iGo Reports First Quarter 2009 Financial Results

SCOTTSDALE, Ariz.--(Business Wire)--
iGo, Inc. (Nasdaq: IGOI), a leading provider of innovative portable power
solutions, today reported financial results for the first quarter ended March
31, 2009. Total revenue was $14.9 million in the first quarter of 2009, compared
with revenue of $18.9 million in the first quarter of 2008.

Excluding revenues related to business lines divested during and subsequent to
the end of the first quarter of 2007 (handheld and expansion/docking), total
revenues were $13.4 million in the first quarter of 2009, compared to $17.4
million in the same quarter of the prior year. According to Generally Accepted
Accounting Principles in the United States (U.S. GAAP), iGo must consolidate the
operating results of Mission Technology Group, the acquirer of the Company`s
expansion/docking business, into its financial results until such time as the
Company`s financial interest in the performance of Mission Technology Group no
longer meets the criteria for consolidation.

Net loss attributable to iGo, Inc. was $1.1 million, or ($0.03) per share, in
the first quarter of 2009, compared with a net loss of $235,000, or ($0.01) per
share, in the same quarter of the prior year. iGo, Inc.

Excluding non-cash compensation expense, severance expense, litigation
settlement income in the first quarter of 2008, and the operating results of the
divested businesses, net loss was $360,000, or ($0.01) per share, in the first
quarter of 2009, compared to net loss of $348,000, or ($0.01) per share, in the
first quarter of 2008. A detailed reconciliation of GAAP to non-GAAP financial
results is provided in the financial tables at the end of this release.

Michael D. Heil, President and Chief Executive Officer of iGo, commented, "As
expected, we saw a decline in sales due to the weaker economic conditions and
retailers being more conservative with their inventory levels. We have taken
appropriate steps to manage through the economic downturn by reducing expenses
and headcount, which resulted in minimal cash burn this quarter despite the
lower level of sales.

"We have also restructured our sales organization to reflect our strategic focus
going forward. Our new structure will put us in a better position to launch our
new netbook charger and iGo Green Technology products later this year, add more
retail accounts, and increase our European distribution. Given the economic
uncertainty and our transition away from our historical private label
distributor, we expect to have limited visibility on sales levels over the next
few quarters. However, we expect cash flow from operations to be neutral to
slightly positive for the foreseeable future," said Mr. Heil.

First QuarterProduct Area Highlights

* Unit sales of universal chargers for high-power mobile electronic (ME)
devices, such as portable computers, were approximately 266,000 units in the
first quarter of 2009.
* Unit sales of universal chargers for low-power ME devices, such as mobile
phones, PDAs, MP3 players and digital cameras, were approximately 316,000 units
in the first quarter of 2009.
* Revenue from the sale of power products for high-power ME devices was $9.7
million in the first quarter of 2009, a decline of 12.9% from $11.1 million in
the same period of the prior year. High-power revenue in the first quarter of
2008 included $1.0 million from the OEM channel, which the Company no longer
services. Excluding revenues from the OEM channel, sales of power products for
high-power ME devices declined 5.7% in the first quarter of 2009.
* Revenue from the sale of power products for low-power ME devices was $3.7
million in the first quarter of 2009, a decline of 36.9% from $5.8 million in
the same period of the prior year.

Financial Highlights

Gross margin was 30.9% in the first quarter of 2009, compared to 29.5% in the
first quarter of 2008. Excluding the operations of the divested businesses,
gross margin was 29.1% in the first quarter of 2009, compared to 27.7% in the
first quarter of 2008. The increase in gross margin is primarily due to improved
margin on sales of low-power products in the wireless and retail channels.

Total operating expenses in the first quarter of 2009 were $6.0 million,
compared with $6.9 million in the first quarter of 2008. Excluding non-cash
equity compensation expense, the operations of the divested businesses and
severance expense incurred in 2009, operating expenses were $4.5 million in the
first quarter of 2009, or 33.7% of revenue (excluding revenue from divested
businesses), compared to $5.4 million in the first quarter of 2008, or 31.1% of
revenue (excluding revenue from divested businesses).

Excluding assets of the divested businesses, the Company`s balance sheet
remained strong with $29.3 million in cash, cash equivalents, and short-term
investments at March 31, 2009. The Company continued to have no long-term debt
and had a book value per share of $1.21 based on 32 million common shares issued
and outstanding at March 31, 2009.

Non-GAAP Financial Measures

Although the Company consolidates the operating results of Mission Technology
Group, the acquirer of its docking/expansion business, for accounting purposes
under U.S. GAAP, the Company believes that the discussion of operating results
excluding the handheld and expansion/docking lines of business and non-cash
equity compensation allows management and investors to evaluate and compare the
Company's operating performance on a more meaningful and consistent manner. In
addition, management uses these measures internally for evaluation of the
performance of the business, including the allocation of resources. These
non-GAAP financial measures should be considered in addition to, not as a
substitute for, or superior to, measures of financial performance in accordance
with GAAP.

About iGo, Inc.

iGo, Inc., based in Scottsdale, Arizona, is a developer of eco-friendly chargers
for laptop computers and mobile electronic devices (e.g., mobile phones, PDAs,
digital cameras, etc.). All of these chargers leverage iGo`s intelligent tip
technology, which significantly minimizes electronic waste by enabling one
charger to power/charge hundreds of brands and thousands of models of mobile
electronic devices through the use of interchangeable tips. iGo is also the
creator of a new, innovative patent-pending power saving technology that
automatically eliminates virtually all wasteful and expensive standby or
"vampire" power that is generated from chargers that continue to draw
electricity when a mobile electronic device no longer requires charging or is
disconnected from the charger.

iGo`s products are available at www.iGo.com as well as through leading resellers
and retailers. For additional information call 480-596-0061, or visit
www.igo.com.

iGo is a registered trademark of iGo, Inc. All other trademarks or registered
trademarks are the property of their respective owners.

This press release contains "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934.The words "believe,"
"expect," "anticipate," "should," and other similar statements of expectations
identify forward-looking statements.Forward-looking statements in this press
release include expectations regarding the anticipated benefits from
restructuring the sales organization; limited visibility on sales levels over
the next few quarters; and cash flow from operations being neutral to slightly
positive for the foreseeable future.These forward-looking statements are based
largely on management`s expectations and involve known and unknown risks,
uncertainties and other factors, which may cause the Company`s actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
these forward-looking statements.Risks that could cause results to differ
materially from those expressed in these forward-looking statements include,
among others, the loss of, and failure to replace, any significant customers;
the inability of the Company`s sales and marketing strategy to generate broader
consumer awareness, increased adoption rates, or impact sell-through rates at
the retail and wireless carrier level; the timing and success of product
development efforts and new product introductions, including internal
development projects as well as those being pursued with strategic partners; the
timing and success of product developments, introductions and pricing of
competitors; the timing of substantial customer orders; the availability of
qualified personnel; the availability and performance of suppliers and
subcontractors; the ability to expand and protect the Company`s proprietary
rights and intellectual property; the successful resolution of unanticipated and
pending litigation matters; market demand and industry and general economic or
business conditions; and other factors to which this press release
refers.Additionally, other factors that could cause actual results to differ
materially from those set forth in, contemplated by, or underlying these
forward-looking statements are included in the Company`s Annual Report on Form
10-K for the year ended December 31, 2008 under the heading "Risk Factors."In
light of these risks and uncertainties, the forward-looking statements contained
in this press release may not prove to be accurate.The Company undertakes no
obligation to publicly update or revise any forward-looking statements, or any
facts, events, or circumstances after the date hereof that may bear upon
forward-looking statements.Additionally, the Company does not undertake any
responsibility to update you on the occurrence of unanticipated events which may
cause actual results to differ from those expressed or implied by these
forward-looking statements.

iGo, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(000's except per share data)
(unaudited)

Three months ended
March 31,
2009 2008

Net revenue $ 14,940 $ 18,938

Gross profit 4,618 5,578

Selling, engineering and administrative expenses 6,043 6,906
Loss from operations (1,425 ) (1,328 )
Interest income (expense), net 57 267
Other income (expense), net 251 154
Litigation settlement income - 672
Net loss (1,117 ) (235 )
Less: Net loss attributable to non-controlling interest 26 -
Net loss attributable to iGo, Inc. $ (1,091 ) $ (235 )

Net loss attributable to iGo, Inc. per share -- basic and $ (0.03 ) $ (0.01 )
diluted

Weighted avg common shares outstanding -- basic and diluted 32,087 31,581

iGo, Inc. and Subsidiaries

Selected Other Data

(unaudited)

Reconciliation of non-GAAP Financial Measure - Operating results by product line to net income (loss) attributable to iGo, Inc. before non-cash equity compensation, severance expense, and litigation settlement income by
product line:

Three months ended Three months ended
March 31, 2009 March 31, 2008
Power, Expansion &Handheld Power,Keyboards& Corporate Expansion &Handheld
Keyboards& Corporate

Total Total

Net revenue $ 13,412 $ 1,528 $ 14,940 $ 17,388 $ 1,550 $ 18,938

Gross profit 3,897 721 4,618 4,808 770 5,578

Selling, engineering and administrative expenses 5,249 794 6,043 6,050 856 6,906
Income (loss) from operations (1,352 ) (73 ) (1,425 ) (1,242 ) (86 ) (1,328 )
Interest income (expense), net 57 0 57 257 10 267
Other income (expense), net 210 41 251 1 153 154
Litigation settlement income - - - 672 - 672
Net income (loss) (1,085 ) (32 ) (1,117 ) (312 ) 77 (235 )
Less: Net loss attributable to non-controlling interest - 26 26 - - -
Net income (loss) attributable to iGo, Inc. (1,085 ) (6 ) (1,091 ) (312 ) 77 (235 )
Non-cash equity compensation 281 - 281 636 - 636
Severance expense 444 - 444 - - -
Litigation settlement income - - - (672 ) - (672 )
Net income (loss) attributable to iGo, Inc. as adjusted $ (360 ) $ (6 ) $ (366 ) $ (348 ) $ 77 $ (271 )

Net income (loss) attributable to iGo, Inc. per share as adjusted $ (0.01 ) $ (0.00 ) $ (0.01 ) $ (0.01 ) $ 0.00 $ (0.01 )

Weighted avg common shares outstanding -- basic and diluted: 32,087 32,087 32,087 31,581 31,581 31,581

iGo, Inc. and Subsidiaries

Selected Other Data Continued

(unaudited)

Reconciliation of non-GAAP Financial Measure - Selling, engineering and administrative expenses by product line to selling, engineering and administrative expenses before non-cash equity compensation and severance
expense by product line:

Three months ended Three months ended
March 31, 2009 March 31, 2008
Power, Expansion &Handheld Power,Keyboards& Corporate Expansion &Handheld
Keyboards& Corporate

Total Total

Selling, engineering and administrative expenses $ 5,249 $ 794 $ 6,043 $ 6,050 $ 856 $ 6,906
Non-cash equity compensation (281 ) - (281 ) (636 ) - (636 )
Severance expense (444 ) - (444 ) - - -
Selling, engineering and administrative expenses as adjusted $ 4,524 $ 794 $ 5,318 $ 5,414 $ 856 $ 6,270

This information is being provided because management believes these are key metrics to the investment community and assist in the understanding and analysis of operating performance. Operating results by product line
and corresponding net income (loss) attributable to iGo, Inc. before non-cash equity compensation, severance expense, and litigation settlement income by product line; and selling, engineering and administrative expenses
by product line and corresponding selling, engineering and administrative expenses before non-cash equity compensation and severance expense should be considered in addition to, not as a substitute for, or superior to,
measures of financial performance in accordance with GAAP.

iGo, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(000's)
(unaudited)

March 31, December 31,
2009 2008
ASSETS

Cash and cash equivalents $ 27,464 $ 26,139
Short-term investments 2,212 4,964
Accounts receivable, net 13,333 12,554
Inventories 4,554 4,353
Prepaid expenses and other current assets 319 527
Total current assets 47,882 48,537
Other assets, net 2,500 2,698
Total assets $ 50,382 $ 51,235

LIABILITIES AND EQUITY

Total liabilities $ 10,984 $ 10,898

iGo, Inc. common stockholders' equity 38,784 39,697
Non-controlling interest 614 640
Total equity 39,398 40,337

Total liabilities and equity $ 50,382 $ 51,235

iGo, Inc. and Subsidiaries

Selected Other Data

(unaudited)

Reconciliation of non-GAAP Financial Measure - Balance sheet excluding accounts of Mission Technology Group.

March 31, 2009
iGo Mission Tech Eliminations Consolidated

ASSETS

Cash and cash equivalents $ 27,117 $ 347 $ - $ 27,464
Short-term investments 2,212 - - 2,212
Accounts receivable, net 12,883 475 (25 ) 13,333
Inventories 3,946 840 (232 ) 4,554
Prepaid expenses and other current assets 299 55 (35 ) 319
Total current assets 46,457 1,717 (292 ) 47,883
Other assets, net 2,908 1,406 (1,814 ) 2,500
Total assets $ 49,365 $ 3,123 $ (2,106 ) $ 50,382

LIABILITIES AND EQUITY

Total liabilities $ 10,605 $ 421 $ (42 ) $ 10,984

iGo, Inc. common stockholders' equity 38,146 484 154 38,784
Non-controlling interest 614 2,218 (2,218 ) 614
Total equity 38,760 2,702 (2,064 ) 39,398

Total liabilities and equity $ 49,365 $ 3,123 $ (2,106 ) $ 50,382

Reconciliation of non-GAAP Financial Measure - Cash, cash equivalents and investments excluding accounts of Mission Technology Group.

Cash and cash equivalents $ 27,117 $ 347 $ - $ 27,464
Short-term investments 2,212 - - 2,212
Total cash, cash equivalents, short-term investments $ 29,329 $ 347 $ - $ 29,676

This information is being provided because management believes these are key metrics to the investment community and assist in the understanding and analysis of financial position. Balance sheet excluding the accounts of
Mission Technology Group and related eliminations and cash, cash equivalents, and investments excluding the accounts of Mission Technology Group should be considered in addition to, not as a substitute for, or superior
to, measures of financial position in accordance with GAAP.

Financial Relations Board
Tony Rossi, 213-486-6545
trossi@frbir.com

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