HUNTINGDON VALLEY, Pa., April 23, 2013 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (WIRX.PK), a nationwide manufacturer and distributor of electronic and cellular accessories, announced fourth quarter 2012 results ending December 31, 2012.
SALES
The Company reported fourth quarter revenue of $12,462,110 compared to $6,417,450 for the same period in 2011, or an increase of 94.0%. Full year comparisons were revenue of $40,243,548 compared to $22,351,300 for 2011, an increase of approximately 80.0%.
Income (Loss) from Operations
The Company had fourth quarter Income from operations in 2012 of $323,453 or $.08 per share compared to an operating loss of ($14,089) or $0.00 in 2011.
Full year comparisons were Income from operations were $806,095 or $.20 per share in 2012, compared to a loss of ($163,657) or ($.04) in 2011.
Other Income
Which includes principally realized gains from investment income and interest income in the fourth quarter 2012 was $120,900 compared to $252,222 in 2011.
Full Year comparisons from realized gains from investment income and interest income were $164,370 in 2012, compared to $ $398,043 in 2011.
Net Income Comparison
The Company had a 2012 fourth quarter net Income of $284,162 or $ 0.07 per share, compared to $135,848 or $0.03 per share in the same period for 2011.
Full year comparisons were a net income of $584,044 or $.15 per share in 2012, compared to $133,600 or $0.03 per share in the same period for 2011.
Key Financial Comparisons
The Company had working capital of approximately $8.1 million, on December 31, 2012 and total shareholder equity was approximately $8.4 million as of December 31, 2012.
Management Comments
Steve Rade, CEO stated, "Our 4th quarter results were helped by the increased sales volume of OtterBox, Incipio, and Trident phone cases, as well as the continued success of our proprietary line, Upwardly Mobile Accessories."
Our Vendor Managed Inventory program grew with the addition of a number of multi-location Verizon dealers.
We expect to submit an application to the SEC for the relisting of our shares in the 2nd quarter. A press release will be issued at the time of our SEC application.
About Wireless Xcessories Group
Wireless Xcessories Group, Inc. designs, manufactures and distributes accessories for cellular phones. The Company offers in excess of 3,500 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.