Wireless Xcessories Group Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2011
April 27, 2012 at 05:30 pm EDT
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Wireless Xcessories Group Inc. reported earnings results for the fourth quarter and year ended December 31, 2011. The company reported fourth quarter revenue of $6,417,450 compared to $5,706,847 for the same period in 2010, or an increase of 12.5%. The company had a 2011 fourth quarter net income of $204,342 or $0.05 per share, compared to net loss of $178,163 or $0.04 per share in the same period for 2010. Fourth quarter income from operations were $103,411 for fiscal 2011 vs. $33,338 in 2010.
Full year revenue was $22,351,300 compared to $20,691,300 for 2010, an increase of approximately 8%. Full year comparisons were a net income of $202,094 or $0.05 per share, compared to a net loss of $10,751 or $0.00 per share in the same period for 2010. Loss from operations was $46,157 compared $56,271 for 2010. A major difference between income from operations and reported net Income in the December 2011 quarter was caused by realized gains from sale of the company's investment in Marketable Securities in 2011 of $196,000.
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.