Welcome!

News Feed Item

Comarco Reports Third Quarter Fiscal 2013 Financial Results

LAKE FOREST, Calif., Dec. 14, 2012 /PRNewswire/ -- Comarco, Inc. (OTC: CMRO.PK), today announced its financial results for the third quarter of fiscal 2013 ended October 31, 2012.  The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2013 with the Securities and Exchange Commission today.

Revenue for the third quarter of fiscal 2013 was $1.1 million compared to $2.3 million for the third quarter of fiscal 2012. For the quarter, the Company reported a net loss of $2.2 million, or $0.29 per share, which compares to a net loss of $0.8 million, or $(0.10) per share, for the third quarter of the prior fiscal year. The net loss for the quarter included non-cash expenses of $0.9 million related to our previously announced bridge loan. Additionally, the net loss for the quarter includes increased selling, general and administrative expenses and engineering and support expenses of $0.3 million and $0.1 million, respectively, compared to the third quarter of fiscal 2012. The increases in selling, general and administrative expenses and engineering and support expenses are related principally to legal expenses associated with our ongoing litigation.

For the nine months ended October 31, 2012, revenue totaled $5.0 million compared with $7.1 million for the same period of the prior fiscal year. The net loss for the nine months ended October 31, 2012 was $2.8 million, or $(0.37) per share, compared with a net loss of $3.9 million, or $(0.54) per share, in the comparable period for the prior year. The year to date net loss was significantly and positively impacted by the previously announced settlement with a former supplier.  Additionally, the year to date net loss includes increased selling, general and administrative expenses of $0.3 million and engineering and support expenses of $0.8 million, respectively, compared to the same period of the prior fiscal year.  The increases in selling, general and administrative expenses and engineering and support expenses are related principally to legal expenses associated with our ongoing litigation.

Additionally, as previously announced, subsequent to the third quarter, the Company was awarded a new patent, bringing the total number of patents in its domestic portfolio to 46.

About Comarco

Based in Lake Forest, Calif., Comarco is a leading provider of universal mobile power products used to power and charge notebook computers, mobile phones, and many other rechargeable mobile devices. The Company's Web sites can be found at www.comarco.com and www.chargesource.com.

COMARCO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)







Three Months Ended

October 31,


Nine Months Ended

October 31,


2012


2011


2012


2011

Revenue

$         1,135


$         2,252


$         5,018


$         7,128

Cost of revenue1

929


1,926


2,672


6,932

Gross profit

206


326


2,346


196









Selling, general and administrative expenses

903


563


2,303


2,628

Engineering and support expenses

640


497


1,884


1,471


1,543


1,060


4,187


4,099









Operating loss

(1,337)


(734)


(1,841)


(3,903)

Interest expense, net

(518)


(26)


(573)


(62)

Loss due to change in fair value of derivative liabilities

(389)



(389)


Other income, net




34

Loss from continuing operations before income taxes

(2,244)


(760)


(2,803)


(3,931)

Income tax expense



2


2

Net loss from continuing operations

(2,244)


(760)


(2,805)


(3,933)

Loss from discontinued operations, net of income taxes




(21)

Net loss

$        (2,244)


$          (760)


$       (2,805)


$        (3,954)

 

Basic and diluted loss per share:








      Loss from continuing operations

$          (0.29)


$         (0.10)


$         (0.37)


$          (0.54)

      Loss from discontinued operations




      Net loss

$         (0.29)


$        (0.10)


$         (0.37)


$          (0.54)









Weighted average common shares outstanding:








      Basic

7,613


7,382


7,518


7,356

      Diluted

7,613


7,382


7,518


7,356

Common shares outstanding

7,615


7,388


7,615


7,388


1 The cost of revenue for the nine months ended October 31, 2012 includes a supplier settlement of $1.4 million of previously incurred and accrued product and freight costs.

 

COMARCO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)






October 31,


January 31,


2012


2012 (A)


(Unaudited)



ASSETS








Current Assets:




      Cash and cash equivalents

$             560


$             908

      Accounts receivable due from customers, net

1,127


934

      Accounts receivable due from suppliers, net

833


673

      Inventory, net

1,219


1,131

      Other current assets

33


63

            Total current assets

3,772


3,709

Property and equipment, net

102


126

Restricted cash

82


92


$          3,956


$          3,927





LIABILITIES AND STOCKHOLDERS' DEFICIT








Current Liabilities:




      Accounts payable

$          3,454


$          3,912

      Accrued liabilities

1,583


1,315

      Loan payable, net of discount

1,153


      Derivative liabilities

1,754


            Total current liabilities

7,944


5,227

      Deferred rent

43


41

            Total liabilities

7,987


5,268

Stockholders' deficit

(4,031)


(1,341)


$          3,956


$          3,927





(A) Derived from the audited consolidated financial statements as of January 31, 2012.

SOURCE Comarco, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
If a machine can invent, does this mean the end of the patent system as we know it? The patent system, both in the US and Europe, allows companies to protect their inventions and helps foster innovation. However, Artificial Intelligence (AI) could be set to disrupt the patent system as we know it. This talk will examine how AI may change the patent landscape in the years to come. Furthermore, ways in which companies can best protect their AI related inventions will be examined from both a US and...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Behera Rasananda is a technologist, a leader, a key note speaker has more than 20 years experience in across Government, Financial, Heath Care and Insurance Verticals. Mr. Behera has vast experience in Enterprise Cloud and Big Data solutions and Enterprise Architecture. Currently he works closely for Government Solutions on Enterprise Cloud for Federal Government Agency. Scientist Behera managed and partner with clients to make complete end to end solution and Migration to cloud both private sec...
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, r...
They say multi-cloud is coming, but organizations are leveraging multiple clouds already. According to a study by 451 Research, only 21% of organizations were using a single cloud. If you've found yourself unprepared for the barrage of cloud services introduced in your organization, you will need to change your approach to engaging with the business and engaging with vendors. Look at technologies that are on the way and work with the internal players involved to have a plan in place when the ine...
Excitement and interest in APIs has skyrocketed in recent years. However, if you ask a room full of IT professionals "What is an API", you will get a wide array of answers. There exists a wide knowledge gap between API experts and those that have a general idea of what they are, but are unsure of what they have been for in the past, what they look like now, and how they can be used to expand your business in the future. In this session John will cover what the history of APIs, what an API looks ...