COMARCO Reports Increased Second Quarter and Six Months 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)--August 23, 1995--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 ) today announced results for the second quarter and six months ended July 30, 1995. Net income for the quarter grew 20% to $838,000 or $0.17 per share from $699,000 or $0.14 per share reported last year. Revenues for the quarter were $17.2 million compared to $16.0 million last year. Average shares for the quarter were 4,961,000 versus 4,940,000 for last year. For the first two quarters of this year, net income after tax was $1.7 million or $0.33 per share on revenues of $34.6 million. For the same period last year, the Company earned $1.3 million or $0.27 per share on $31.7 million of revenue. The Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Comarco Wireless Technologies, Inc.'s revenues for the second quarter were $2.7 million, up 145% from the $1.1 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 $741,000 versus $119,000 in last year's second quarter. For the first six months of this year Comarco Wireless' operating earnings were $1.4 million on $5.7 million in sales versus operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $264,000 on $2.4 million in sales in last year's first half. COMARCO will host an investors conference call, led by COMARCO'S President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Don M. Bailey, on August 23 at 11AM PST PST Paroxysmal supraventricular tachycardia, see there . To participate, call 1-800-706-6782 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 5PM EST EST electroshock therapy. EST abbr. electroshock therapy , August 23. To hear the replay, call 1-800-642-1687, ID No. 96331. "COMARCO is on track with our expectations for the year," commented Don M. Bailey, President and CEO of COMARCO, Inc. "Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , Comarco Wireless continues to meet the strategic and operational goals established for this year and beyond. The $7.3 million of orders received for the first half of this year, when compared to last year's comparable period bookings of $3.5 million, is indicative of the positive market reception from cellular telephone companies to our products. Late in the quarter, we introduced our CDPD (Cellular Digital Packet Data) A low-speed, digital, wireless data network that is an enhancement to an existing analog cellular network. Based on IBM's CelluPlan II, CDPD provides a packet overlay onto the AMPS network and moves data at 19. field measurement product line. This product allows those cellular telephone companies using CDPD (Cellular Digital Packet Data (communications, protocol) Cellular Digital Packet Data - (CDPD) A wireless standard providing two-way, 19.2 kbps packet data transmission over exisiting cellular telephone channels. ) to test the voice and data quality of their networks. "In addition versions of products which will operate with 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. and ETACS ETACS Extended Total Access Communications System ETACS Electronic Time and Alarm Control System ETACS Extended Total Access Communication System ETACS Electronic Total Automobile Control System air interfaces in Europe should be released in the third quarter. Our new product pipeline is robust, as the development of exciting 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. products continues. "Our traditional government contracting business units are performing as expected" continued Mr. Bailey. "As anticipated, we experienced a continuing gradual decrease in our government business, but most of the decline is as a result of our contract at China Lake, which is scheduled to end on September 30, 1995. Our services business remains profitable, but our software products operation experienced losses in the second quarter. We are investing in upgrading our software product line, with the goal of eliminating these losses by the end of the year. "COMARCO's financial position remains strong, with $10.7 million in cash and investments as of July 30, 1995. Overall," concluded Mr. Bailey, "the future appears bright. We intend to continue our aggressive growth efforts in wireless communications, while pursuing appropriate new business opportunities in our traditional business." COMARCO, Inc. (NASDAQ:CMRO) provides wireless communications products, management services, engineering services, and 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 30 July 31 July 30 July 31
STATEMENT OF INCOME 1995 1994 1995 1994
Revenue $17,245 $16,014 $34,574 $31,682 Direct costs 10,732 10,763 21,716 20,789 Indirect costs 5,303 4,208 10,342 8,834 Total operating costs 16,035 14,971 32,058 29,623 Operating income $1,210 $1,043 $2,516 $2,059 Net interest income (expense) 141 16 232 (38) Income before income taxes 1,351 1,059 2,748 2,021 Income taxes 513 360 1,072 687 Tax rate 38% 34% 39% 34% Net income $838 $699 $1,676 $1,334 Earnings per share Primary $0.17 $0.14 $0.33 $0.27 Fully diluted $0.17 $0.14 $0.33 $0.27 Weighted average shares of common stock Primary 4,961,000 4,940,000 4,949,000 4,977,000 Fully diluted 4,961,000 4,940,000 4,949,000 4,978,000 Comarco Wireless Sales $2,703 $1,118 $5,680 $2,381 Operating income $741 $119 $1,379 $264
SELECTED BALANCE SHEET ITEMS July 30 January 31 July 31
1995 1995 1994
Cash and short-term investments $9,706 $9,907 $8,948 Net accounts receivable 8,881 8,703 7,136 Current assets 19,975 19,848 17,617 Long-term investments (highly liquid) 989 1,023 -- Property and equipment, net 1,157 970 973 Intangible assets, net 2,804 3,011 1,980 Total assets 26,512 25,810 21,697 Short-term debt -- -- -- Current liabilities 7,081 7,454 5,192 Long-term debt -- -- -- Convertible subordinated debentures -- 844 1,017 Total shareholders' equity 18,942 17,203 15,143 CONTACT: Comarco, Inc. Don M. Bailey, 714/282-3813 Eva Evans, 714/282-3817 |
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