Shares of ZAGG (Nasdaq: ZAGG) pushed fresh all-time highs this morning after reporting quarterly results that decimated analyst estimates.

The smartphone and tablet accessory maker reported record second-quarter revenue of $38.8 million, a 158% increase over last year. This translated into non-GAAP earnings per share of $0.19. Wall Street was expecting revenue and earnings of $25.7 million and $0.12, respectively. The company also boosted full-year guidance to between $160 million and $170 million, versus its previous forecast of $105 million to $110 million. This also trounced the analyst forecast of $147.6 million.

Gross margin declined expectedly to 46%, partially due to costs related to ZAGG's acquisition of iFrogz and product obsolescence charges. This is compared to 50% for the year-ago quarter and 51% last quarter.

ZAGG has also recently partnered with Logitech (Nasdaq: LOGI) under a licensing agreement to sell ZAGGmate, its keyboard case made for Apple's (Nasdaq: AAPL) iPad 2. The market has largely gotten over its trepidation from when Apple introduced its own Smart Cover to accompany the iPad 2, in direct competition with ZAGG's offerings. While ZAGG tends to focus on Apple products, it also makes protective gear for devices from Motorola Mobility (NYSE: MMI) and Research In Motion (Nasdaq: RIMM).

The company had a great 2010 and is on track to enjoy a strong 2011. With a P/E of roughly 33.5, the company's growth prospects are fairly priced. It's true that free cash flow has been negative, but this is likely due to the company reinvesting its cash in future growth such as building up inventory for higher than expected demand.

With smartphone and tablet growth exploding, ZAGG is well-positioned to capitalize on opportunities in the budding market of protective accessories. As much as consumers are snapping up shiny new gadgets, the natural next step is to protect their pricey new toys with a ZAGG invisibleSHIELD.