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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.
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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
Cost of revenue1
Selling, general and administrative expenses
Engineering and support expenses
Interest expense, net
Loss due to change in fair value of derivative liabilities
Other income, net
Loss from continuing operations before income taxes
Income tax expense
Net loss from continuing operations
Loss from discontinued operations, net of income taxes
Basic and diluted loss per share:
Loss from continuing operations
Loss from discontinued operations
Weighted average common shares outstanding:
Common shares outstanding
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.
CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents
Accounts receivable due from customers, net
Accounts receivable due from suppliers, net
Other current assets
Total current assets
Property and equipment, net
LIABILITIES AND STOCKHOLDERS' DEFICIT
Loan payable, net of discount
Total current liabilities
(A) Derived from the audited consolidated financial statements as of January 31, 2012.
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