COMARCO Inc. (CMRO, Financial) filed Quarterly Report for the period ended 2010-04-30.
Comarco Inc. has a market cap of $18.68 million; its shares were traded at around $2.55 with and P/S ratio of 0.71.
The first quarter of fiscal 2011 increase in cost of revenue of $3.6 million compared to the first quarter of fiscal 2010 was primarily attributable to the 272 percent increase in revenue compared to the first quarter of fiscal 2010. During the first quarter of fiscal 2011, our fixed supply chain overhead increased by $0.2 million or 32 percent. This increase is due to additional personnel needed to assist with procurement of component inventory that has become increasingly difficult to source at our desired prices and within our desired lead times. We also have added staff to assist with the management of our growing number of contract manufacturers. 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 2011.
Selling, general, and administrative expenses decreased by $0.4 million during the first quarter of fiscal 2011, compared to the same period of the prior year, primarily as a result of a reduction in legal expense of $0.4 million incurred during the first quarter of the prior year relating to the certain litigation which was dismissed in May 2009.
Other expense, net, consists primarily of interest income earned on invested cash balances offset by interest expense related to our credit facility. During the first quarter of fiscal 2011, we earned $8,000 in interest income but incurred $27,000 in interest expense and amortization of loan origination fees related to our credit facility. In the first quarter of fiscal 2010, we had incurred $43,000 in loan origination fees but earned $33,000 in interest income.
The sale of the wireless test solutions business was completed on January 6, 2009, which resulted in a pre-tax gain of $5.9 million recorded in fiscal 2009. The $43,000 recorded during the first quarter of fiscal 2010 relates primarily to adjustments to the acquired assets and liabilities assumed by Ascom.
Cash and cash equivalents at April 30, 2010 decreased $1.1 million to $9.0 million as compared to $10.1 million at January 31, 2010. The following table is a summary of our Condensed Consolidated Statements of Cash Flows.
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Comarco Inc. has a market cap of $18.68 million; its shares were traded at around $2.55 with and P/S ratio of 0.71.
Highlight of Business Operations:
The increase in revenue of $5.5 million for the first quarter of fiscal 2011 compared with the first quarter of fiscal 2010 is attributable to shipments to Targus under the Targus Agreement. Revenue from shipments to Lenovo decreased $0.2 million or 10 percent in the first quarter of fiscal 2011 compared to the corresponding prior year period.The first quarter of fiscal 2011 increase in cost of revenue of $3.6 million compared to the first quarter of fiscal 2010 was primarily attributable to the 272 percent increase in revenue compared to the first quarter of fiscal 2010. During the first quarter of fiscal 2011, our fixed supply chain overhead increased by $0.2 million or 32 percent. This increase is due to additional personnel needed to assist with procurement of component inventory that has become increasingly difficult to source at our desired prices and within our desired lead times. We also have added staff to assist with the management of our growing number of contract manufacturers. 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 2011.
Selling, general, and administrative expenses decreased by $0.4 million during the first quarter of fiscal 2011, compared to the same period of the prior year, primarily as a result of a reduction in legal expense of $0.4 million incurred during the first quarter of the prior year relating to the certain litigation which was dismissed in May 2009.
Other expense, net, consists primarily of interest income earned on invested cash balances offset by interest expense related to our credit facility. During the first quarter of fiscal 2011, we earned $8,000 in interest income but incurred $27,000 in interest expense and amortization of loan origination fees related to our credit facility. In the first quarter of fiscal 2010, we had incurred $43,000 in loan origination fees but earned $33,000 in interest income.
The sale of the wireless test solutions business was completed on January 6, 2009, which resulted in a pre-tax gain of $5.9 million recorded in fiscal 2009. The $43,000 recorded during the first quarter of fiscal 2010 relates primarily to adjustments to the acquired assets and liabilities assumed by Ascom.
Cash and cash equivalents at April 30, 2010 decreased $1.1 million to $9.0 million as compared to $10.1 million at January 31, 2010. The following table is a summary of our Condensed Consolidated Statements of Cash Flows.
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