HUNTINGDON VALLEY, Pa., May 7, 2014 (GLOBE NEWSWIRE) -- The Wireless Xcessories Group, Inc. (WIRX.PK), a nationwide manufacturer and distributor of electronic and cellular accessories, announced results for the year ended December 31, 2013.
Sales
The Company reported 2013 full year's net sales of $35,870,138 compared to $40,243,548 for 2012, a decrease of approximately 10.9%.
Income from Operations
Full year income from operations were $34,541 or $.01 per share in 2013, compared to income of $806,095 or $.20 per share in 2012.
Other Income (Expense)
Other income (expense) was a net expense of $21,045 in 2013, compared to income of $162,025 in 2012, principally due to a loss on disposal of property and equipment and interest expense in 2013 compared to realized gains from investment income and net interest income in 2012.
Net (Loss) Income Comparison
The Company reported a full year net loss of $(3,359) (which includes the non-cash loss on disposal of property and equipment) or $.00 per share in 2013, compared to $579,885 or $.14 per share in 2012.
Key Financial Comparisons
The Company had working capital of approximately $8.1 million, on December 31, 2013 and total shareholder equity was approximately $8.3 million. There was no debt outstanding at year-end.
Management Comments
Steve Rade, CEO stated, "2013 results were disappointing as our sales were off by 10.9% for the year. The drop was a result of many factors including a lack of new Smartphone introductions to spur traffic into our Dealer base which contributed to an overall slower rate of consumer handset upgrades.
"These factors combined with an overall very competitive pricing environment reduced our profits from the prior year.
"We have responded to these market conditions by reducing our work force by 30%, and adding a number of new popular third party brand products to our lineup.
"We also hired a Director of Sales with a mandate to expand our Vendor Managed Inventory program and resume the growth momentum we produced in the prior three years."
About Wireless Accessories 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.