InfoSonics Corporation

InfoSonics Corporation
Traded as NASDAQ: IFON
Industry Telecommunications Equipment
Founded 1994[1]
Founder Joseph Ram
Headquarters San Diego, California, United States[2]
Key people
 Joseph Ram, President & CEO[3]
Vernon A. LoForti, VP & CFO[4]
Products Smartphones, feature phones, tablets and accessories
Revenue Increase $48.1 million (2014)[5]
Subsidiaries verykool
Website www.infosonics.com

InfoSonics Corporation (NASDAQ: IFON) is a publicly traded telecommunications equipment provider based in San Diego, California.[2] It develops, manufactures, and distributes wireless handsets and accessories through its proprietary brand verykool and other private label brands.[3] InfoSonics sells its products through carriers, distributors and OEMs in Latin America, Europe, Africa, Asia Pacific and the United States.[6] It is best known for its line of inexpensive unlocked phones as well as its rugged phones in its verykool line of products.[7][8]

History

InfoSonics was founded in 1994 by Joseph Ram, the company's president and CEO. It became a public company in June 2004, and was initially listed on the American Stock Exchange under the symbol “IFO.”[9] In August 2006, the company transferred to the NASDAQ under the symbol “IFON.”[10] When the company first went public, it was primarily a distributor of products supplied by Samsung, VK Corporation, LG, Novatel and others. In 2005 it purchased Primasel S.A., a distributor of Samsung products primarily in Argentina.[11][12]

The verykool s400, T742, R800, and s470 from InfoSonics Corporation.

The company followed up with a secondary stock offering in 2006, offering 2.2 million shares.[13] The same year the company reached $240 million in sales.[13] 2006 was also the year it began to develop its own wireless handsets under the verykool brand.[14] InfoSonics ceased its distributing business in March 2012, primarily due to protective import tariffs that had been enacted on certain electronic devices since 2009.[14] After terminating its distributing business, it became solely a manufacturer and distributor of its own products under the verykool brand.[15]

InfoSonics entered into an agreement with Ingram Micro in December 2012 for the distribution of its verykool brand to customers in the United States.[16] It also launched an online store in the U.S. market for consumer purchase of the verykool product line.[17]

InfoSonics Corporation reported a second consecutive quarter of profitability after 2013 4th quarter results were announced.[18] The company had a 48% gross profit in the 4th quarter compared to 2012 with operating expenses declining 26% for the same period.[18] InfoSonics also reported gross revenue of $37.9 million, an increase of $3.6 million from the year prior.[19] It continued to increase sales by year-end 2014, bringing in $48.1 million, a 27% increase from the prior year.[5]

References

  1. ↑ Seitz, Patrick (16 October 2006). "InfoSOnics' Comeback Tied To Latin America; Emerging market is hot, but challenges abound for cell phone distributor". Investors.com. Retrieved 4 February 2014.
  2. 1 2 White, Ronald D. (23 February 2014). "InfoSonics seeking name recognition in U.S.". The L.A. Times. Retrieved 27 February 2014.
  3. 1 2 Goldstein, Phil (23 May 2013). "While Samsung & Co. are away, the smaller OEMs will play". Fierce Wireless. Retrieved 30 January 2014.
  4. ↑ "InfoSonics names Overland exec as CFO". San Diego Daily Transcript. 26 July 2010. Retrieved 30 January 2014.
  5. 1 2 Ingram, Shawn (4 March 2015). "InfoSonics (IFON) Stock Is Up Today After Positive Quarter". The Street. Retrieved 12 March 2015.
  6. ↑ "InfoSonics Launches R80 Rugged Phone In Latin America". TheStreet.com. 15 April 2011. Retrieved 4 February 2014.
  7. ↑ Low, Cherlynn (2 August 2013). "InfoSonics Adds to its line of rugged unlocked devices". Laptop Mag. Retrieved 4 February 2014.
  8. ↑ Kim, Eugene (20 September 2013). "Verykool RS90 Vortex". PC Mag. Retrieved 4 February 2014.
  9. ↑ "InfoSonics announces IPO". RCR Wireless. 19 May 2004. Retrieved 30 January 2014.
  10. ↑ Gallagher, Sean (20 July 2006). "InfoSonics moving to Nasdaq". San Diego Daily Transcript. Retrieved 30 January 2014.
  11. ↑ "InfoSonics SEC Filing - Stock Purchase and Sales Agreement". Retrieved 30 January 2014.
  12. ↑ "CEO Interview Joseph Ram". The Wall Street Transcript. 22 August 2005. Retrieved 4 February 2014.
  13. 1 2 Wittenstein, Jeran (6 March 2007). "InfoSonics 2006, 4Q net income falls; shares follow". San Diego Daily Transcript. Retrieved 30 January 2014.
  14. 1 2 Karsan, Barel (1 December 2010). "InfoSonics: Sounds Bad, Looks Good". Seeking Alpha. Retrieved 30 January 2014.
  15. ↑ "InfoSonics launches new smartphone". San Diego Daily Transcript. 13 May 2013. Retrieved 30 January 2014.
  16. ↑ Allen, Mike (18 December 2013). "InfoSonics Enters Distribution Agreement With Ingram Micro Mobility". San Diego Business Journal. Retrieved 30 January 2014.
  17. ↑ McCabe, Adrianne (23 January 2014). "Hot Tech Stocks: SemiLEDs Corporation, InfoSonics, China Finance Online, Super Micro Computer, Cree Inc.". I Street Wire. Retrieved 30 January 2014.
  18. 1 2 "InfoSonics Reports Fourth Quarter 2013 Results". Yahoo Finance. 6 March 2014. Retrieved 10 May 2014.
  19. ↑ "InfoSonics Corporation Revenue and Financial Data". Hoovers. Retrieved 10 May 2014.

External links

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