iGo Reports Third Quarter Financial Results
Financial Overview
Third quarter of 2021 compared with third quarter of 2020
-
Revenue for the third quarter of 2021 was
, as compared to revenue of$17.5 million in the same period of the prior year.$15.8 million -
Net income was
, or$0.5 million per share, for the third quarter of 2021, as compared to net income of$0.07 , or$1.7 million per share, in the same period of the prior year.$0.22
Nine months ended
-
Revenue for the nine months ended
September 30, 2021 was , as compared to revenue of$51.6 million in the same period of the prior year.$46.4 million -
Net income was
, or$2.4 million per share, for the nine months ended$0.30 September 30, 2021 , as compared to net income of , or$3.0 million per share, in the same period of the prior year.$0.38
Net Operating Losses
At
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
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)
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Consolidated Balance Sheets |
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(unaudited) |
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(in thousands, except common shares) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
2,850 |
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$ |
2,427 |
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Accounts receivable - net of allowance for doubtful accounts of |
7,454 |
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7,208 |
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Inventories |
6,629 |
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6,342 |
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Prepaid expenses and other current assets |
2,518 |
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1,366 |
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Total current assets |
19,451 |
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17,343 |
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Property, plant and equipment, net |
12,258 |
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12,085 |
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Operating lease right-of-use assets |
404 |
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758 |
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Intangible assets, net |
833 |
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913 |
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Deferred tax assets |
1,328 |
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1,343 |
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Total Assets |
$ |
34,274 |
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$ |
32,442 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
4,090 |
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$ |
4,806 |
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Income taxes payable |
1,573 |
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|
608 |
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Accrued expenses |
3,505 |
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3,371 |
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Payable to related parties |
— |
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392 |
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Operating lease liabilities |
369 |
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467 |
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Total current liabilities |
9,537 |
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9,644 |
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Long-term debt |
3,000 |
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3,000 |
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Long-term income taxes payable |
— |
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382 |
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Deferred tax liabilities |
185 |
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199 |
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Long-term operating lease liabilities |
29 |
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280 |
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Other non-current liabilities |
1,557 |
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1,343 |
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Total Liabilities |
14,308 |
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14,848 |
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Commitments and Contingencies |
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Stockholders' equity: |
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Common stock, |
79 |
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79 |
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Accumulated other comprehensive loss |
(545 |
) |
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(537 |
) |
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Capital deficit |
(20,608 |
) |
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(20,608 |
) |
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Retained earnings |
41,040 |
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38,660 |
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Total Stockholders' Equity |
19,966 |
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17,594 |
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Total Liabilities and Stockholders' Equity |
$ |
34,274 |
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$ |
32,442 |
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Consolidated Statements of Operations |
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(Unaudited) |
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(in thousands, except common shares and per common share data) |
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Three Months Ended |
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Nine Months Ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue |
$ |
17,470 |
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$ |
15,798 |
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$ |
51,591 |
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$ |
46,360 |
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Total costs and expenses |
16,815 |
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14,311 |
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48,569 |
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42,828 |
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Income before income taxes |
655 |
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1,487 |
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3,022 |
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3,532 |
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Income tax provision (benefit) |
107 |
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(236 |
) |
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642 |
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553 |
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Net income |
$ |
548 |
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$ |
1,723 |
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$ |
2,380 |
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$ |
2,979 |
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Net income per common share - basic and diluted |
$ |
0.07 |
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$ |
0.22 |
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$ |
0.30 |
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$ |
0.38 |
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Weighted average common shares outstanding - basic and diluted |
7,877,278 |
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7,877,278 |
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7,877,278 |
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7,877,278 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211118005831/en/
Investor Contact
212-520-2300
jgolembeske@steelpartners.com
Source: