CoroWare Reports Third Quarter 2013 Earnings
21 November 2013 - 3:48AM
Marketwired
CoroWare Reports Third Quarter 2013 Earnings
Gross Revenues and Gross Margins Show Improvement
KIRKLAND, WA--(Marketwired - Nov 20, 2013) - CoroWare, Inc.
http://www.coroware.com/ (OTCQB: COWI) today announced its
financial results for the quarter ended September 30, 2013.
For the quarter ended September 30, 2013 ("the 2013 Period"),
CoroWare reported revenues of $274,821, which increased 22.6% from
$224,136 in Q3-2008 ("the 2012 Period"), and gross profit of
$86,066, which increased 91.1% from $45,038 the 2012 Period.
Gross revenues improved during the quarter as CoroWare continued
to grow its business intelligence and data analytics consulting
services business.
Operating expenses were $198,949 during the 2013 Period, which
decreased 20.5% from $250,181 during the 2012 Period. General
and Administrative expenses were 20.7% lower than in the 2012
Period due to further reduction in costs related to streamlining
the company's corporate governance expenses.
Loss from continuing operations before other income was $112,883
during the 2013 Period, which decreased 45% from $205,143 during
the 2012 Period. Net Loss applicable to common shareholders
was $2,716,830 during the 2013 Period compared to a Net Loss of
$6,499,912 in the 2012 Period. The Net Loss in the 2013 Period
was predominantly due to Derivative Expense of $2,684,118.
"As a result of improving the company's sales focus and
streamlining its sales operations, CoroWare was able to improve
both its gross revenues and gross margins," said Lloyd Spencer, CEO
of CoroWare, Inc. "The Company is now in a position to achieve
profitability by increasing long term project revenues -- in
robotics and business intelligence -- and achieving further
efficiencies in it cost of sales and operations."
The full 10-Q report can be accessed by going to the following
link: http://www.coroware.com/investor/stockinformation.aspx
About CoroWare
Headquartered in Kirkland, Washington, CoroWare is a solutions
integrator with expertise in affordable and open mobile robotics,
enterprise data analytics, and HIPAA compliant HD
videoconferencing.
CoroWare is recognized as an innovative mobile robotics
solutions integrator in the research community because of its
expertise in Robot Operating System (ROS), robotics simulation, and
robotics application development. CoroWare's CoroBot product
line has been shipped to over 90 corporate and academic researchers
in over 25 countries worldwide.
For more information on CoroWare and its products and services,
please visit www.coroware.com.
Safe Harbor Statement: This press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act")
(http://www.sec.gov/about/laws/sea34.pdf (Sec.21E p. 223).
In particular, when used in the preceding discussion, the words
"believes," "expects," "intends," "plans," "anticipates," or "may,"
and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Act, and are
subject to the safe harbor created by the Act. Any statements
made in this news release other than those of historical fact,
about an action, event or development, are forward-looking
statements. Forward looking statements involve known and unknown
risks and uncertainties, which may cause the Company's actual
results in future periods to be materially different from any
future performance that may be suggested in this release. CoroWare
takes no obligation to update or correct forward-looking
statements, and also takes no obligation to update or correct
information prepared by third parties. The names of actual
companies and products mentioned herein may be the trademarks of
their respective owners.
Investor Relations Contact: Shanna Gerrard CoroWare, Inc.
investor@coroware.com (800) 641-2676, option 3
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