Monster Digital Inc. announced Friday it had hired Benchmark Co., a New York investment bank, to consider strategic alternatives for the company.

Benchmark will conduct a review of Monster with a focus on maximizing the value of the Simi Valley developer and distributor of action sports and virtual reality cameras and accessories.

Alternatives to be reviewed include a business combination or merger, an equity or debt financing, disposition of assets or similar actions.

The announcement coincided with the release of first quarter earnings that showed Monster Digital widening its net loss.

For the quarter ending March 31, the company posted a net loss of $2.2 million (-28 cents a share) on revenue of $951,000. That compared to a net loss of $1.9 million (-50 cents) in the same period a year earlier.

Chief Executive David Clarke admitted the company was having difficulty getting sufficient sales traction as competition has resulted in declining prices for its products.

“Under these circumstances, it is entirely appropriate to conduct a review to determine if there is a course of action which will enhance our prospects and value to our shareholders,” Clarke said in a prepared statement.

Monster Digital (MSDI) shares closed Friday unchanged at 62 cents on the Nasdaq.