Key Developments For iGo, Inc.
iGo, Inc. (IGOI.O) (Consolidated Issue listed on NASDAQ Global Market)
iGo, Inc. Comments On FY 2010 Profit Guidance-Conference Calls
iGo, Inc. announced that it expects to see a steady improvement in profitability in fiscal 2010.
COMARCO, Inc. Announces Joint Agreement To Dismiss Outstanding Litigation With iGo, Inc.
COMARCO, Inc. announced that it has reached an agreement with iGo, Inc. whereby both parties have agreed to dismiss, without prejudice, their long-standing pending litigation (iGo, Inc. f/k/a Mobility Electronics, Inc. v. Comarco, Inc., et al., No. 2:08-cv-01224-JWS, pending in the United States District Court for the District of Arizona). Under the agreement, each side dismissed, without prejudice, the pending lawsuit and agreed to bear their own costs and attorneys' fees.
iGo, Inc. Announces Termination of Contract
iGo, Inc. announced that that Targus, a private label distributor, has notified the Company that it will not renew its contractual relationship with iGo, which expires on May 3, 2009. However, Targus has indicated that it desires to continue a commercial relationship with iGo.
iGo, Inc. Announces Reduction in Workforce and Appointment of New Chief Financial Officer
iGo, Inc. announced that it has reduced its total headcount by approximately 20%. As part of the workforce reduction, Joan Brubacher has departed the Company and will no longer serve as Chief Financial Officer. Darryl S. Baker, formerly the Company's Vice President, Controller and Chief Accounting Officer, has been appointed to Vice President, Chief Financial Officer, and Treasurer.
iGo, Inc. Issues Q1 2009 Guidance; Comments On H1 2009 Guidance
iGo, Inc. announced that it has elected not to provide U.S. GAAP-based financial guidance for the first quarter of 2009 because Mission Technology Group does not prepare financial forecasts. On a non-GAAP basis, which excludes revenue from divested businesses, the Company believes that revenue will range from $13.5-$14.5 million in first quarter of 2009. The Company also believes that net loss, excluding the operating results of divested businesses and non-cash equity compensation, will range from ($0.04) to ($0.05) per share. The Company beginning to see the effect of the weaker economic conditions on sales through its retail channel. The Company expect this to negatively impact its revenue and earnings during the first half of 2009.
