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InfoSonics posts US$1.73mn Q1 net income
Bnamericas Published: Wednesday, May 10, 2006
US and Latin American wireless handset and accessories distributor InfoSonics registered net income of US$1.73mn in the first quarter, compared to US$314,838 in 1Q05, the company said in a statement. InfoSonics saw first quarter revenues grow 125% year-on-year, to US$54.1mn compared to US$24mn in 1Q05. Units shipped during the quarter increased by 253% year-over-year, offsetting a 33% decline in the average selling price. "During the quarter we significantly strengthened our balance sheet to position us for continued growth by completing a US$14.4mn equity private placement, a portion of which will be used for our new Mexico facility," the company's president and CEO Joseph Ram said. InfoSonics specializes in handsets made by Korean manufacturers Samsung and VK Mobile, and recently added hardware from France's Alcatel (NYSE: ALA) and China's TCL to its portfolio. Latin America represented 69% of the distributor's net sales in 2005.
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