SAN DIEGO—Wireless handset distributor InfoSonics Corp. said its geographic mix of revenues experienced a significant shift last year toward sales in Latin America.
The company said sales in Latin America increased 226 percent, and it noted it added Argentina as a new market last year. Together, those markets accounted for 69 percent of net sales, compared with 12 percent during 2004.
Meanwhile, sales in the United States fell 30 percent to $45.6 million, representing 31 percent of the company’s net sales during 2005.
The company’s revenues for the year doubled to $145.8 million from $73.4 million in 2004. Fourth-quarter revenues increased 79 percent to $35 million from fourth-quarter 2004 revenues of $19.6 million.
Units shipped during 2005 increased 136 percent, which the company said offset a 15-percent decline in average selling price.
Net income in 2005 was $2.7 million, or 44 cents per diluted share, compared with net income of $38,000, or 1 cent per share, in 2004. Net income for the quarter was $811,000, or 12 cents per diluted share, compared with net income of $73,000, or 1 cent per diluted share, for the comparable period in 2004. Net income figures included a loss from discontinued operations.
