COMARCO Inc. (CMRO, Financial) filed Quarterly Report for the period ended 2009-04-30.
Comarco Inc. provides test and optimization products and services for wireless telephone carriers systems for the wireless transmission of voice and data and advanced technology products for portable wireless appliances such as notebook computers cellular telephones and personal organizers. (press release) COMARCO Inc. has a market cap of $14.3 million; its shares were traded at around $1.95 with and P/S ratio of 1.1. COMARCO Inc. had an annual average earning growth of 0.9% over the past 5 years.
Selling, general, and administrative expenses decreased by $0.3 million during the first quarter of fiscal 2010, compared to the same period of the prior year, primarily as a result of a reduction in legal expense of $0.6 million incurred during the quarter relating to the recently dismissed iGo litigation. The decrease in legal fees was partially offset by increased personnel and consulting costs of $0.2 million.
Corporate overhead consists of salaries and other personnel-related expenses of our accounting and finance, human resources and benefits, and other administrative personnel, as well as professional fees, directors fees, and other costs and expenses attributable to being a public company. The decrease in corporate overhead of $1.5 million during the first quarter of fiscal 2010 compared to the same period of the prior year relates primarily to $0.9 million in non-recurring severance costs of former senior management incurred during the first quarter of fiscal 2009, as well as additional legal fees related to public company matters in the amount of $0.1 million incurred during the first quarter of fiscal 2009. We also incurred additional consulting fees of $0.1 million during the first quarter of fiscal 2009, which did not recur in the first quarter of fiscal 2010.
The Company adopted the provisions of FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes An Interpretation of FASB Statement No. 109, (FIN 48), on February 1, 2007 and recorded an $86,000 decrease in retained earnings and increased non-current liabilities by $86,000. The FIN 48 liability recorded during the first quarter of fiscal 2008 has not changed since it was initially recorded.
Cash and cash equivalents at April 30, 2009 decreased $1.6 million to $12.5 million as compared to $14.1 million at January 31, 2009. The following table is a summary of our Condensed Consolidated Statements of Cash Flows.
Cash used in operating activities of $1.5 million for the first quarter of fiscal 2010 was primarily attributable to our net loss from continuing operations of $2.9 million and a decrease
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Comarco Inc. provides test and optimization products and services for wireless telephone carriers systems for the wireless transmission of voice and data and advanced technology products for portable wireless appliances such as notebook computers cellular telephones and personal organizers. (press release) COMARCO Inc. has a market cap of $14.3 million; its shares were traded at around $1.95 with and P/S ratio of 1.1. COMARCO Inc. had an annual average earning growth of 0.9% over the past 5 years.
Highlight of Business Operations:
The first quarter of fiscal 2010 decrease in cost of revenue of $1.5 million compared to the first quarter of fiscal 2009 was primarily attributable to a 47 percent volume decrease in revenue compared to the first quarter of fiscal 2009. During the first quarter of fiscal 2010 we incurred scrap charges of $0.1 million relating to engineering design changes. We did not incur any similar charges during the first quarter of fiscal 2009.Selling, general, and administrative expenses decreased by $0.3 million during the first quarter of fiscal 2010, compared to the same period of the prior year, primarily as a result of a reduction in legal expense of $0.6 million incurred during the quarter relating to the recently dismissed iGo litigation. The decrease in legal fees was partially offset by increased personnel and consulting costs of $0.2 million.
Corporate overhead consists of salaries and other personnel-related expenses of our accounting and finance, human resources and benefits, and other administrative personnel, as well as professional fees, directors fees, and other costs and expenses attributable to being a public company. The decrease in corporate overhead of $1.5 million during the first quarter of fiscal 2010 compared to the same period of the prior year relates primarily to $0.9 million in non-recurring severance costs of former senior management incurred during the first quarter of fiscal 2009, as well as additional legal fees related to public company matters in the amount of $0.1 million incurred during the first quarter of fiscal 2009. We also incurred additional consulting fees of $0.1 million during the first quarter of fiscal 2009, which did not recur in the first quarter of fiscal 2010.
The Company adopted the provisions of FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes An Interpretation of FASB Statement No. 109, (FIN 48), on February 1, 2007 and recorded an $86,000 decrease in retained earnings and increased non-current liabilities by $86,000. The FIN 48 liability recorded during the first quarter of fiscal 2008 has not changed since it was initially recorded.
Cash and cash equivalents at April 30, 2009 decreased $1.6 million to $12.5 million as compared to $14.1 million at January 31, 2009. The following table is a summary of our Condensed Consolidated Statements of Cash Flows.
Cash used in operating activities of $1.5 million for the first quarter of fiscal 2010 was primarily attributable to our net loss from continuing operations of $2.9 million and a decrease
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