

16,027

 

 

$

15,196

 

 

 

 

 

Costs and expenses

 

 

 

Cost of goods sold

10,546

 

 

7,909

 

Selling, general and administrative expenses

4,602

 

 

6,594

 

Restructuring charges

(1

 

(28

)

Interest expense

16

 

 

76

 

Gains from asset dispositions

(30

 

(30

)

Other income, net

23

 

 

(37

)

Total costs and expenses

15,156

 

 

14,484

 

Income (loss) before income taxes

871

 

 

712

 

Income tax (benefit) provision

145

 

 

284

 

Net income (loss)

$

726

 

 

$

428

 

Net income (loss) per common share – basic and diluted

$

0.09

 

 

$

0.05

 

Weighted average common shares outstanding – basic and diluted

7,877,278

 

 

7,877,278

 

 

Contacts

Investor Contact

Jennifer Golembeske

212-520-2300

jgolembeske@steelpartners.com

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