HUNTINGDON VALLEY, Pa., Aug. 3, 2009 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (Pink Sheets:WIRX), a nationwide manufacturer and distributor of electronic and cellular accessories, announced second quarter 2009 results for the period ended June 30, 2009, along with year to date performance.
Net Income Comparison -- Second quarter
Total net income increased 381.6% from $82,533 ($.02) to $291,310 ($.07 per share).
Revenue Comparison -- Second quarter
Second quarter revenue was $4,435,000 compared to $6,556,000 for the same period in fiscal 2008, or a net decrease of 32.4%
Net Income Comparison -- Six Months
Total net income increased from $69,309 ($.02 per share) to $397,512 ($.10 per share).
Revenue Comparison -- Six Months
For the six months ended June 30, 2009, revenues were $9,143,484, compared to $12,471,000 in 2008, or a net decrease of 26.7%.
Key Financial Comparisons
The Company had working capital of approximately $7.0 million, with no debt, and total equity was approximately $7,600,000 as of June 30, 2009.
CEO Comments
Steve Rade, CEO, stated, "Our second quarter operating income increased from 2008 in spite of a 32.4% reduction in sales. Our gross margin increased from 27.8% to 38.3% as most of our sales decline was in lower margin products, particularly Bluetooth. Additionally, we were able to reduce our operating expense by approximately $164,000 a result of vigorous cost cutting to maintain our profitability in this poor economic climate."
"Even though a significant portion of our increase in net income was attributed to gains in our investment portfolio, we still managed to increase operating earnings by more than 27.0%. We are hoping to continue this performance as stock markets and industry conditions continue to recover."
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.