COMARCO Inc. (CMRO, Financial) filed Quarterly Report for the period ended 2012-04-30.
Comarco Inc has a market cap of $0.7 million; its shares were traded at around $0.1 with and P/S ratio of 0.1. Comarco Inc had an annual average earning growth of 57.7% over the past 5 years.
The first quarter of fiscal 2013 decrease in cost of revenue of $0.9 million compared to the first quarter of fiscal 2012 was attributable to several factors. Although revenue decreased by $0.7 million, or 25 percent, in the first quarter of fiscal 2013 compared to the corresponding prior year period, the product costs remained flat. This is due to the fact that the first quarter of fiscal 2012 included approximately $0.9 million in revenue from Targus and the corresponding product cost had been recorded in the fourth quarter of fiscal 2011. During the first quarter of fiscal 2012 we recorded an additional accrual for the product recall in the amount of $350,000 as a direct result of a charge assessed by Targus. We incurred no similar charges during fiscal 2013. During the first quarter of fiscal 2013, our fixed supply chain overhead decreased by $0.2 million or 43 percent. This decrease is a result of continued cost cutting measures. During the first quarter of fiscal 2012, we incurred scrap charges of $0.5 million relating to Manhattan product components that we procured from Anam during the first quarter of fiscal 2012. The fiscal 2013 inventory reserve charge relates primarily to slow-moving inventory.
Selling, general, and administrative expenses decreased by $0.1 million during the first quarter of fiscal 2013, compared to the same period of the prior year, primarily as a result of a reduction in personnel costs. We currently have no employees in our sales and marketing departments, but instead utilize various consultants who are focused on digital media and search engine optimization to assist us with generation of sales on our retail website www.chargesource.com, which was launched in the fourth quarter of fiscal 2012.
Cash used in operating activities of $0.7 million for the first quarter of fiscal 2013 was primarily attributable to our net loss of $0.7 million. Additionally, our accounts payable and accrued liabilities increased by $1.6 million, and our receivables increased by $2.0 million and our inventory decreased by $0.5 million due to higher sales volume compared to the fourth quarter of fiscal 2012.
As of April 30, 2012, we had negative working capital of $2.2 million. In order for us to continue operations beyond the next twelve months and be able to discharge our liabilities and commitments in the normal course of business, we must increase sales, manage closely our operating expenses and potentially raise additional funds, through either debt and/or equity financing, to meet our working capital needs. We are currently engaged in discussions to obtain financing. We cannot guarantee that we will be able to increase sales, manage our expenses or obtain additional funds when needed or that such funds, if available, will be obtainable on satisfactory terms. If we are unable to increase sales, manage our expenses or raise sufficient additional capital, we may be unable to continue to fund our operations, develop our products
Read the The complete Report
Comarco Inc has a market cap of $0.7 million; its shares were traded at around $0.1 with and P/S ratio of 0.1. Comarco Inc had an annual average earning growth of 57.7% over the past 5 years.
Highlight of Business Operations:
The decrease in revenue of $0.7 million for the first quarter of fiscal 2013 compared with the first quarter of fiscal 2012 is primarily attributable the loss of Targus as a customer. As previously discussed, on January 25, 2011, we received written notification from Targus of its non-renewal of the Targus Agreement. Revenue from shipments to Lenovo increased $0.8 million or 58 percent in the first quarter of fiscal 2013 compared to the corresponding prior year period. The increase in the first quarter of fiscal 2013 relates, in part, to filling a backlog created by a supply chain disruption that occurred in the fourth quarter of fiscal 2012. Revenue from shipments to Dell decreased $0.3 million or 86 percent during the first quarter of fiscal 2013. As previously discussed, we decided to exit the Dell business due to low sales volumes and thin product margins. Dell took delivery of the final few units in May.The first quarter of fiscal 2013 decrease in cost of revenue of $0.9 million compared to the first quarter of fiscal 2012 was attributable to several factors. Although revenue decreased by $0.7 million, or 25 percent, in the first quarter of fiscal 2013 compared to the corresponding prior year period, the product costs remained flat. This is due to the fact that the first quarter of fiscal 2012 included approximately $0.9 million in revenue from Targus and the corresponding product cost had been recorded in the fourth quarter of fiscal 2011. During the first quarter of fiscal 2012 we recorded an additional accrual for the product recall in the amount of $350,000 as a direct result of a charge assessed by Targus. We incurred no similar charges during fiscal 2013. During the first quarter of fiscal 2013, our fixed supply chain overhead decreased by $0.2 million or 43 percent. This decrease is a result of continued cost cutting measures. During the first quarter of fiscal 2012, we incurred scrap charges of $0.5 million relating to Manhattan product components that we procured from Anam during the first quarter of fiscal 2012. The fiscal 2013 inventory reserve charge relates primarily to slow-moving inventory.
Selling, general, and administrative expenses decreased by $0.1 million during the first quarter of fiscal 2013, compared to the same period of the prior year, primarily as a result of a reduction in personnel costs. We currently have no employees in our sales and marketing departments, but instead utilize various consultants who are focused on digital media and search engine optimization to assist us with generation of sales on our retail website www.chargesource.com, which was launched in the fourth quarter of fiscal 2012.
Cash used in operating activities of $0.7 million for the first quarter of fiscal 2013 was primarily attributable to our net loss of $0.7 million. Additionally, our accounts payable and accrued liabilities increased by $1.6 million, and our receivables increased by $2.0 million and our inventory decreased by $0.5 million due to higher sales volume compared to the fourth quarter of fiscal 2012.
As of April 30, 2012, we had negative working capital of $2.2 million. In order for us to continue operations beyond the next twelve months and be able to discharge our liabilities and commitments in the normal course of business, we must increase sales, manage closely our operating expenses and potentially raise additional funds, through either debt and/or equity financing, to meet our working capital needs. We are currently engaged in discussions to obtain financing. We cannot guarantee that we will be able to increase sales, manage our expenses or obtain additional funds when needed or that such funds, if available, will be obtainable on satisfactory terms. If we are unable to increase sales, manage our expenses or raise sufficient additional capital, we may be unable to continue to fund our operations, develop our products
Read the The complete Report
