IGo’s 2Q Sales Down 20%

Reno, NV–A few weeks after reducing its workforce 27%, wireless tools marketer iGo Corp. (Nasdaq: IGOC) posted a 20% decline in second-quarter revenue. Sales for the three months ended June 30 were $7.4 million, compared with $9.2 million for the same quarter of last year. The company blames the drop in sales on a “general contraction in purchasing by our corporate customers during the second quarter.” IGo did manage to whittle down at its second-quarter net loss by 3%, from $6.0 million to $5.8 million.

On Aug. 31, iGo will appear before the Nasdaq Listing Qualifications Panel to request an extension of time to comply with the $1.00 minimum bid price requirement. IGo stock will continue to be traded on the Nasdaq National Market pending the outcome of the hearing.