WIRX Wireless Xcessories Group Inc (CE)

The Wireless Xcessories Group, Inc. (Pink Sheets:WIRX), a nationwide manufacturer and distributor of electronic and cellular accessories, announced first quarter results ending March 31, 2010.

SALES

The Company reported First quarter revenue of $4,808,000 compared to $4,708,000 for the same period in fiscal 2009, an increase of 2.1%.

Net Income Comparison

The Company had 2010 first quarter net income of $159,000 or $.04 per share, compared to net income of $106,000 or $.03 per share in the same period for 2009.

Income from Operations

1st quarter Income from operations were $63,000 for '10 vs. $290,000 for '09.

The main difference between Income from Operations and reported Net Income was caused by an increase in value of the Company's investment in Marketable Securities in 2010 versus a decline in 2009.

Key Financial Comparisons

The Company ended the year with working capital of approximately $7.7 million, up from $6.8 million at March 31, 2009. The Company has no debt, and total equity has reached approximately $8,200,000 as of March 31, 2010.

Steve Rade, CEO, stated, "Our strategy commencing in the fourth quarter of 2009 to build up our sales volume by increasing our promotions and offering aggressive pricing to match our competitors." This resulted in a 2.2% increase in sales. Though this has negatively affected our margins in the short term, we believe our strategies of building our sales base and pressuring our competitors will increasingly lead to more profitable sales growth as the year unfolds.

At the same time, the Company was able to reduce its expenses by 3% as we continue to reduce costs in this sluggish business environment.    

About Wireless Xcessories Group

Wireless Xcessories Group, Inc. designs, manufactures and distributes accessories for cellular phones. The Company offers in excess of 3,000 items that include batteries, hands free devices, car and travel chargers, as well as a variety of carrying cases. The Company sells to dealers and distributors through an in-house sales force and directly from its website, http://www.wirexgroup.com.

CONTACT:  Wireless Xcessories Group

          Dan Kenderdine

          800-233-0013 ext. 1404