
|
Company
Contact:
|
IR
Contact:
|
|
Jeffrey
A. Klausner
|
Todd
Kehrli or Mary Magnani
|
|
Chief
Financial Officer
|
MKR
Group, Inc.
|
|
(858)
373-1600
|
(323)
468-2300
|
|
ir@infosonics.com
|
ifon@mkr-group.com
|
|
For the Three Months
Ended March
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Net
sales
|
$ | 42,625,118 | $ | 67,933,267 | ||||
|
Cost
of sales
|
39,270,497 | 64,344,481 | ||||||
|
Gross
profit
|
3,354,621 | 3,588,786 | ||||||
|
Operating
expenses
|
2,876,972 | 3,697,468 | ||||||
|
Operating
income (loss) from continuing operations
|
477,649 | (108,682 | ) | |||||
|
Other
income (expense)
|
||||||||
|
Other
income
|
42 | 442 | ||||||
|
Interest
(expense)
|
(27,878 | ) | (189,501 | ) | ||||
|
Income
(loss) from continuing operations before benefit for income
taxes
|
449,813 | (297,741 | ) | |||||
|
Provision
for income taxes
|
9,700 | 32,172 | ||||||
|
Income
(loss) from continuing operations
|
440,113 | (329,913 | ) | |||||
|
Loss
from discontinued operations, net of tax
|
(193,061 | ) | (83,268 | ) | ||||
|
Net
income (loss)
|
$ | 247,052 | $ | (413,181 | ) | |||
|
Basic
earnings (loss) per share
|
||||||||
|
From
continuing operations
|
$ | 0.03 | $ | (0.02 | ) | |||
|
From
discontinued operations
|
$ | (0.01 | ) | $ | (0.01 | ) | ||
|
Net
income (loss)
|
$ | 0.02 | $ | (0.03 | ) | |||
|
Diluted
earnings (loss) per share
|
||||||||
|
From
continuing operations
|
$ | 0.03 | $ | (0.02 | ) | |||
|
From
discontinued operations
|
$ | (0.01 | ) | $ | (0.01 | ) | ||
|
Net
income (loss)
|
$ | 0.02 | $ | (0.03 | ) | |||
|
Basic
weighted-average number of common shares outstanding
|
14,881,774 | 14,758,413 | ||||||
|
Diluted
weighted-average number of common shares outstanding
|
14,881,774 | 14,758,413 | ||||||
|
March
31,
2009
|
December 31,
2008
|
|||||||
|
ASSETS
|
(unaudited)
|
(audited)
|
||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 11,856,495 | $ | 24,714,753 | ||||
|
Trade
accounts receivable, net of allowance for doubtful accounts of $424,047
(unaudited) and $429,126
|
36,746,976 | 22,727,738 | ||||||
|
Other
receivables
|
1,341,745 | 4,209,658 | ||||||
|
Inventory,
net of reserves of $161,556 (unaudited) and $161,556
|
3,998,742 | 4,375,334 | ||||||
|
Prepaids
|
608,914 | 244,103 | ||||||
|
Assets
of discontinued operations
|
3,104,981 | 3,264,817 | ||||||
|
Total
current assets
|
57,657,853 | 59,536,403 | ||||||
|
Property
and equipment, net
|
536,739 | 498,079 | ||||||
|
Intangible
assets
|
504,000 | 504,000 | ||||||
|
Other
assets
|
110,174 | 115,900 | ||||||
|
Total
assets
|
$ | 58,808,766 | $ | 60,654,382 | ||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$ | 2,678,537 | $ | 10,982,306 | ||||
|
Accrued
expenses
|
6,259,137 | 7,304,090 | ||||||
|
Line
of credit
|
21,524,501 | 14,273,978 | ||||||
|
Income
taxes payable
|
32,130 | 24,100 | ||||||
|
Liabilities
of discontinued operations
|
1,314,100 | 1,310,434 | ||||||
|
Total
current liabilities
|
31,808,405 | 33,894,908 | ||||||
|
Total
liabilities
|
31,808,405 | 33,894,908 | ||||||
|
Commitments
and contingencies
|
||||||||
|
Stockholders’
equity:
|
||||||||
|
Preferred
stock, $0.001 par value 10,000,000 shares authorized (no shares issued and
outstanding as of applicable period end)
|
— | — | ||||||
|
Common
stock, $0.001 par value 40,000,000 shares authorized 15,010,807 and
15,010,807 shares issued and 14,789,772 and 14,956,270 shares outstanding
as of March 31, 2009 and December 31, 2008,
respectively
|
14,790 | 14,956 | ||||||
|
Treasury
stock, at cost, 221,035 and 54,537 shares as of March 31, 2009 and
December 31, 2008, respectively
|
(53,398 | ) | (16,900 | ) | ||||
|
Additional
paid-in capital
|
31,679,980 | 31,666,434 | ||||||
|
Accumulated
other comprehensive loss
|
(8,258 | ) | (25,211 | ) | ||||
|
Accumulated
deficit
|
(4,632,753 | ) | (4,879,805 | ) | ||||
|
Total
stockholders’ equity
|
27,000,361 | 26,759,474 | ||||||
|
Total
liabilities and stockholders’ equity
|
$ | 58,808,766 | $ | 60,654,382 | ||||