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iGo, Inc. (OTC:up) Today announced the fourth quarter and annual operating results as of December 31, 2020.
Financial overview
Comparison between the fourth quarter of 2020 and the fourth quarter of 2019
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Revenue for the fourth quarter of 2020 was US$16.4 million, an increase of 12% from the US$14.6 million in the same period last year.
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Net income in the fourth quarter of 2020 was US$1.4 million, or US$0.18 per share, while net income in the same period last year was US$700,000, or US$0.09 per share.
Comparison between the year ended December 31, 2020 and the year ended December 31, 2019
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Revenue for the year ended December 31, 2020 was US$62.7 million, an increase of 6% from 2019’s US$59.4 million.
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Net income for the year ended December 31, 2020 was US$4.4 million, or US$0.56 per share, while net income in 2019 was US$1 million, or US$0.13 per share.
The company continues to evaluate the global risks associated with COVID-19 and the slowdown in business activities, including the potential impact on its employees, customers, suppliers, and financial performance. The impact on the company’s business after 2020 will depend on a variety of factors, including but not limited to the duration and severity of the pandemic, the interruption of demand for our business products and services, and the impact of the global epidemic. The business and economic environment of liquidity and capital availability, all of which are uncertain and unpredictable. To help alleviate the financial impact of the COVID-19 pandemic, the company has initiated cost-cutting actions, including recruitment freezes, layoffs and layoffs, salary cuts, bonus payment deferrals, and temporary 401(k) competition suspensions. The company has fully resumed its previous pay cuts; however, management continues to focus on cash management and liquidity, including the cancellation of discretionary expenditures, active working capital management, and strict approval of capital expenditures. If the situation requires, the company will evaluate further actions.
As of December 31, 2020, the company has approximately $113 million in federal net operating losses (“NOL”) carried forward that can be used to reduce future federal taxes. In the company’s federal NOL, US$111 million was generated before 2018. If it is not used by 2037, it may expire. US$1.8 million generated in 2018 can be carried forward indefinitely, subject to 80% Annual taxable income limit. As of December 31, 2020, the company has a valuation subsidy to retain its NOL-related deferred income tax assets, which is approximately US$105 million. The company’s federal NOL may be restricted by section 382 of the Internal Revenue Code and therefore may not be used to reduce taxable income.
About the company
The company was previously a supplier of mobile accessories and is evaluating alternative strategies for using its capital and the iGo brand. The company’s Kasco subsidiary (www.kasco.com) Provide metal blade products for meat cutting, food cutting and wood cutting industries for the global market. Its route distribution department provides high-quality slaughter supplies, resupply products and condiments to the retail grocery and retail food industries in the United States and Canada. Kasco is headquartered in St. Louis and was established in 1901, with manufacturing, sales and warehousing operations in St. Louis, Canada, Mexico, Wales and Germany.
Forward-looking statements
Certain information in this press release may constitute forward-looking statements, involving risks and uncertainties, and may cause actual results to differ materially from those stated. Such forward-looking statements do not guarantee future performance and are affected by various factors that may cause actual results to differ materially. You should not place undue reliance on such forward-looking statements. Due to the ongoing 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 conditions. The company assumes no obligation to publicly update or revise any forward-looking statements or any facts, events or circumstances that may affect forward-looking statements after this date. In addition, the company does not assume any responsibility to provide updates for unexpected events that may cause actual results to differ from those expressed or implied in these forward-looking statements.
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iGo, Inc. |
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Consolidated balance sheet |
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(Thousands, except ordinary shares) |
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December 31, 2020 |
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December 31, 2019 |
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assets |
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Current assets: |
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Cash and cash equivalents |
$ |
2,427 |
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$ |
1,687 |
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Accounts receivable-deducted $464 and $265 for doubtful debt reserves on December 31, 2020 and December 31, 2019, respectively |
7,208 |
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7,731 |
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in stock |
6,342 |
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4,844 |
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Prepaid expenses and other liquid assets |
1,366 |
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1,012 |
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Total current assets |
17,343 |
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15,274 |
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Real estate, plant and equipment, net |
12,085 |
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11,498 |
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Operating lease use right assets |
758 |
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1,225 |
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Intangible assets, net |
913 |
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1,070 |
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Deferred tax assets |
1,343 |
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1,408 |
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Total assets |
$ |
32,442 |
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$ |
30,475 |
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The full story on Benzinga.com
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