Shares of power products maker iGo, Inc. (Nasdaq: IGOI) were up as much as 45 percent from Friday’s closing price in morning trading on Monday. Shares touched an intraday high of $1.28, up from Friday’s closing price of $0.88.
The Scottsdale-based company and its subsidiaries engage in the design, development, manufacture, and distribution of power products for high-power and low-power mobile electronic devices. The companys products include AC/DC universal power adapters, DC-only power adapters, AC-only power adapters, DC cigarette lighter adapters, mobile AC adapters, combination AC/DC adapters, and battery-powered adapters. It also provides mobile device accessories, such as monitor stands, portable computer stands, and foldable keyboards.
For the three months ended September 30, iGo, Inc. reported revenue of $9.6 million, a decrease of 20 percent compared to revenue of $12.2 million reported in the same three month period in 2010. The company reported a net loss of $2.2 million, or $0.07 per share, compared to net income of $51,000, or break even in the same period a year ago. For the nine months ended September 30, iGo, Inc.’s revenue fell to $29.7 million, from $30.1 million in the same nine month period in 2010. The company’s net loss for the nine months ended September 30 was $5.8 million, or $0.17 per share, compared to net income of $419,000, or $0.01 per share in the same nine month period a year ago.
The quarterly revenue drop was primarily due to the decrease in sales to RadioShack and Belkin, offset by the addition of battery, audio and protection product lines as a result of Adapt and Aerial7 acquisitions in the second half of 2010 and the Pure Energy relationship in the first quarter of 2011, combined with the increases in sales to Walmart.
Shares of IGOI are down about 15 percent over the past three months.