COMARCO reports solid first quarter results.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)--May 20, 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 ) Tuesday Tuesday: see week. announced a net profit of $1.1 million, or $.21 per share, for the first quarter of its fiscal year 1998, which ended April 30, 1997. Revenues were $20.1 million for the quarter. Last year, the company reported net income of $1.1 million, or $.21 per share, on revenues of $16.4 million. First quarter 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. for the company's wholly-owned subsidiary, Comarco Wireless Technologies Inc. was $1.1 million, the same as last year's first quarter. This represents 68 percent of COMARCO's operating income for the quarter. Comarco Wireless' revenues for the first quarter were $6.0 million, up 48 percent from $4.1 million reported for the first quarter last year. COMARCO will host an investor's conference call, led by COMARCO's President and Chief Executive Officer Don M. Bailey, on May 20 at 11 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . 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. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , May 20. To hear the replay, call 800/642-1687, ID No. 403088. "COMARCO's first quarter results were better than we expected," commented Don M. Bailey, president and chief executive officer of COMARCO. "Demand from 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 companies for Comarco Wireless' current and planned products have been very strong. Bookings of our 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 were $6.1 million, substantially better than last year's first quarter. Orders were spread over all our products and were geographically well distributed. Our product development program is robust. In response to customer demand, we currently anticipate introducing many new air interface variants for our existing product platforms during this year. "Earnings at Comarco Wireless were flat compared to last year's first quarter due to expenses associated with establishing new international sales offices, moving to a larger facility 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, , integrating the two recent acquisitions, and establishing the capacity to generate and handle a larger sales volume. "COMARCO's outsourced staffing business also performed well in the quarter. Recently we have been awarded several new contracts to perform airport management services and provide engineering services for new aerospace industry customers. During the quarter we initiated work at several airports in Riverside County, Calif. and Tacoma, Wash. As the quarter ended, we finalized See finalization. plans to open a new commercial staffing office in Southern California in the communities adjacent to our existing operation. "While accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventories have increased due to acquisitions and expansion of sales, COMARCO's financial position remains strong, with $12 million in cash and highly liquid investments as of April 30, 1997. During the quarter we repurchased 35,000 shares of stock and announced an increase in our 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: 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 from 1,000,000 to 1,500,000 shares. Overall," concluded Bailey, "the future appears bright. While Comarco Wireless appears to be our main growth engine, we are also very pleased with our outsourced staffing businesses." -0- 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 such 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. -0- NOTE: 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)
First Quarter Ended
April 30 April 30
STATEMENT OF INCOME 1997 1996
Revenues $20,097 $16,408
Direct Costs 12,244 9,935
Indirect costs 6,200 4,848
Total operating costs 18,444 14,783
Operating income $ 1,653 $ 1,625
Net interest income 135 153
Income before income taxes 1,788 1,778
Income taxes 679 676
Tax rate 38% 38%
Net Income $ 1,109 $ 1,102
Earnings per share
Primary $0.21 $0.21
Fully diluted $0.21 $0.21
Weighted average shares of common stock
Primary 5,394,000 5,337,000
Fully diluted 5,394,000 5,344,000
-0-
Comarco Wireless
Sales $ 6,018 $ 4,058
Operating Income $ 1,129 $ 1,102
-0-
SELECTED BALANCE April 30 Jan. 31
SHEET ITEMS 1997 1997
Cash and short-term investments $ 8,946 $14,535
Net accounts receivable 13,592 11,526
Inventory 3,903 3,042
Current assets 28,829 31,360
Long-term investments (highly liquid) 3,063 1,859
Property and equipment, net 1,789 1,408
Capitalized software development 2,611 2,434
Intangible assets, net 2,786 1,842
Total assets 39,560 39,210
Short-term debt -- --
Current liabilities 10,768 10,931
Long-term debt -- --
Total shareholders' equity 27,490 26,977
CONTACT: Comarco Inc. Don M. Bailey, 714/282-3813 Shareholder Information Office, 714/282-3825 |
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