HUNTINGDON VALLEY, Pa., July 16, 2015 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (WIRX), a nationwide manufacturer and distributor of electronic and cellular accessories, announced first quarter results for quarter ending March 31, 2015.
SALES
The Company reported first quarter revenue of $5,578,940 compared to $6,184,207 for the same period in fiscal 2014, a decrease of 9%.
Net Income Comparison
The Company had 2015 first quarter net loss of $(.15) per share, compared to a net loss of $(139,339) or $(.03) per share in the same period for 2014.
Income from Operations
1st quarter loss from operations was $(587,416) for 2015 vs. loss of $(244,912) for the same quarter in 2014.
Key Financial Comparisons
The Company had working capital of approximately $6.7 million at March 31, 2015, as compared to $7.4 million in the same quarter of 2014. The Company had bank debt of $1,990,000, cash and investment balance of $4,471,000 and total equity was approximately $6,700,000 as of March 31, 2015.
Steve Rade, CEO, stated, “Our sales decline was caused by two main factors. The termination of our distribution contract with OtterBox and the lack of new phone introductions by market leaders, Apple and Samsung. Neither of these manufacturers introduced any new handsets in this quarter and handset introductions are the main driver of accessory sales."
The Company continued to cut overhead costs, except for selling costs needed to navigate the tough industry selling conditions, and was able to reduce operating expense by over $180,000 for the March, 2015 quarter.
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 include 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.