Nasdaq: AWSM | |
Industry | Telecommunications Equipment |
Founded | 1994 [1] |
Founder | Joseph Ram |
Headquarters | , United States
[2] |
Key people | Joseph Ram, President & CEO
[3] Vernon A. LoForti, VP & CFO [4] |
Products | Smartphones, feature phones, tablets and accessories |
Revenue | $48.1 million (2014) [5] |
Parent | Cool Holdings, Inc. |
Subsidiaries | verykool |
Website |
www |
InfoSonics Corporation is a subsidiary of Cool Holdings, Inc. ( Nasdaq: AWSM), 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]
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 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]