Boston, MA, 03/11/2014 – InfoSonics Corporation (NASDAQ:IFON) soared by more than 13% during the last trading session after the wireless handset and tablet solutions provider marched in to the second consecutive quarter of profitability.
Fourth Quarter Update
InfoSonics Corporation (NASDAQ:IFON) reported 40% growth in sales during the fourth quarter to $11.9 million, while its gross profit rose 48% at the same time. The quarter was remarkable for the company, particularly, in terms of sales dollars and unit shipped for its verykool products. The overall unit shipment increased by 96% year-over-year, leading to another record year with 1.9 million shipped units. At the same time, the company was able to bring down its expenses in the period.The shipment of unitsnearly recorded a growth of two times from that in the previous year, while the average selling price fell by almost 28% as the carrier consumers back in Latin America bought more low-priced feature phones.
InfoSonics Corporation (NASDAQ:IFON) is said to be adjusting its portfolio in line with the growing demand in smartphones space this year. During the last three months, Infosonics observed expansion of its sales in areas of Puerto Rico, Mexico and Peru, whereas it also witnessed increased sales to private label consumers like EMEA and APAC. The company is looking at the opportunity to increase its sales in the U.S. this year.
InfoSonics Corporation (NASDAQ:IFON)’s net income for the reported quarter came in at $125,000, which translates into $0.01 per share. The figure reflects improvement when compared with $1.2 million net loss in the same quarter last year. For the fiscal year 2013, the net loss of the company stood at $597,000, that is, 4 cents per share.
More About The Company
InfoSonics Corporation (NASDAQ:IFON), based out in San Diego-based is involved into designing, manufacturing and supply of wireless handsets and associated products to carriers, OEMs, distributors and consumers in the regions of Latin America, United States, Europe, Africa and Asia Pacific.