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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 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.

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