ZAGG, Inc. (ZAGG.OB), a leading provider of protective film coverings for personal electronics under the brand name invisibleSHIELD, recently announced its financial results for the third quarter of 2008 ending September 30, 2008. The company reported a significant year-over-year increase in revenues and positive net income for the third quarter and year-to-date. Net sales for the third quarter of 2008 climbed to approximately $6.9 million, an increase of 376 percent compared to net sales of $1.4 million for the third quarter of 2007.
The company’s quarterly gross profit totaled $4.4 million, or 64.7 percent of sales, compared to $1.1 million, or 79.2 percent of sales, during the third quarter of 2007. Gross profit for the nine months ended September 30, 2008 reached $8.5 million, or 68.5 percent of sales, compared to $2.3 million, or 77.3 percent of sales one year earlier. ZAGG reported net income of $889,743 or $0.05 per share in the third quarter of 2008 compared to a net loss of $733,428 or a loss of $0.04 per share in the third quarter of 2007.
Robert G. Pedersen II, president and chief executive officer of ZAGG, recently commented, “We are very pleased to see the results of our business plan taking shape. Our continued, sustained revenue growth is very encouraging, particularly in a period of economic turmoil.” He continued, “As a young company, it is noteworthy to have reached our goal of positive net income and positive earnings per share. The expansion of our sales distribution has been a key factor to our record sales in 2008, and has really helped promote the invisibleSHIELD brand.” Mr. Pedersen concluded, “Our partnerships with the leading retail outlets Best Buy and Carphone Warehouse in Europe have been critical to our accomplishments.”
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