San Diego-based InfoSonics Corp. (NASDAQ: IFON), which makes smartphones, tablets and accessories for the Latin American market, reported $8.6 million in net sales for the fourth quarter of 2016.
Earnings were down 15 percent compared with the $10.2 million in net sales InfoSonics reported in the same quarter of the previous year. The company attributed the decline to its exit from the U.S. market, among other factors.
The company still turned a profit that quarter, however, netting about $1.4 million, up from about $1.3 million in the fourth quarter of 2015.
InfoSonics said its net sales for 2016 overall were $39.1 million, down 18 percent from $47.8 million in 2015.
“Our challenge in 2017 is to find new sources of profitable revenue on a consistent basis as part of our focus on higher margin channels,” said Joseph Ram, president and CEO of InfoSonics, in a statement March 9.