The Wireless Xcessories Group Announces Full Year 2013 Results
May 07 2014 - 9:30AM
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.
CONTACT: Wireless Xcessories Group, Inc.
Dan Kenderdine
800-233-0013 ext. 1404
Wireless Xcessories (CE) (USOTC:WIRX)
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