HUNTINGDON VALLEY, Pa., March 4, 2009 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (Pink Sheets:WIRX), a nationwide manufacturer and distributor of electronic and cellular accessories, announced unaudited fourth quarter and 2008 year end results ending December 31, 2008. The Company reported unaudited fourth quarter revenue of $5,006,600, compared to $5,329,100 for the same period in fiscal 2007. Full year comparisons were unaudited revenue of $24,196,259 compared to $22,503,289 for fiscal 2007, an increase of approximately 7.52%.
Net Income Comparison
The Company had 2008 unaudited fourth quarter net loss of $16,000 or $0.00 per share, compared to net income of $10,000 or $.00 per share in the same period for 2007. Full year comparisons were unaudited net income of $103,000 or $.02 per share, compared to $485,000 or $.11 per share in the same period for 2007.
Income from Operations
12 month Income from operations were $853,000 for '08 vs. $906,000 for '07. 4th quarter Income from operations were $294,000 for '08 vs. $161,000 for '07.
The main difference between Income from Operations and reported Net Income was caused by a decline in value of the Company's investment in marketable Securities.
Key Financial Comparisons
The Company ended the year with working capital of approximately $6.8 million. The Company has no debt, and total equity is approximately $7,450,000 as of December 31, 2008.
Steve Rade, CEO, stated: "In an increasingly sluggish business environment we were able to increase our annual sales by 7.52% while our operating income fell by only 5.9% to $853,000.00.
"During the fourth quarter, our gross margin improved as a result of a drop in lower margin Blue tooth sales as a percentage of overall sales. This resulted in an approximate $132,000 overall increase in our operating earnings.
"For the year, our pretax income was reduced as a result of approximately $887,000 of unrealized losses on Marketable Securities. We hope to recoup these losses as market conditions improve."
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.