COMARCO Reports 21 Percent Increase In Second Quarter Earnings.YORBA LINDA Yorba Linda (yôr`bə lĭn`də), city (1990 pop. 52,422), Orange co., S Calif., in a region of citrus fruit; inc. 1967. The city has grown tremendously along with the southern California area; its population increased fivefold between , Calif.--(BUSINESS WIRE)--Aug. 21, 1997--COMARCO Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMRO CMRO Current Medical Research and Opinion (journal) CMRO Concerned Motorcycle Riders of Ohio CMRO Canadian Mud Racing Organization CMRO Certified Medical Review Officer CMRO Complex Maintenance, Repair & Overhaul ) Thursday announced results for the second quarter and six months ended July 31, 1997. Net income for the quarter grew 21 percent to $1.3 million or $0.24 per share from $1.1 million or $0.20 per share reported last year. Revenues for the quarter were up 31 percent to $21.0 million compared with $16.1 million last year. Average shares for the quarter were 5,463,000 versus 5,397,000 for last year. For the first two quarters of this year, net income after tax was $2.4 million or $0.45 per share on revenues of $41.1 million. For the same period last year, the company earned $2.2 million or $0.41 per share on $32.5 million of revenue. Revenues for the company's subsidiary, Comarco Wireless Technologies, for the second quarter were $7.1 million, up 67 percent from the $4.2 million reported for the second quarter last year. Comarco Wireless' operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before were up 54 percent to $1.7 million versus $1.1 million in last year's second quarter. For the first six months of this year Comarco Wireless' operating earnings were $2.8 million on $13.1 million in sales versus $2.2 million on $8.3 million in sales in last year's first half. Bookings for the quarter were $6.0 million compared with $4.3 million last year. Bookings for the first half of this year are $12.2 million versus $6.3 million in last year's first half. COMARCO will host an investors conference call, led by COMARCO's President and Chief Executive Officer, Don M. Bailey, on August 21 at 11 a.m. PST PST Paroxysmal supraventricular tachycardia, see there . To participate, call 800/706-6782 approximately 5 minutes before the scheduled conference. A replay of the call will be available for 24 hours Adv. 1. for 24 hours - without stopping; "she worked around the clock" around the clock, round the clock , beginning 5 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , August 21. To hear the replay, call 800/642-1687, ID no. 565705. "COMARCO continues to meet its strategic and financial objectives," commented Don M. Bailey. "Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , sales and profits at Comarco Wireless are on plan and well ahead of last year. Demand from wireless telephone companies for our current and planned products continues to be very strong. Bookings and shipments this year have been spread fairly evenly over all our product platforms. In addition, bookings this year from Europe, Asia, and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. have been significant. "Our product development program is focused on filling the strong demand for adding CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. , GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. , IS- is- pref. Variant of iso-. 136 and PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. 1800/1900 air interfaces to our line of field measurement and revenue assurance products. Some of these product variants were released in the second quarter with projected release of others during the balance of the year. "Our outsourced engineering staffing business had a steady quarter. During the quarter we opened a new commercial staffing office in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Also in the quarter we significantly downsized our software products operation. "COMARCO's financial position remains strong with $11 million in cash and investments as of July 31, 1997. During the quarter we repurchased 62,000 shares of stock, bringing our total buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may to 928,000 shares. Overall," concluded Bailey, "we are excited about the future in both segments of our business." -0- NOTE TO EDITORS: Except for historical information contained herein, the matters set forth in this news release are forward looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Potential risks and uncertainties include factors such as the level of sales of the wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. and software products, timely and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. product development, foreign marketing, the level of competition for the company's products and services, and the ability to meet the technical requirements of its customers. Investors are also directed to consider a more detailed description of risks and uncertainties facing the company discussed in documents filed by the company with the Securities and Exchange Commission. -0- COMARCO Inc. (NASDAQ:CMRO) provides wireless communications products, as well as outsourced engineering, management and staffing services, to the public and private sectors. -0-
COMARCO Inc. (NASDAQ:CMRO)
INTERIM STATEMENT FINANCIAL DATA
STATEMENT OF INCOME
(Dollars in thousands Except Per Share Data)
Three Months Ended Six Months Ended
July 31, July 31 July 31 July 31
Statement of income 1997 1996 1997 1996
Revenue $ 21,015 $ 16,098 $ 41,112 $ 32,506
Direct Costs 12,904 8,703 25,148 18,638
Indirect costs 6,110 5,844 12,310 10,692
Total operating costs 19,014 14,547 37,458 29,330
Operating income $ 2,001 $ 1,551 $ 3,654 $ 3,176
Net interest income 121 147 256 300
Income before income taxes 2,122 1,698 3,910 3,476
Income taxes 807 610 1,486 1,286
Tax rate 38% 36% 38% 37%
Net Income $ 1,315 $ 1,088 $ 2,424 $ 2,190
Earnings per share
Primary $ 0.24 $ 0.20 $ 0.45 $ 0.41
Fully diluted $ 0.24 $ 0.20 $ 0.44 $ 0.41
Weighted average shares of common stock
Primary 5,463,000 5,397,000 5,439,000 5,365,000
Fully diluted 5,466,000 5,404,000 5,448,000 5,382,000
-0-
Comarco Wireless
Sales $ 7,058 $ 4,228 $ 13,076 $ 8,285
Operating Income $ 1,713 $ 1,114 $ 2,843 $ 2,217
-0-
SELECTED BALANCE July 31 Jan. 31 July 31
SHEET ITEMS 1997 1997 1996
Cash and short-term investments $ 8,658 $ 14,535 $ 13,372
Net accounts receivable 14,103 11,526 8,771
Inventory 4,619 3,042 1,997
Current assets 29,622 31,360 24,816
Long-term investments (highly liquid) 2,700 1,859 1,652
Property and equipment, net 2,115 1,408 1,285
Capitalized software development 2,981 2,434 1,654
Intangible assets, net 2,698 1,842 2,363
Total assets 40,614 39,210 32,001
Short-term debt -- -- --
Current liabilities 11,594 10,931 7,157
Long-term debt -- -- --
Total shareholders' equity 27,865 26,977 24,271
CONTACT: Comarco Inc., Yorba Linda Don M. Bailey, 714/282-3813 Shareholder Information Office 714/282-3825 |
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