San Diego-based InfoSonics Corp. (Nasdaq: IFON), a provider of wireless handset solutions and tablets, reported Thursday net income for the second quarter of 2014 was $109,000 compared to a $47,000 loss in the second quarter of 2013.
For the six months ended June 30, 2014, net income was $164,000, or $0.01 per share, compared to a loss of $756,000, or $0.05 per share, in the comparable period of the prior year.
The company also reported net sales for the 2014 second quarter of $10.4 million, a $2.1 million -- or 25 percent -- increase from $8.3 million in the second quarter of 2013.
Joseph Ram, president and CEO of InfoSonics, said gross profit in the second quarter of 2014 was $2 million, a 17 percent increase over $1.7 million in the second quarter of 2013.
“We reported a large swing of $704,000 in operating profit, before other income and taxes, by turning a $569,000 operating loss in the second quarter of 2013 into a $135,000 operating profit in the second quarter of 2014,” Ram said in a statement.
He added that the company generated $860,000 in additional cash during the quarter and ended the quarter with no borrowing on its new bank line of credit.
The company also reported sales growth to customers in each of its geographical areas, including a 300 percent increase in Mexico and a 71 percent increase in the United States.
Operating expenses in the second quarter of 2014 were $1.9 million, a decrease of $405,000, or 18 percent, compared to $2.3 million in the second quarter 2013.
At the end of the second quarter of 2014, the company had $2 million in cash, $16.4 million of net working capital and no outstanding indebtedness.
5880 Pacific Center Blvd.
San Diego, CA 92121