Infosonics Corp. Reports Net Loss of $1.2M for Q4Monday, March 25, 2013
Infosonics Corp., the San Diego distributor of cellphones in international markets, reported a fourth quarter net loss of $1.2 million compared with a net loss of $359,000 for the like quarter of 2011.
Revenue for the fourth quarter came in at $8.4 million, down 29 percent from the like quarter of 2011.
For the full year, Infosonics reported a net loss of $2.5 million compared with a net loss of $2.48 million in 2011.
Revenue during the year was $34.3 million, down 2 percent from its 2011 revenue, the company said.
CEO Joseph Ram said the company enjoyed record total shipments of products last year but was hurt by increased research and development, marketing, and carrier certification expenses.
“Our operating expenses included a high level of R&D spending as we invested heavily in a new line of ruggedized smartphones. The concurrent development of these models over the last two quarters required an expansion of our team,” Ram said.
Traded on the Nasdaq under IFON, shares were at 60 cents recently, giving the company a market capitalization of $8.5 million. Its 52-week range was 52 cents to $1.78.
— Mike Allen