Nov 18, 2021   SOURCE: BusinessWire

iGo Reports Third Quarter Financial Results

iGo, Inc. (OTC PINK: IGOI) (the "Company") today announced operating results for the third quarter and nine months ended September 30, 2021.

Financial Overview

Third quarter of 2021 compared with third quarter of 2020

  • Revenue for the third quarter of 2021 was $17.5 million, as compared to revenue of $15.8 million in the same period of the prior year.
  • Net income was $0.5 million, or $0.07 per share, for the third quarter of 2021, as compared to net income of $1.7 million, or $0.22 per share, in the same period of the prior year.

Nine months ended September 30, 2021 compared with nine months ended September 30, 2020

  • Revenue for the nine months ended September 30, 2021 was $51.6 million, as compared to revenue of $46.4 million in the same period of the prior year.
  • Net income was $2.4 million, or $0.30 per share, for the nine months ended September 30, 2021, as compared to net income of $3.0 million, or $0.38 per share, in the same period of the prior year.

Net Operating Losses

At December 31, 2020, the Company had carryforwards of Federal net operating losses ("NOLs") of approximately $113.2 million available to reduce future Federal taxes. The Company has a valuation allowance to reserve its deferred tax asset associated with the NOLs. The Company’s Federal NOLs may be subject to an Internal Revenue Code Section 382 limitation, and as a result, may not be available to reduce taxable income.

About the Company

The Company's Kasco subsidiary (www.kasco.com) provides metallic blade products for the meat cutting, food cutting, and wood cutting industries to the global market. Its route distribution unit provides the U.S. and Canada retail grocery and retail food industries with quality butcher supplies, resupply products, and seasonings. Headquartered in St. Louis and founded in 1901, Kasco has manufacturing, sales, and warehouse operations in St. Louis, Canada, Mexico, Wales, and Germany.

Forward-Looking Statements

Certain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements do not guaranty future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. Due to the continued uncertainty of the impact of COVID-19 on the global economy, it is difficult to predict the duration of the pandemic and its impact on the Company's business, operations, and financial condition. 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 provide updates on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.

(Financial Tables Follow)

iGo, Inc.

Consolidated Balance Sheets

(unaudited)

(in thousands, except common shares)

 

 

 

 

 

 

 

 

 

September 30, 2021

 

December 31, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

2,850

 

 

 

$

2,427

 

 

Accounts receivable - net of allowance for doubtful accounts of $405 and $464 at September 30, 2021 and December 31, 2020, respectively

7,454

 

 

 

7,208

 

 

Inventories

6,629

 

 

 

6,342

 

 

Prepaid expenses and other current assets

2,518

 

 

 

1,366

 

 

Total current assets

19,451

 

 

 

17,343

 

 

Property, plant and equipment, net

12,258

 

 

 

12,085

 

 

Operating lease right-of-use assets

404

 

 

 

758

 

 

Intangible assets, net

833

 

 

 

913

 

 

Deferred tax assets

1,328

 

 

 

1,343

 

 

Total Assets

$

34,274

 

 

 

$

32,442

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

4,090

 

 

 

$

4,806

 

 

Income taxes payable

1,573

 

 

 

608

 

 

Accrued expenses

3,505

 

 

 

3,371

 

 

Payable to related parties

—

 

 

 

392

 

 

Operating lease liabilities

369

 

 

 

467

 

 

Total current liabilities

9,537

 

 

 

9,644

 

 

Long-term debt

3,000

 

 

 

3,000

 

 

Long-term income taxes payable

—

 

 

 

382

 

 

Deferred tax liabilities

185

 

 

 

199

 

 

Long-term operating lease liabilities

29

 

 

 

280

 

 

Other non-current liabilities

1,557

 

 

 

1,343

 

 

Total Liabilities

14,308

 

 

 

14,848

 

 

Commitments and Contingencies

 

 

 

Stockholders' equity:

 

 

 

Common stock, $0.01 par value: authorized 10,000,000 shares; 7,877,278 shares issued and outstanding at September 30, 2021 and December 31, 2020

79

 

 

 

79

 

 

Accumulated other comprehensive loss

(545

)

 

 

(537

)

 

Capital deficit

(20,608

)

 

 

(20,608

)

 

Retained earnings

41,040

 

 

 

38,660

 

 

Total Stockholders' Equity

19,966

 

 

 

17,594

 

 

Total Liabilities and Stockholders' Equity

$

34,274

 

 

 

$

32,442

 

 

iGo, Inc.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except common shares and per common share data)

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

 

 

2021

 

2020

Revenue

$

17,470

 

 

$

15,798

 

 

 

$

51,591

 

 

$

46,360

 

Total costs and expenses

16,815

 

 

14,311

 

 

 

48,569

 

 

42,828

 

Income before income taxes

655

 

 

1,487

 

 

 

3,022

 

 

3,532

 

Income tax provision (benefit)

107

 

 

(236

)

 

 

642

 

 

553

 

Net income

$

548

 

 

$

1,723

 

 

 

$

2,380

 

 

$

2,979

 

Net income per common share - basic and diluted

$

0.07

 

 

$

0.22

 

 

 

$

0.30

 

 

$

0.38

 

Weighted average common shares outstanding - basic and diluted

7,877,278

 

 

7,877,278

 

 

 

7,877,278

 

 

7,877,278