HUNTINGDON VALLEY, Pa., Aug. 30, 2012 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (WIRX), a nationwide manufacturer and distributor of electronic and cellular accessories, announced unaudited second quarter results ending June 30, 2012.
Sales-Second Quarter
The Company reported second quarter revenue of $9,831,816 compared to $5,358,303 for the same period in fiscal 2011 or an increase of 83.5%.
Income (Loss) from Operations-second quarter
The second quarter income from operations was $93,561 for '12 vs. income of $875 for '11.
Net Income Comparison-Second quarter
The Company had a 2012 second quarter net income of $63,590 or $.02 per share, compared to net income of $35,341 or $.01 per share in the same period for 2011.
Sales-Six months
The Company reported six month revenue of $17,853,051 compared to $10,517,536 for the same period in fiscal 2011, or a net increase of 69.8%.
Income (Loss) from Operations-six months
The six month income from operations was $302,744 or $.08 per share compared to ($56,269) in 2011 or ($.01) per share.
Net Income Comparison—six months
The Company showed net income, after taxes, of $195,500 or $.05 per share in 2012, compared to net income of $19,703 or $.00 per share in 2011.
Key Financial Comparisons
The Company ended the year with working capital of approximately $7.7 million, up from $7.3 million at December 31, 2011. The Company has no debt, and total equity has reached approximately $8,034,000 as of June 30, 2012.
CEO Comments
Steve Rade, CEO stated, "We are pleased and excited to see our sales growth continuing according with our projections." The 83.5% increase over the same period in 2011 is reassuring and confirms that our plans remain on track.
The wireless market is still quite competitive and our pricing must continue to be aggressive to win business from competitors. Our vendor managed inventory program is helping us achieve our sales goals and we look forward to this trend continuing.
In the third quarter we will be introducing our own high quality brand UMA, "Upwardly Mobile Accessories", and we expect this to help us sustain our growth and improve profit margins.
The Company continued its cost cutting and restructuring efforts which resulted in only a 12% increase in operating expenses compared to our 83% sales growth...and this 12% would have been much less were it not for a non-recurring bad debt write-off.
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.