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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 and




(In thousands, except per share data)

Three Months Ended

October 31,

Nine Months Ended

October 31,






$         1,135

$         2,252

$         5,018

$         7,128

Cost of revenue1





Gross profit





Selling, general and administrative expenses





Engineering and support expenses









Operating loss





Interest expense, net





Loss due to change in fair value of derivative liabilities



Other income, net


Loss from continuing operations before income taxes





Income tax expense



Net loss from continuing operations





Loss from discontinued operations, net of income taxes


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:











Common shares outstanding





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.




(In thousands)

October 31,

January 31,


2012 (A)



Current Assets:

      Cash and cash equivalents

$             560

$             908

      Accounts receivable due from customers, net



      Accounts receivable due from suppliers, net



      Inventory, net



      Other current assets



            Total current assets



Property and equipment, net



Restricted cash



$          3,956

$          3,927


Current Liabilities:

      Accounts payable

$          3,454

$          3,912

      Accrued liabilities



      Loan payable, net of discount


      Derivative liabilities


            Total current liabilities



      Deferred rent



            Total liabilities



Stockholders' deficit



$          3,956

$          3,927

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

SOURCE Comarco, Inc.

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