HUNTINGDON VALLEY, Pa., Nov. 13, 2009 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (Pink Sheets:WIRX), a nationwide manufacturer and distributor of electronic and cellular accessories, announced third quarter 2009 results for the period ended September 30, 2009, along with year to date performance.
Net Income Comparison -- Third quarter
Total net income increased 557.0% from $50,256 ($.01) to $330,155 ($.08) per share.
Revenue Comparison -- Third quarter
Third quarter revenue was $4,530,000 compared to $6,718,000 for the same period in fiscal 2008, or a net decrease of 32.6%
Net Income Comparison -- Nine Months
Total net income increased from $119,565 ($.03 per share) to $728,667 ($.18) per share.
Revenue Comparison -- Nine Months
For the Nine months ended September 30, 2009, revenues were $13,647,000, compared to $19,189,000 in 2008, or a net decrease of 28.8%.
Key Financial Comparisons
The Company had working capital of approximately $7.5 million, with no debt, and total equity was approximately $7,945,000 as of September 30, 2009.
CEO Comments
Steve Rade, CEO, stated, "It has been a challenging and highly competitive year so far, with operating income down, but we were able to increase profit margins and reduce overhead. Our reported results, which includes gains on our investment portfolio, have been accretive to our stockholder's equity which is now close to two dollars per share."
About Wireless Xcessories Group
Wireless Xcessories Group, Inc. designs, manufactures and distributes accessories for cellular phones. The Company offers in excess of 3,000 items that includes batteries, hands free devices, car and travel chargers, as well as a variety of carrying cases. The Company sells to dealers and distributors through an in-house sales force and directly from its website. http://www.wirexgroup.com.