Welcome!

Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

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.

@ThingsExpo Stories
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
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.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...