COMARCO Reports Strong Fourth Quarter and Fiscal Year 2001 Revenue and Profit; Revenue Increases 36 Percent.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--March 21, 2001 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 ), a leading provider of test and measurement products and engineering services for the wireless industry, today announced financial results for the fourth quarter and fiscal year ended Jan. 31, 2001. The company's continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the consist solely of its wireless technologies subsidiary, Comarco Wireless Technologies Inc. CONTINUING OPERATIONS Revenue for the fourth quarter of fiscal 2001 increased 36 percent to $14.3 million, compared with $10.5 million for the same period last year. Net income from continuing operations, excluding acquisition-related expenses, increased 78 percent to $1.6 million, or $0.22 per share, compared with net income from continuing operations of $0.9 million, or $0.13 per share for the fourth quarter of fiscal 2000. For the fiscal year ended Jan. 31, 2001, revenue increased 26 percent to $49.5 million, compared with $39.2 million for the prior fiscal year. Net income from continuing operations, excluding severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs and acquisition-related expenses, increased 53 percent to $5.5 million, or $0.74 per share, compared with net income from continuing operations of $3.6 million, or $0.49 per share for the prior fiscal year. Including acquisition-related expenses, net income from continuing operations for the fourth quarter of fiscal 2001 was $1.6 million, or $0.21 per share. Including the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge for severance costs recorded in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of the company's non-wireless businesses and acquisition-related expenses, net income from continuing operations for the fiscal year ended Jan. 31, 2001 was $4.6 million, or $0.61 per share. "We are very pleased with our fourth quarter and fiscal year results," said Tom Franza, COMARCO president and chief executive officer. "The key drivers of our growth have been the acceptance of both our test and measurement products, and engineering services for the wireless industry." COMARCO organizes its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets into two segments -- wireless infrastructure and wireless applications. Wireless infrastructure consists of test and measurement products and engineering services utilized by wireless infrastructure vendors and service providers for the planning, deployment and optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. of wireless networks, both mobile and fixed broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). . Wireless applications consist of remote voice systems (call boxes) and advanced technology products for notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. , cellular telephones and personal organizers : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
"Our balance sheet, with $25 million in cash and no debt, allows us the opportunity to extend the global reach of our wireless infrastructure business," Franza said. "First, we continue to aggressively invest in the development of advanced test and measurement products to meet the needs of the industry as various new technologies for data and voice services are deployed. Second, we are expanding our global presence in Asia, 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. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Finally, as the trend
towards industry outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. continues, we believe the demand for
network planning, deployment and optimization expertise will generate
significant demand for our offering of engineering services."
EARNINGS CONFERENCE CALL As previously announced, COMARCO will host a conference call to discuss further the results for the fourth quarter and fiscal year ended Jan. 31, 2001 at 11 a.m. PST PST Paroxysmal supraventricular tachycardia, see there on March 21. Interested parties may call 800/289-0495, and enter pass code 439780, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. five minutes before the scheduled conference. A replay of the conference call will be available for seven days, running through 10 p.m. PST March 28. To hear the replay, call 888/203-1112, and enter pass code 439780. The conference call will also be audiocast See streaming audio. and can be accessed via the company's Web site at www.comarco.com or http://www.videonewswire.com/COMARCO/032101/. ABOUT COMARCO Based in Irvine, COMARCO provides test and measurement products and engineering services for the wireless industry, as well as, remote voice systems and advanced technology products for notebook computers, cellular telephones and personal organizers. The company's Web sites can be found at www.comarco.com and www.chargesource.com. FORWARD-LOOKING for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. INFORMATION Except for historical information contained herein, the matters set forth in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 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, market acceptance of new products, foreign marketing, the level of competition for the company's products and services, our ability to meet contractual commitments with our customers, 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.
COMARCO INC.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Year Ended
January 31, January 31,
2001 2000 2001 2000
Revenues $ 14,262,000 $ 10,450,000 $ 49,464,000 $ 39,224,000
Cost of sales 7,840,000 5,561,000 24,818,000 20,794,000
Gross profit 6,422,000 4,889,000 24,646,000 18,430,000
Selling,
general and
administrative
costs 3,153,000 2,482,000 12,285,000 9,203,000
Engineering and
support costs 1,190,000 997,000 4,758,000 3,808,000
Operating income
before severance
costs 2,079,000 1,410,000 7,603,000 5,419,000
Severance costs - - 1,325,000 -
Operating income 2,079,000 1,410,000 6,278,000 5,419,000
Other income 261,000 50,000 762,000 274,000
Minority interest (3,000) (8,000) (7,000) (46,000)
Income before
income taxes 2,337,000 1,452,000 7,033,000 5,647,000
Income tax
expense 768,000 530,000 2,483,000 2,061,000
Net income from
continuing
operations 1,569,000 922,000 4,550,000 3,586,000
Discontinued
operations (387,000) 672,000 (9,000) (433,000)
Net income $ 1,182,000 $ 1,594,000 $ 4,541,000 $ 3,153,000
Earnings per
share --
continuing
operations:
Basic $ 0.23 $ 0.14 $ 0.67 $ 0.55
Diluted $ 0.21 $ 0.13 $ 0.61 $ 0.49
Earnings (loss)
per share --
discontinued
operations:
Basic $ (0.06) $ 0.11 $ (0.00) $ (0.07)
Diluted $ (0.06) $ 0.10 $ (0.00) $ (0.06)
Earnings per
share:
Basic $ 0.17 $ 0.25 $ 0.67 $ 0.48
Diluted $ 0.15 $ 0.23 $ 0.61 $ 0.43
Common shares
outstanding 6,972,000 6,474,000 6,751,000 6,572,000
Common shares
outstanding
assuming
dilution 7,514,000 7,109,000 7,508,000 7,277,000
Note: All shares and per share information reflect a 3-for-2 stock
split distributed Oct. 27 to shareholders of record on Oct. 6.
COMARCO INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
January 31, January 31,
2001 2000
Current Assets:
Cash and cash equivalents $ 24,903,000 $ 5,064,000
Short-term investments 3,819,000 3,721,000
Accounts receivable, net 8,418,000 6,695,000
Inventory 5,277,000 4,852,000
Deferred tax asset 3,631,000 2,908,000
Net assets available for sale - 9,361,000
Other current assets 1,746,000 2,651,000
Total current assets 47,794,000 35,252,000
Property and equipment, net 3,695,000 2,763,000
Software development costs, net 7,249,000 5,839,000
Intangible assets, net 8,381,000 2,222,000
Other assets 430,000 72,000
$ 67,549,000 $ 46,148,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,050,000 $ 666,000
Deferred revenue 6,786,000 3,077,000
Accrued liabilities 9,364,000 4,418,000
Total current liabilities 17,200,000 8,161,000
Deferred compensation 3,918,000 3,634,000
Deferred income taxes 2,904,000 2,599,000
Minority interest 32,000 -
Stockholders' equity 43,495,000 31,754,000
$ 67,549,000 $ 46,148,000
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