InfoSonics Reports Sales of $8.3M in Q2Thursday, August 15, 2013
InfoSonics Corp., the San Diego distributor of cellphones mainly in Central and South America, reported net sales of $8.3 million for the second quarter, up 3 percent from the like quarter of 2012.
InfoSonics (Nasdaq: IFON) net loss for the quarter was $47,000, down from the net loss of $265,000 for the like quarter of last year.
CEO Joseph Ram said the quarterly results involved the shipment of 432,000 handsets, the third consecutive quarter of record unit shipments.
Other metrics that showed encouraging results were $1.8 million in positive cash flow, reduced days-sales-outstanding in accounts receivable, and increased inventory turns, Ram said.
“We continue to search for ways to expand our business in both in existing and new geographic markets,” he said.
As of June 30, Infosonics said it had $15.7 million in working capital, including $6.4 million in cash, and no outstanding debt.