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IGO Inc. is a manufacturer of charging related accessories for laptop computers, mp3 players, cell phones, video game consoles and more. IGO has patent pending technology, incorporated into its design, which addresses vampire power drain issues. Vampire power is the power that continues to drain, once a component that is plugged in, has been charged. The IGO charger cuts vampire power drain by as much as 85%; according to the company. The net result of this is savings on electricity costs and extension of battery life for components.
Their IGO charger was named one of PC Worlds top 100 products for 2009.
The company currently has a distribution channel that includes, Staples, Office Max and Office Depot, Radio Shack, Verizon phone centers, and Wal-Mart. The company has numerous other local and regional resellers of its product line. Office Max, Office Depot and Wal-Mart will account for approximately 5,000 locations where its products are sold. There are an estimated 10,000 other locations that their products are in or being added to.
The company had been selling its products to private label distributors but has repositioned itself as the direct marketer to the end retailer. Its revenues in the first quarter of 2010 were lower than the same period in 2009 reflecting a decline in sales to private label distributors.
Though revenues were lower net income was modestly positive as cost cutting initiatives and higher margins contributed to its positive performance. The company has almost 33 million shares outstanding and as of March 31, 2010 had 33 million dollars in cash on its books.
The vampire power component of the IGOI technologies may be the most interesting play on growth. If the design is given patent protection it can be incorporated into hundreds of devices currently on the market that could benefit from its ability to draw significantly less power when not in use. (Computers, TV's, printers most electronic equipment that stays plugged in when not in use.)
The company sells its products online, also, at