iGo Reports Second Quarter 2017 Financial Results

LOS GATOS, Calif., Sept. 19, 2017 /PRNewswire/ -- iGO, Inc. (OTCQB: IGOI) (the "Company" or "iGO"), a provider of eco-friendly power management solutions and accessories for mobile electronic devices, today reported financial results for the second quarter ended June 30, 2017.

Net revenue for the second quarter of 2017 was $12,000, as compared to $14,000 in the same period of the prior year.

Net loss was $127,000, or ($0.04) per share, in the second quarter of 2017, compared with a net loss of $280,000, or ($0.10) per share, in the same quarter of the prior year.

The Company had $7.0 million in cash, cash equivalents, and short-term investments, and no debt as of June 30, 2017.

About iGO, Inc.

iGO has been a provider of mobile accessories since 1995, offering premium power solutions for laptop computers and electronic mobile devices that enhance the possibility of living life fully charged. iGO's universal chargers, batteries, and audio accessories offer support and performance that elevates the mobile consumer experience.

iGO's products are available at www.igo.com as well as through leading resellers and retailers.

iGO® is a registered trademark of iGO, Inc. All other trademarks or registered trademarks are the property of their respective owners.

iGO has adopted a Rights Agreement to deter acquisitions of 4.9% or more of the Company's common stock (subject to certain exceptions) by any group or person in order to protect the Company's ability to utilize its net loss carryforwards to reduce potential future federal income tax obligations.

Forward-looking statements

Certain information in this press release may constitute forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from those estimated. Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those estimated. Undue reliance should not be placed on such forward-looking statements.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.

                                                   iGo, Inc.

                                     Consolidated Statements of Operations

                                    (Dollars in thousands, except per share)


                                                   Quarter Ended June 30,               Six Months Ended June 30,
                                                   ----------------------               -------------------------

                                                          2017                     2016                   2017          2016
                                                          ----                     ----                   ----          ----

                                                                        (Unaudited)


    Revenue                                                $12                      $14                    $33           $98

    Cost of revenue                                          -                       1                                   2

    Gross profit                                            12                       13                     33            96
                                                           ---                      ---                    ---           ---


    Operating expenses:

    General and
     administrative                                        145                      296                    387           528

      Total operating
       expenses                                            145                      296                    387           528
                                                           ---                      ---                    ---           ---


    Operating income
     (loss)                                              (133)                   (283)                 (354)        (432)


    Other income (expense), net:

    Interest income                                          6                        3                     11             7

    Other income
     (expense), net                                          -                       -                     -            -


    Net income (loss)                                   $(127)                  $(280)                $(343)       $(425)
                                                         =====                    =====                  =====         =====


    Net income (loss) per share:

    Basic and diluted                                  $(0.04)                 $(0.10)               $(0.12)      $(0.15)
                                                        ======                   ======                 ======        ======

    Weighted average common shares outstanding:

    Basic and diluted                                2,924,208                2,914,141              2,924,208     2,899,260
                                                     =========                =========              =========     =========

                                                         iGo, Inc.

                                                Consolidated Balance Sheets

                                            June 30, 2017 and December 31, 2016

                                         (Dollars in thousands, except share data)



                                                     June 30,                      December 31,

                                                                     2017                             2016
                                                                     ----                             ----

    ASSETS                                          (Unaudited)

    Current assets:

    Cash and cash
     equivalents                                                   $4,829                           $5,153

    Short-term investments                                          2,182                            2,164

    Accounts receivable,
     net                                                               34                               93

    Inventories                                                        25                               25

    Prepaid expenses and
     other current assets                                              50                               21

      Total current assets                                          7,120                            7,456


    Intangible assets, net                                              -                               -

    Total assets                                                   $7,120                           $7,456
                                                                   ======                           ======


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Liabilities:

    Accounts payable                                                   $4                               $4

      Total liabilities                                                 4                                4
                                                                      ---                              ---


    Stockholders' equity:

    Common stock, $0.01 par
     value; authorized
     10,000,000 shares;                                                29                               29

    2,924,208 and 2,924,208 shares
     issued and outstanding,
     respectively

    Additional paid-in
     capital                                                      175,711                          175,711

    Accumulated deficit                                         (168,556)                       (168,213)

    Accumulated other
     comprehensive income                                            (68)                            (75)

      Total equity                                                  7,116                            7,452
                                                                    -----                            -----

    Total liabilities and
     stockholders' equity                                          $7,120                           $7,456
                                                                   ======                           ======

    CONTACT:                          Terry R. Gibson

                                       (650) 743-8197

                                       investorrelations@igo.com

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SOURCE iGO, Inc.