InfoSonics Corp., which produces wireless phones and tablets largely for the Latin American market, reported a fourth-quarter net loss of $959,000, or 7 cents per share, on quarterly net sales of $10.2 million. In the same quarter one year ago, the business reported net income of $730,000, or a nickel per share, on revenue of $17.9 million.
InfoSonics (Nasdaq: IFON) said the 43 percent sales decrease stemmed from less business with two Latin American wireless carriers, which the company moved away from earlier in the year; as well as reduced sales at Mexican big box stores, which were caused by supply chain constraints and currency-related pricing pressures.
For the year, InfoSonics reported a net loss of $1.24 million, or 9 cents per share, on net sales of $47.8 million — roughly flat with 2014 net sales of $48.1 million. Net income at the end of 2014 was $261,000, or 2 cents per share.
On a more positive note, InfoSonics said average selling price per unit rose 29 percent as customers demanded more smartphones.
The business reported its results on March 10. Shares of InfoSonics stock fell 41 percent to $1.11 as the trading day neared its end.