InfoSonics Posts Smaller Quarterly Net LossMonday, November 14, 2011
InfoSonics Corp., a San Diego distributor of cellphones in South America and Asia, reported Nov. 10 a third-quarter net loss of $413,000, compared with a net loss of $2 million for the like quarter of 2010.
Net sales for the quarter were $7.2 million, compared with $8.2 million for the like quarter of 2010.
For the nine months, InfoSonics reported a net loss of $2.1 million, compared with a net loss of $2.8 million for the like period of 2010.
Sales for the first three quarters of the year were $22.9 million, compared with sales of $58 million for the first nine months of 2010.
CEO Joseph Ram said the company’s gross margin hit a new high of 17 percent in the third quarter, up from the previous 14.3 percent record in the second quarter.
In addition, Ram cited a leveling of operating expenses that reduced the quarter’s loss by half. “We remain focused on our efforts to return InfoSonics to profitability,” Ram said.
Shares of the company, traded on Nasdaq under IFON, closed Nov. 10 at 69 cents, and have ranged from 50 cents to $3.07 in the past 52 weeks.
— Mike Allen