InfoSonics Corp., the San Diego distributor of cellphones in Latin America, reported first quarter sales of $7.8 million, down 37 percent from the like quarter of 2012.
The company said its first quarter net loss was $700,000, compared with net income of $105,000 for the like quarter of last year.
InfoSonics said the primary reason behind the decline in sales was the absence of low-margin Samsung distribution sales in the first quarter versus $2.5 million in that category in last year’s first quarter.
CEO Joseph Ram said that although the business showed some encouraging data points in the quarter including a record number of verykool handsets shipped, “more needs to be done in all areas to bring our company to profitability.”
— SDBJ Staff Report