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DailyTrends.com Small Cap Update: Wireless XCessories

Chris Lahiji
Chris Lahiji
Daily Trends.com
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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, and plain and colored carrying cases.

XWG sells to dealers and distributors through an in-house sales force and directly from its website, www.wirexgroup.com. Wireless Xcessories also creates private labeled websites, Industrial Cellular Strength.com, for its dealers and produces 2 product line catalogs that are circulated nationally and internationally.

I have recommended the stock already this year and decided to take profits. It was trading at almost $14 a share then. The stock has been decimated recently because they missed guidance for last quarter.

For the nine months ended September 30, 2005, Wireless Xcessories Group had revenue of $16,083,000, an increase of 44.5% compared to revenue of $11,131,000 for the same period in 2004. The company had pre-tax income for the first nine months of 2005 of $1,723,000, an increase of 159.1% compared to $665,000 for the same period in 2004. The company had net income of $1,605,000, or $0.36 per basic share ($0.35 per diluted share), an increase of 141.4% compared to net income of $665,000, or $0.14 per basic and diluted share, for the first nine months of fiscal 2004. The 2005 results include $118,000 of income tax expense.

The company had utilized the net operating loss carry forwards that it had available to it in the first six months of 2005. Accordingly, the Company began accruing income taxes in the third quarter of 2005.

It was a bit overpriced at $15, but undervalued at $5. Only time will tell if I am right.

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