WIRX PR! AMEX listing will happen, too!
Press Release Source: Wireless Xcessories Group, Inc.
Wireless Xcessories Group, Nasdaq: Wirx, Reports Fourth Quarter and Full Year Results. Fourth Quarter Sales Up 39%, Net Income Up 250%, and Full Year Earning $.21 Per Share
Thursday February 24, 10:00 am ET
HUNTINGDON VALLEY, Pa.--(BUSINESS WIRE)--Feb. 24, 2005--Wireless Xcessories Group, Inc. (Nasdaq:WIRX - News), a nationwide distributor of over 4,000 accessories for cellular phones and other wireless devices, announced its results for the fourth quarter and full year ended December 31, 2004.
For the quarter the company earned $343,000 and $.07 per share, an increase of 250% over per share earnings in 2003. Sales grew to $4,177,000 an increase of 39%.
For the fiscal year ending 12/31/04, sales grew by 33% and the company earned $1,008,416 or $0.21 per share compared with a fiscal '03 Net loss of $164,000.
Steve Rade, CEO stated "We attribute our strong growth in 2004 to the two accessory product lines, Industrial Strength and The Platinum Collection we introduced this year. Our customers welcomed the opportunity to carry upgraded products with the higher profit margins they offer. Capitalizing on the growth of e-commerce, we have signed more than 450 dealers, some with more than 50 locations, to our Industrial Strength Cellular.com private labeled website. This will insure the fact that they continue to buy our products as their consumers see the variety and selection available to them."
Our expansion plans in 2005 involve 3 new areas of growth:
In January we signed a master distribution agreement with Hop-On. (OTC:HPON - News) who develops and markets wireless phones throughout the world. We began marketing these entry level phones to our dealer base in February. Also in February, we introduced a line of OEM accessories consisting of 3-400 new accessories for every phone from Audiovox to Sony/Ericsson. We also created an entertainment accessories division that sells products for Apple I-pods and MP3 players. We will be adding to this line over the coming months as we attempt to educate wireless dealers to the opportunities available in these new market segments.
Within the next 30-60 days we expect to apply for listing on the American Stock Exchange.
Wireless Xcessories Group, Inc. designs and distributes a range of accessories for cellular phones throughout the United States and Canada. The Company offers in excess of 4,000 items that include rechargeable batteries, personal and vehicle hands free kits, portable and vehicle antennas, in-car and travel chargers, plain and colored carrying cases, fashionable accessory faceplates and colored housings. The Company sells to dealers, distributors, communication carriers, and mass merchandisers through an in-house sales force and directly from its website, www.wirexgroup.com. Wireless Xcessories also creates customized e- commerce websites Industrial Cellular Strength.com for its dealers and produces 2 product line catalogs that are circulated nationally and internationally.
This press release contains forward-looking statements, Actual results may differ materially from the forward-looking statements. All such statements may involve risk and uncertainties, including without limitation, whether the new product line will have a positive impact on sales and profits, as well as any other assertions and risks detailed in the Wireless Xcessories Group, Inc. filings and reports with the Securities and Exchange Commission. Such statements are only predictions and actual events or results may differ.
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Contact:
Wireless Xcessories Group, Inc.
Stephen Rade, 215-322-4600
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Source: Wireless Xcessories Group, Inc.
