Comarco Reports Fiscal 2013 Fourth Quarter and Full Year Financial Results
LAKE FOREST, Calif., April 30, 2013 /PRNewswire/ -- Comarco, Inc. (OTC: CMRO.PK), today announced its financial results for the fourth fiscal quarter and full fiscal year ended January 31, 2013. The Company also filed its Annual Report on Form 10-K for fiscal year 2013 with the Securities and Exchange Commission today.
Revenue for the fourth quarter of fiscal 2013 was $1.3 million compared to $0.9 million for the fourth quarter of fiscal 2012. For the quarter, the Company reported a net loss of $2.8 million, or $0.37 per share, which compares to a net loss of $1.4 million, or $(0.18) per share, for the fourth quarter of the prior fiscal year. The net loss for the fourth quarter of fiscal 2013 included combined non-cash expenses of $1.6 million related to the valuation of the warrants issued in conjunction with our former bridge loan which was repaid subsequent to our fiscal year end with combined proceeds received from a previously announced secured loan agreement and stock purchase agreement.
For year ended January 31, 2013, revenue totaled $6.3 million compared with $8.1 million for the prior fiscal year. The net loss for the fiscal year ended January 31, 2013 was $5.6 million, or $(0.74) per share, compared with a net loss of $5.3 million, or $(0.72) per share, for the prior fiscal year. The fiscal 2013 net loss was significantly and positively impacted in the amount of $1.4 million by the previously announced settlement with a former supplier and negatively impacted in the amount of $2.5 million by the valuation of the warrants. Additionally, the year to date net loss includes increased engineering and support expenses of $0.5 million, compared to prior fiscal year. The increase in engineering and support expenses are related principally to increased legal expenses associated with our ongoing litigation in the amount of $0.9 million offset by reductions in personnel and related expenses of $0.3 million as well as reduced rent expense of $0.1 million.
About Comarco
Based in Lake Forest, Calif., Comarco develops technologies and products for the charging of portable battery powered devices. Our products are aimed at the mobile user and charge a multitude of devices ranging from laptop computers, tablets, mobile phones, smart phones as well as many other devices. Our extensive portfolio of 46 U.S. patents and a number of foreign patents is the result of years of research and development programs to provide charging solutions for portable electronic devices to original equipment manufacturers and retail outlets. Comarco continues to develop new technologies and expand its patent portfolio, and has commenced efforts to enhance shareholder value through the monetization of this significant corporate asset. The Company's Web sites can be found at www.comarco.com and www.chargesource.com.
| COMARCO, INC. |
|||||||
| Three Months Ended January 31, (Unaudited) |
Year Ended January 31, (A) |
||||||
| 2013 |
2012 |
2013 |
2012 |
||||
| Revenue |
$ 1,320 |
$ 941 |
$ 6,338 |
$ 8,069 |
|||
| Cost of revenue1 |
1,478 |
1,329 |
4,150 |
8,261 |
|||
| Gross profit (loss) |
(158) |
(388) |
2,188 |
(192) |
|||
| Selling, general and administrative expenses |
458 |
512 |
2,761 |
3,140 |
|||
| Engineering and support expenses |
550 |
460 |
2,435 |
1,931 |
|||
| 1,008 |
972 |
5,196 |
5,071 |
||||
| Operating loss |
(1,166) |
(1,360) |
(3,008) |
(5,263) |
|||
| Interest expense, net |
(909) |
— |
(1,481) |
(62) |
|||
| Loss due to change in fair value of derivative liabilities |
(712) |
— |
(1,101) |
— |
|||
| Other income, net |
— |
4 |
— |
38 |
|||
| Loss from continuing operations before income taxes |
(2,787) |
(1,356) |
(5,590) |
(5,287) |
|||
| Income tax expense |
— |
— |
2 |
2 |
|||
| Net loss from continuing operations |
(2,787) |
(1,356) |
(5,592) |
(5,289) |
|||
| Loss from discontinued operations, net of income taxes |
— |
— |
— |
(21) |
|||
| Net loss |
$ (2,787) |
$ (1,356) |
$ (5,592) |
$ (5,310) |
|||
|
Basic and diluted loss per share: |
|||||||
| Loss from continuing operations |
$ (0.37) |
$ (0.18) |
$ (0.74) |
$ (0.72) |
|||
| Loss from discontinued operations |
— |
— |
— |
— |
|||
| Net loss |
$ (0.37) |
$ (0.18) |
$ (0.74) |
$ (0.72) |
|||
| Weighted average common shares outstanding: |
|||||||
| Basic |
7,626 |
7,388 |
7,545 |
7,365 |
|||
| Diluted |
7,626 |
7,388 |
7,545 |
7,365 |
|||
| Common shares outstanding |
7,635 |
7,388 |
7,635 |
7,388 |
|||
| (A) Derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2013, which was filed with the Securities and Exchange Commission on April 30, 2013.
1 The cost of revenue for the year ended January 31, 2013 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) |
|||
| January 31, |
January 31, |
||
| 2013(A) |
2012 (A) |
||
| ASSETS |
|||
| Current Assets: |
|||
| Cash and cash equivalents |
$ 104 |
$ 908 |
|
| Accounts receivable due from customers, net |
1,307 |
934 |
|
| Accounts receivable due from suppliers, net |
1,132 |
673 |
|
| Inventory, net |
466 |
1,131 |
|
| Other current assets |
— |
63 |
|
| Total current assets |
3,009 |
3,709 |
|
| Property and equipment, net |
120 |
126 |
|
| Restricted cash |
82 |
92 |
|
| $ 3,211 |
$ 3,927 |
||
| LIABILITIES AND STOCKHOLDERS' DEFICIT |
|||
| Current Liabilities: |
|||
| Accounts payable |
$ 3,688 |
$ 3,912 |
|
| Accrued liabilities |
1,789 |
1,315 |
|
| Loan payable, net of discount |
2,000 |
— |
|
| Derivative liabilities |
2,466 |
— |
|
| Total current liabilities |
9,943 |
5,227 |
|
| Deferred rent |
42 |
41 |
|
| Total liabilities |
9,985 |
5,268 |
|
| Stockholders' deficit |
(6,774) |
(1,341) |
|
| $ 3,211 |
$ 3,927 |
||
| (A) Derived from the audited consolidated financial statements included in the Company's Annual report on Form 10-K for the fiscal year ended January 31, 2013, which was filed with the Securities and Exchange Commission on April 30, 2013. |
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SOURCE Comarco, Inc.
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