Mobility Electronics, Inc. (NASDAQ:MOBE)
Industry: Technology
Mobility Electronics, Inc. (Mobility), incorporated in 1996, provides products and solutions for the mobile electronics industry. The Company's products include power products for high-power mobile electronic devices, such as portable computers; power products for low-power mobile electronic devices, such as mobile phones, personal digital assistants and MP3 players; connectivity products; expansion products, and docking and accessory products. Mobility is organized in three business segments: the High-Power Group, the itip Division and the Connectivity Group. In addition to its primary products, the Company markets a number of mobile device accessories, such as monitor stands, mobile phone accessories and portable computer stands. Sales of accessories and other products represented approximately 3% its total revenue for the year ended December 31, 2005. The Company primarily sells its products through original equipment manufacturers (OEMs), such as Lenovo (formerly IBM), Dell Inc. and Symbol Technologies, Inc; private-label resellers, such as Targus Group International (Targus) and Monster Cable Products, Inc.; resellers, such as Ingram Micro Inc.; retailers, such as RadioShack Corporation, and directly to end users through its iGo brand Website, www.igo.com. For the year ended December 31, 2005, Targus accounted for 27% of its revenue while RadioShack and Dell accounted for 18% and 13% of its revenue, respectively. High-Power Group The High-Power Group is focused on the development, marketing and sales of power products and accessories for mobile electronic devices with high-power requirements, which consist primarily of portable computers. In addition, in accordance with the terms of its strategic agreements with RadioShack and Motorola, Inc., the High-Power Group includes the majority of its sales of itip products to RadioShack through December 31, 2005. Mobility sells these products to OEMs, private-label resellers, distributors, resellers and retailers. The Company supplies OEM-specific, high-power adapter products to Dell and Lenovo. Mobility has entered into a strategic reseller agreement with Targus to market and distribute high-power adapter products on a private-label basis. The Company sells to retailers, such as RadioShack and through distributors, such as Ingram Micro. High-Power Group revenue accounted for approximately 74% of revenue for the year ended December 31, 2005. The Company's power products primarily compete with products offered by low-cost manufacturers of model-specific adapters and specialized third-party mobile computing accessory companies, including American Power Conversion, Belkin, Comarco, Lind and RRC Power Solutions. itip Division Mobility is collaborating with many of its strategic partners to develop and market new power adapters specifically designed for the low-power mobile electronic device market, including cigarette lighter adapters, mobile alternating current (AC) adapters, low-power universal AC/direct current (DC) adapters and low-power universal battery products. Each of these power devices are designed, or are being designed, to incorporate its patented tip technology. The combination AC/DC adapter also allows users to simultaneously charge a second device with its optional iGo DualPower accessory. In April 2005, the Company entered into new strategic agreements with RadioShack and Motorola under which Mobility has formed the itip Division, which is specifically focused on the development, marketing and sales of its itip products. In connection with these strategic agreements, RadioShack and Motorola will each act as sales representatives for the sale of its itip products. In addition, RadioShack and Motorola have each made strategic investments in Mobility to assist the Company in these efforts. itip revenue accounted for approximately 5% of revenue for the year ended December 31, 2005. There were no itip Division sales prior to April 1, 2005. Connectivity Group The Connectivity Group is focused on the development, marketing and sales of connecti
As Of: 10/07 00:00 ET
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