Mobility Electronics Reports Q2 2005 Revenue Growth

Mobility Electronics Inc. (Scottsdale, AZ), a provider of portable power solutions for mobile electronics, reported financial results for the second quarter ended June 30, 2005. Total revenue was $20.4 million in the second quarter of 2005, an increase of 23 percent over revenue of $16.7 million in the second quarter of 2004 (which excludes approximately $400,000 in revenues from operations that were discontinued during 2004).

Net income was $11.7 million, or $0.36 per diluted share, in the second quarter of 2005, compared with a net loss of $1.2 million, or $0.04 per diluted share, in the same quarter of the prior year. Net income in the second quarter of 2005 includes a one-time gain of $11.4 million, net of related income tax expense, from the sale of a portfolio of non-strategic patents related to the company's split bridge and serialized PCI intellectual property.

Excluding the one-time gain from the intellectual property sale, as well as non-cash compensation charges, net income before provision for income tax expense was $697,000, or $0.02 per diluted share, in the second quarter of 2005.