InfoSonics Tallies up Profitable QuarterTuesday, May 8, 2012
InfoSonics Corp., a distributor of wireless handsets mainly in Latin America, reported first quarter net profit of $105,000 compared with a net loss of $894,000 for the like quarter of 2011, the company said May 3.
Revenue for the quarter was $12.4 million compared with $9.5 million in the like quarter of 2011.
CEO Joseph Ram said he was pleased with the results that were driven by a fourth consecutive quarter of the company’s verykool products. The company’s profit margins on its products rose to 18.3 percent from the same quarter of the prior year when they were 8.6 percent, he said.
InfoSonics increased its research and development expenses as it expanded its development team and introduced new models. At the end of March the company held $15.3 million in cash, compared with $12.4 million in cash at the end of December 2011, and listed no outstanding debt, the company said.