COMARCO Reports Record 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)--Nov. 19, 1998--COMARCO Inc. (Nasdaq: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 Thursday: see week. announced results for the third quarter ended Oct. 31, 1998. Net income for the quarter was $1.6 million or $0.32 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) compared with $1.4 million or $0.26 per share (diluted) reported in last year's third quarter. Revenues for the quarter were $24.2 million compared with $22.0 million last year. Revenues for the company's subsidiary, Comarco Wireless Technologies, for the third quarter were $8.4 million, up from the $7.9 million reported for the third 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 $2.0 million, the same as last year's third quarter. For the first three quarters of this year, COMARCO's net income after tax was $3.7 million or $0.73 per share, on revenues of $68.0 million. For the same period last year, the company earned $3.9 million or $0.71 per share on $63.1 million of revenue. "COMARCO's record quarterly sales and earnings resulted from solid performances in both of its businesses -- 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 and technology staffing," commented Don M. Bailey Bailey may refer to:
In the United Kingdom:
"Our newest field measurement products have generated strong sales from our key customers, cellular 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. telephone carriers. Also, our call-box segment had substantially increased revenues with improving margins due to sales to new customers in the southeastern south·east n. 1. Abbr. SE The direction or point on the mariner's compass halfway between due south and due east, or 135° east of due north. 2. An area or region lying in the southeast. 3. United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In addition, during the quarter we made initial shipments of our small form factor power adapter An external power supply for laptop computers and just about every portable or semi-portable electronic device on the market. Also called an "AC adapter," it contains a rectifier to convert AC current to DC and a transformer to convert voltage from 120 down to 9, 12, 15 or whatever is , designed for the traveling professional. "COMARCO's information technology and staffing business grew 12% with improved profit margins in the quarter. Both our government and commercial segments participated in this growth. "During the quarter we repurchased 245,000 shares of COMARCO common stock at an average price of $18.27. This increases our total stock reprurchases to 1.2 million shares of the 1.5 million share 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 program authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the Board of Directors. Including shares repurchased earlier in the year, we have spent over $5 million this year making repurchases. "We made these recent share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. because we felt our near and long term prospects are good, and that our stock price did not fully reflect those prospects. We have excellent, positive momentum in both of our businesses and good opportunities for continued earnings gains," Bailey concluded. 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 such factors as the level of sales of our wireless communications 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 our 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. For further information, contact Don Bailey at 714/282-3813 or the Shareholder Information office at 714/282-3825. The company's Web site can be found at www.cmro.com. COMARCO Inc. provides wireless communications products, as well as engineering and information technology, management and staffing services, to the public and private sectors.
COMARCO INC. (Nasdaq:CMRO)
INTERIM STATEMENT FINANCIAL DATA
STATEMENT OF INCOME
(Dollars in thousands Except Per Share Data)
Three Months Ended Nine Months Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1998 1997 1998 1997
STATEMENT OF INCOME
Revenue $ 24,201 $ 21,975 $ 67,963 $ 63,087
Direct Costs 14,496 12,767 40,785 37,317
Indirect costs 7,204 6,961 21,469 19,869
Total operating
costs 21,700 19,728 62,254 57,186
Operating income $ 2,501 $ 2,247 $ 5,709 $ 5,901
Net interest income 40 80 253 336
Income before income
taxes 2,541 2,327 5,962 6,237
Income taxes 965 884 2,265 2,370
Tax rate 38% 38% 38% 38%
Net Income $ 1,576 $ 1,443 $ 3,697 $ 3,867
Earnings per share
Diluted $ 0.32 $ 0.26 $ 0.73 $ 0.71
Weighted average
shares of common stock
Diluted 4,973,000 5,497,000 5,063,000 5,464,000
Comarco Wireless
Sales $ 8,435 $ 7,879 $ 23,097 $ 20,955
Operating income $ 1,958 $ 2,005 $ 4,089 $ 4,848
-0-
SELECTED BALANCE Oct. 31, Jan. 31, Oct. 31,
SHEET ITEMS 1998 1998 1997
Cash and short-term
investments $ 4,093 $ 7,604 $ 4,728
Net accounts receivable 20,850 17,815 19,291
Inventory 5,102 5,247 5,156
Current assets 32,489 32,881 31,551
Long-term investments
(highly liquid) 425 2,364 2,651
Property and equipment,
net 2,479 2,240 2,169
Capitalized software
development, net 4,164 3,131 3,352
Intangible assets, net 3,678 2,660 3,022
Total assets 43,814 43,894 43,323
Short-term debt --- ---
Current liabilities 13,093 11,944 12,792
Long-term debt
Total shareholders'
equity 29,036 30,470 29,316
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