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Comarco Reports Third Quarter Fiscal 2012 Financial Results
Dec 15, 2011 (05:12 PM EST)
LAKE FOREST, Calif., Dec. 15, 2011 /PRNewswire/ -- Comarco, Inc. (OTC: CMRO), a leading provider of innovative mobile power solutions through its ChargeSource® line of multi-function universal mobile power products, today announced its financial results for the third quarter of fiscal 2012 ended October 31, 2011.
Revenue for the third quarter of fiscal 2012 was $2.3 million compared to $5.5 million for the third quarter of fiscal 2011. The Company reported a net loss of $0.8 million, or $(0.10) per share, for the recent third quarter, which compares to a net loss of $1.3 million, or $(0.18) per share, for the third quarter of the prior fiscal year. On a sequential basis, the third quarter net loss represents a 61 percent improvement from the $1.9 million net loss in the second quarter of fiscal 2012.
"Our third quarter results reflect significant progress in our efforts to right-size our cost structure while positioning Comarco for future growth," said Tom Lanni, President and Chief Executive Officer of Comarco. "By further reducing both fixed and variable operating expenses while executing our direct-to-consumer internet strategy, we are now prepared for the launch of our next-generation ChargeSource power adapter through our website, ChargeSource.com later this fiscal year. The planned direct-to-consumer sales of our newest generation power adapter should provide us with an opportunity to accelerate revenue growth and improve our operating margins."
"Our gross margin increased slightly in the third quarter compared to the third quarter of fiscal 2011. Looking forward, we expect our gross profit to increase further with the ramp-up of sales through our website during fiscal 2013. In addition to our new sales strategy, we recently announced the execution of an agreement in which we licensed a portion of our patented technology to Cooler Master, Inc. This was the first license agreement reached as part of our new strategy to realize the value of our extensive patent portfolio. This license agreement should assist us in monetizing additional value from our patent portfolio in fiscal 2013," concluded Mr. Lanni.
Nine Months of Fiscal 2012 Financial Results
Forward-Looking Statement Disclaimer
This press release contains statements relating to our future plans and strategies that are based on our current beliefs and assumptions. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "could," "may," "should," and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this release. Additionally, statements concerning future matters are forward-looking statements.
Although forward-looking statements in this release reflect the good faith judgment of our management, such statements are only based on facts and factors known by us as of the date of this release. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January 31, 2011, and in our other filings with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, whether as a result of new information, future events or otherwise, except as required by law.
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.
SOURCE Comarco, Inc.