InfoSonics net sales off 43% for Q4 2015

InfoSonics Corporation (NASDAQ: IFON) had net sales for the 2015 fourth quarter of USD10.2 million, which represented a USD7.7 million, or 43 percent, decrease from USD17.9 million for the fourth quarter of 2014, the company said.

The decrease was primarily attributable to the reduction of sales to two carrier customers in South America and the Caribbean that we moved away from earlier in the year, as well as reduced sales to big box retailers in Mexico caused by supply chain constraints and currency related pricing pressures. Unit shipments during the quarter declined by 57 percent compared to the comparable period in 2014, and, as noted above, the average selling price per unit rose 29 percent, reflecting the demand for higher end smartphones in the retail channel compared to the operator channel.

For the year ended December 31, 2015, the company´s net sales were USD47.8 million, which represented a small decline from USD48.1 million in 2014.

Gross profit in the fourth quarter of 2015 was USD1.3 million, a 58 percent decrease compared to USD3.0 million for the comparable period in 2014. Gross profit margin as a percent of sales in the 2015 fourth quarter declined to 12.3 percent compared to 16.5 percent for the comparable period in 2014. For the year ended December 31, 2015, gross profit was USD7.4 million, which represented an USD834,000 decrease from USD8.3 million in 2014.

The net loss for the fourth quarter of 2015 was USD959,000, USD0.07 per share, compared to net income of USD730,000, USD0.05 per share, in the fourth quarter of 2014. For the year ended December 31, 2015, the net loss was USD1,243,000, USD0.09 per share, compared to net income of USD261,000, USD0.02 per share, in 2014.

InfoSonics is a San Diego-based manufacturer and provider of wireless handsets, tablets and related products to carriers, distributors and consumers in the United States and Latin America under the verykool® brand.