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Comarco Reports Third Quarter Fiscal 2013 Financial Results
Submitted by admin on 12/14/2012 @ 4:45 PM
Companies mentioned in this article:
Comarco, Inc.
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 Nine Months Ended
October 31, October 31,
----------- -----------
2012 2011 2012 2011
---- ---- ---- ----
Revenue $1,135 $2,252 $5,018 $7,128
Cost of
revenue(1) 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.