SAN DIEGO-Wireless handset distributor InfoSonics Corp. reported reve-nues of $24 million for the first quarter, a 28-percent increase from $18.7 million reported during the first quarter of 2004.
The company said posted net income of $315,000, or 50 cents per diluted share, compared with net income of $196,000, or 6 cents per diluted share, for the first quarter 2004.
“In the first quarter we experienced strong growth in net income and reported the highest quarterly revenue in our company’s history,” said Joseph Ram, InfoSonics president and chief executive officer. “Our year-over-year revenue growth of 28 percent and bottom-line performance is a direct result of focusing on our core distribution business including increases of sales in Latin America and expansion of relationships with carrier customers.”
Units shipped increased year-over-year by16 percent and the average selling price rose by 9 percent.
