SAN DIEGO-Shares of InfoSonics Corp. rebounded this morning after the phone distributor said it expects fourth-quarter revenue of at least $34 million.
InfoSonics, which distributes handsets in the United States and Latin America, projected a 74-percent increase in fourth-quarter revenue over the year-earlier period. The company said revenue for the year ended Dec. 31 is expected to total at least $145 million, nearly doubling 2004 revenue.
“The estimated increases for the fourth quarter and for the full year of 2005 as compared with the respective year-earlier periods are the results of continued efforts to position InfoSonics as a key player in the supply chain of wireless devices,” said Joseph Ram, InfoSonics’ chief executive officer. “We believe that our growth during 2005 will help us as we continue our efforts to strengthen our position in the United States and Latin America during the coming year.”
The stock faltered in after-hours trading on the American Stock Exchange Tuesday, tumbling from $22.20 per share to about $17. Shares had partially recovered by mid-day Wednesday, trading at $18.26.
