LAKE FOREST, Calif., June 14, 2011 /PRNewswire/ -- Comarco, Inc. CMRO today announced its financial results for the first fiscal quarter ended April 30, 2011.  The Company also filed its Quarterly Report on Form 10-Q for the first quarter of fiscal year 2012 with the Securities and Exchange Commission today.

Revenue for the first quarter of fiscal 2012 was $2.9 million, a decrease of 61% compared with $7.5 million in revenue for the first quarter of fiscal 2011.  The Company reported a net loss for the first fiscal quarter of $1.3 million, or ($0.17) per share. This compared with a net loss of $0.7 million, or ($0.10) per share, in the first quarter of fiscal 2011.  

Selling general and administrative expenses were $1.0 million in the first quarter of fiscal 2012, a decrease of $0.5 million compared to the first quarter of fiscal 2011. Engineering expenses were $0.5 million in the first quarter of fiscal 2012 a decrease of $0.4 million compared to the first quarter of fiscal 2011.  

"Our disappointing first quarter financial results reflect the anticipated decrease in sales to Targus due to the previously disclosed termination of the Strategic Product Development and Supply Agreement with Targus," said Fredrik Torstensson, Interim President and Chief Executive Officer of Comarco.  "The new executive management team has been working aggressively and diligently to further expand the Company's relationships with our key OEM partners, Lenovo and Dell, by introducing our next generation multi-function universal power adapter," Mr. Torstensson continued.  "In addition, the termination of the exclusive retail supply agreement with Targus enables the Company to pursue new and different go-to-market strategies, giving the Company more flexibility and control over the entire sales process.  While we are disappointed with our recent results, we are excited about our new, next-generation power adapter and look forward to making consumers aware of the adapter's unique capabilities."  

"In its new power adapters, Comarco has utilized its proprietary, patented technology to create the world's smallest and lightest power adapters capable of charging most electronic devices anywhere in the world," Mr. Torstensson continued.  "There is no more need to carry multiple power adapters wherever you go; one of Comarco's unique power adapters will charge devices ranging from cell phones, smart phones, BlackBerrys®, and iPhones® to iPads®, netbooks, and laptops.  The Comarco charger is designed for business travelers, families with multiple electronic devices, and anyone who is tired of carrying a charger for each electronic device they own and hates wrestling with the tangled knot of charger cables."

"In late fiscal 2011, we made initial operational changes to reduce the Company's cost structure.  In the first fiscal quarter of 2012, we undertook additional restructuring actions to position Comarco to effectively execute on its revised business strategy.  We are now all focused on executing successfully on our business plan," concluded Mr. Torstensson.

Forward-Looking Statement Disclaimer  

This press release contains statements relating to our future plans and strategies that are based on our current beliefs and assumptions.  These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "could," "may," "should," and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this release. Additionally, statements concerning future matters are forward-looking statements.  

Although forward-looking statements in this release reflect the good faith judgment of our management, such statements are only based on facts and factors known by us as of the date of this release.  Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January 31, 2011, and in our other filings with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.  We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, whether as a result of new information, future events or otherwise, except as required by law.

About Comarco

Based in Lake Forest, Calif., Comarco is a leading provider of universal mobile power products used to power and charge notebook computers, mobile phones, and many other rechargeable mobile devices.  The Company's Web sites can be found at www.comarco.com and www.chargesource.com.

SOURCE Comarco, Inc.