InfoSonics Corporation (AMEX:IFO): -- 2005 revenues double to
record $146 million -- Fourth quarter revenues increase 79%
year-over-year -- 2005 income from continuing operations increases
152% to $2.3 million or $0.38 per diluted share -- Fourth quarter
net income from continuing operations increases to $817,000 or
$0.12 per diluted share InfoSonics Corporation (AMEX:IFO), one of
the fastest growing distributors of wireless handsets in the United
States and Latin America, today announced financial results for its
fourth quarter and fiscal year 2005 ended December 31, 2005.
Revenues for the twelve months ended December 31, 2005 were $145.8
million, a 99% increase compared with $73.4 million reported for
the comparable period in 2004. The geographic mix of revenues
shifted significantly in 2005 as sales in Latin America increased
226% and Argentina was added as a new region for the Company.
Combined, these two regions represented 69% of net sales as
compared to 12% in 2004. Sales in the United States declined 30% to
$45.6 million, or 31% of net sales. For the full year of 2005,
units shipped increased 136%, offsetting a 15% decline in average
selling price. Operating income from continuing operations for the
twelve months ended December 31, 2005 increased 180% to $3.7
million, compared with $1.3 million for the twelve months ended
December 31, 2004. After interest and tax expense, income from
continuing operations for the full year of 2005 increased 152% to
$2.3 million, or $0.38 per diluted share, as compared with
approximately $929,000, or $0.19 per diluted share in 2004. Net
income for the twelve months ended December 31, 2005 increased to
$2.7 million, or $0.44 per diluted share, compared with a net
income of approximately $38,000, or $0.01 per diluted share, for
the comparable period in 2004. Weighted average fully diluted
shares outstanding increased to 6.1 million at December 31, 2005
from 5.0 million at December 31, 2004, primarily due to an increase
of "in the money" options as a result of the increase in the
Company's share price during the year. Revenues for the quarter
ended December 31, 2005 were $35.0 million, which is a 79% increase
compared with $19.6 million reported for the quarter ended December
31, 2004. Combined sales from the region of Latin America and
Argentina represented 70% of total revenues, with the U.S.
accounting for the balance. Sales in the Latin American region
increased 52% in the fourth quarter compared to the fourth quarter
of 2004, and Argentina contributed $15.6 million in revenues in the
fourth quarter of 2005. For the fourth quarter of 2005, units
shipped increased by 125% year-over-year, offsetting an anticipated
18% decline in average selling price. Operating income from
continuing operations for the quarter ended December 31, 2005
increased 498% to $1.3 million compared with $213,000 for the
quarter ended December 31, 2004. After interest and tax expense,
income from continuing operations for the quarter was $817,000, or
$0.12 per diluted share, as compared with approximately $2,000, or
$0.01 per diluted share in the same quarter a year ago. Net income,
including a loss from discontinued operations, for the quarter
ended December 31, 2005 increased to $811,000, or $0.12 per diluted
share, compared with net income of $73,000, or $0.01 per diluted
share, for the comparable period in 2004. "2005 was a year of
record-breaking financial performance for InfoSonics," stated
Joseph Ram, InfoSonics' Chief Executive Officer. "During the year
we continued to develop strong relationships with our customers in
both the United States and Latin America, build our distribution
infrastructure and diversify our product offerings, which combined,
resulted in strong top-line growth. Due to our focus on operational
efficiencies and our fiscal discipline, InfoSonics was able to
expand its margins and achieve record profitability as well. We
believe our extended credit line and the recent completion of a
private placement provides InfoSonics with additional financial
strength and flexibility to support our strategic growth
initiatives as we move forward." Gross profit for the twelve months
ended December 31, 2005, was $12.1 million, or 8.3% of net sales,
compared to $5.5 million, or 7.6% of net sales for the twelve
months ended December 31, 2004. For the quarter ended December 31,
2005, the Company's gross profit was $3.1 million, or 8.9% of net
sales, compared to $1.3 million, or 6.7% of net sales for the
quarter ended December 30, 2004. The improvement in gross profit
and gross margin in the fourth quarter and full-year is
attributable to a shift in sales mix to higher margin products and
increased value-added services. The Company's gross profits and
gross margins will continue to vary quarter-to-quarter depending on
product and geographic mix. Operating expenses for the twelve
months ended December 31, 2005 were $8.4 million, or 5.7% of net
sales, as compared with $4.2 million, or 5.7% of net sales, for the
twelve months ended December 31, 2004. For the fourth quarter of
2005, operating expenses were $1.8 million, or 5.3% of net sales,
as compared with $1.1 million, or 5.6% of net sales, for the fourth
quarter of 2004. This decrease as a percent of revenue is primarily
due to operating efficiencies realized during the quarter. "Over
the past several years, InfoSonics has provided innovative
solutions and value-added services to the mobile communications
market, while delivering profitable growth to our shareholders,"
continued Mr. Ram. "In 2006, we plan to take InfoSonics to the next
level of success. Our strategy is to continue to expand our
geographic footprint while remaining committed to providing high
quality services that we believe will result in new customer wins,
both domestically and in Latin America. Based on strong market
fundamentals and our confidence in our ability to continue to
execute, we believe that 2006 will be another successful year for
InfoSonics." -0- *T Summary financial information For the Year
ended December 31, 2005 2004 Increase Net Sales $145,790,957
$73,406,390 99% Gross Profit $12,101,036 $5,543,051 118% Operating
Income from Continuing Operations $3,733,209 $1,332,853 180% Net
Income (loss) $2,707,647 $38,096 7,007% Diluted Earnings per share:
---------------------------- From continuing operations $0.38 $0.19
Net Income $0.44 $0.01 Fully Diluted Shares 6,141,221 4,987,792 For
the Quarter ended December 31, (unaudited) 2005 2004 Increase Net
Sales $35,001,832 $19,590,082 79% Gross Profit $3,123,124
$1,308,852 139% Operating Income from Continuing Operations
$1,273,151 $212,962 498% Net Income $811,179 $72,534 1,018% Diluted
Earnings per share: --------------------------- From continuing
operations $0.12 $0.00 Net Income $0.12 $0.01 Fully Diluted Shares
6,654,028 5,881,219 Revenues by Region Three Months ended Twelve
Months ended December 31, December 31 (unaudited) 2005 2004 2005
2004 United States $10,373,233 $13,637,398 $45,575,714 $64,754,575
Argentina $15,557,005 -- $72,333,046 -- Latin America $9,071,594
$5,952,684 $27,882,197 $8,564,078 Europe -- -- -- $87,737 ------
Totals $35,001,832 $19,590,082 $145,790,957 $73,406,390 *T
InfoSonics will host a conference call today at 9 a.m. PST (12 p.m.
EST) to discuss the Company's financial results and achievements
and answer participants' questions. Representing InfoSonics will be
Joseph Ram, the Company's President & Chief Executive Officer,
and Jeff Klausner, the Company's Chief Financial Officer. Investors
interested in participating in the call can dial 800-561-2813 from
the U.S. International callers can dial 617-614-3529 and enter
passcode 62945716. There will also be a simultaneous webcast
available at www.infosonics.com. A digital replay will be available
on our website and by telephone for two weeks and may be accessed
by dialing 888-286-8010 from the U.S., or 617-801-6888 for
international callers, and entering passcode 17862087. About
InfoSonics Corporation InfoSonics is one of the fastest growing
distributors of wireless handsets and accessories in the United
States and Latin America. InfoSonics provides end-to-end handset
and wireless terminal solutions for network operators in both the
United States and Latin America. These solutions include product
approval and certification, light assembly, logistics services,
marketing campaigns, warranty services and end user support. For
more information, please visit http://www.infosonics.com. The
forward-looking statements contained herein are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Some of these uncertainties and risks include, but are not limited
to, the demand for our products, our ability to obtain our products
from our suppliers when and in the quantity requested, our ability
to maintain commercially feasible margins given significant
competition and other factors. In addition, references to past
operating results should not be considered to be indicative of
future performance. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. InfoSonics
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof. Readers should carefully review the risks described in
other documents that InfoSonics files from time to time with the
Securities and Exchange Commission ("SEC"), including our Form 10-K
for the year ended December 31, 2004 and our Forms 10-Q for the
quarter ended September 30, 2005 and prior periods. -0- *T
InfoSonics Corporation and Subsidiaries Consolidated Balance Sheets
December 31, December 31, 2005 2004 ---------- ---------- ASSETS
Current assets Cash and cash equivalents $7,712,915 $5,183,876
Trade accounts receivable, net of allowance for doubtful accounts
of $552,993 and $250,000 19,962,630 7,596,104 Inventory, net of
reserves of $249,476 and $141,086 5,612,343 4,640,756 Prepaid
inventory 1,680,086 71,850 Prepaid expenses 478,196 384,456 Net
assets of discontinued operations 18,931 181,010 Deferred tax
assets -- current 550,000 285,000 ---------- ---------- Total
current assets 36,015,101 18,343,052 Property and equipment, net
426,917 237,853 Deferred tax assets non-current -- 67,000
Intangible assets 504,000 -- Other assets 90,790 71,851 ----------
---------- Total assets $37,036,808 $18,719,756 ==========
========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities
Line of credit $10,000,000 $ 2,564,115 Accounts payable 5,986,890
2,576,034 Accrued expenses 2,983,880 447,054 Net liabilities of
discontinued operations -- 693,542 ---------- ---------- Total
current liabilities 18,970,770 6,280,745 Deferred tax liability
non-current 22,207 -- Total liabilities 18,992,977 6,280,745
Stockholders' equity Preferred stock, $0.001 par value 10,000,000
shares authorized 0 and 0 shares issued and outstanding -- --
Common stock, $0.001 par value 40,000,000 shares authorized
5,626,422 and 5,212,000 shares issued and outstanding 5,626 5,212
Foreign currency translation (513) -- Additional paid-in capital
13,426,936 10,529,652 Retained earnings 4,611,782 1,904,147
---------- ---------- Total stockholders' equity 18,043,831
12,439,011 ---------- ---------- Total liabilities and
stockholders' equity $37,036,808 $18,719,756 ========== ==========
InfoSonics Corporation and Subsidiaries Consolidated Statements of
Income For the Three Months Ended December 31, For the Year
(unaudited) Ended December 31, ----------------------
---------------------- 2005 2004 2005 2004 ---------- ----------
---------- ---------- Net sales $35,001,832 $19,590,082
$145,790,957 $73,406,390 Cost of sales 31,878,708 18,281,230
133,689,921 67,863,339 ---------- ---------- ---------- ----------
Gross profit 3,123,124 1,308,852 12,101,036 5,543,051 Operating
expenses 1,849,973 1,095,894 8,367,827 4,210,198 ----------
---------- ---------- ---------- Operating income from continuing
operations 1,273,151 212,958 3,733,209 1,332,853 ----------
---------- ---------- ---------- Other income (expense) Interest
income (expense) (165,416) (21,585) (398,692) (95,941) ----------
---------- ---------- ---------- Income from continuing operations
before provision for income taxes 1,107,735 191,373 3,334,517
1,236,912 Provision for income taxes 290,800 189,343 995,593
307,976 ---------- ---------- ---------- ---------- Income from
continuing operations 816,935 2,030 2,338,924 928,936 ----------
---------- ---------- ---------- Income (loss) from discontinued
operations net of income taxes of $0 (5,756) 70,504 368,723
(890,840) ---------- ---------- ---------- ---------- Net income
$811,179 $72,534 $2,707,647 $38,096 ========== ==========
========== ========== Basic earnings per share From continuing
operations $0.15 $0.00 $0.44 $0.22 From discontinued operations
$0.00 $0.01 $0.07 $(0.21) ---------- ---------- ----------
---------- Net Income $0.15 $0.01 $0.51 $0.01 ========== ==========
========== ========== Diluted earnings per share From continuing
operations $0.12 $0.00 $0.38 $0.19 From discontinued operations
$0.00 $0.01 $0.06 $(0.18) ---------- ---------- ----------
---------- Net Income $0.12 $0.01 $0.44 $0.01 ========== ==========
========== ========== Basic weighted-average number of common
shares outstanding 5,457,445 5,212,000 5,322,093 4,290,546
========== ========== ========== ========== Diluted
weighted-average number of common shares outstanding 6,654,028
5,881,219 6,141,221 4,987,792 ========== ========== ==========
========== *T
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