InfoSonics Corp. (IFON), a distributor of wireless handsets and accessories, Thursday reported a wider net loss for the second quarter, despite an improvement in sales, as operating expenses increased in the just concluded period.
The San Diego, California-based company reported a net loss of $2.23 million or $0.15 per share that widened from $447.24 thousand or $0.03 per share in the previous year.
Net loss from continued operations for the second quarter was $155,000 or $0.01 per share, compared to a net loss from continued operations of $1,000 or $0.00 per share in the same quarter a year ago.
Net sales from continuing operations increased 11% to $59.0 million from $53.1 million in the second quarter of 2007. During the quarter, the company discontinued its operations in the U.S. and Mexico, resulting in a loss from discontinued operations of $2.1 million for quarter.
Year-to-date, net loss from continuing operations was about $481,000 or $0.03 per share, compared to net loss from continuing operations of $391,000 or $0.03 per share for the same period a year ago.
Total revenues for first half of the year increased 30% to $127.0 million from $97.5 million for the six months ended June 30, 2007.
IFON closed Thursday's regular trade at $0.7750, down 0.0050 or 0.64%, on 37,000 shares.
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