COMARCO, INC. 
By FOR IMMEDIATE RELEASE
COMARCO REPORTS SECOND QUARTER FISCAL 2013
FINANCIAL RESULTS
LAKE FOREST, Calif., December 14, 2012 -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,
Six Months Ended
October 31,
Revenue
$ 1,135
$ 2,252
$ 5,018
$ 7,128
Cost of revenue
929
1,926
2,672
6,932
Gross profit (loss)
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
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)
Net loss from discontinued operations
---
---
---
---
Net Loss
$ (0.29)
(0.21)
(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
COMARCO, INC.
CONDENSEDCONSOLIDATED BALANCE SHEETS
(In thousands)
October 31,
2012
January 31,
2012(A)
ASSETS
Cash and cash equivalents
$ 560
$ 908
Accounts Receivable due from customers, net
1,127
934
Accounts Receivable due from suppliers, net
833
673
Total current assets
3,772
3,709
Property and equipment, net
102
126
LIABILITIES AND STOCKHOLDERS DEFICIT
Accounts payable
$ 3,454
$ 3,912
Accrued liabilities
1,583
1,315
Load payable, net of discount
1,153
---
Derivative liabilities
1,754
---
Total current liabilities
7,944
5,227
Total current liabilities
7,987
5,268
Stockholders'' deficit
(4,031)
(1,341)
|
distributed by
|
