Wireless Xcessories Group, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
December 17, 2013 at 03:58 pm EST
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Wireless Xcessories Group Inc. announced unaudited earning results for the third quarter and nine months ended September 30, 2013. For the quarter company reported sales of $8,891,407 compared to $9,918,638 for the same period in fiscal 2012 or a decrease of $10.4%. The third quarter loss from operations was $96,639 for the quarter ended September 30, 2013 against income from operations of $187,475 for the same period in fiscal 2012. The company had a net loss of $55,855 or $0.01 per share, compared to net income of $112,621 or $0.01 per share in the same period for 2012.
For the nine months, the company reported revenue of $27,079,802 compared to $27,653,689 for the same period in fiscal 2012, or a net decrease of 2.1%. Loss from operations was $57,132 or $0.01 per share compared to Income from operations $482,661 in 2012 or $0.09 per share. The company showed a net loss, after taxes, of $35,297 or $0.01 per share in 2013, compared to net income of $299,882 or $0.06 per share in 2012. The total company debt was $0.2 million, and total equity has reached approximately $8.3 million as of September 30, 2013. Reduction in sales was reflective of the lack of new phone releases combined with a slower rate of consumers upgrading their handsets and an overall very competitive market.
Wireless Xcessories Group, Inc. designs, manufactures and distributes accessories for cellular phones. The Company offers around 3,500 items that include batteries, hands free devices, car and travel chargers, as well as carrying cases. The Company provides accessory solutions to the wireless retail channel. The Company stocks a range of phone parts for Apple and Samsung devices, such as Apple iPhone 4, 4S, 5, 5S, 5C, iPad 2, 3, 4, iPad Mini, iPad Air, Samsung Galaxy S3, Galaxy S4, Galaxy S5, Note 2 and Note 3. The Company carries a variety of replacement parts, such as full liquid-crystal display (LCD) assemblies, including small parts, Samsung original equipment manufacturer (OEM) LCDs, LCD/digitizer/glass assemblies, tempered glass, speakers, buttons, front/rear cameras, charging docks and audio ports. The Company sells products to dealers and distributors through an in-house sales force and directly from its Website.