REDMOND, Wash., May 21, 2009 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:COWIE) today announced its financial results for the quarter ended March 31, 2009.
For the quarter ended March 31, 2009 ("the 2009 Period"), CoroWare reported revenues of $657,989, which decreased 15.5% from $778,276 in Q1-2008 ("the 2008 Period"), and gross profit of $242,501, which increased 52.3% from $159,248 the 2008 Period.
Professional Service revenues remained stable throughout the quarter as CoroWare expanded its software development business with smaller product development companies in North America. University researchers continued to purchase CoroBot mobile robots for the upcoming academic season.
Operating expenses were $ 301,235 during the 2009 period, which decreased 56.1% from $686,008 during the 2008 period. General and Administrative expenses were 63.3% lower in the 2008 period due to substantial reduction in costs related to streamlining the company's operations, including finance and corporate governance.
Loss from continuing operations before other income was $58,734 during the 2009 period, which decreased 88.8% from $526,760 during the 2008 period. Net Loss applicable to common shareholders was $2,064,835 during the 2009 period compared to a Net Loss of $910,406 in the 2008 period. The Net Loss in the 2009 Period was predominantly due to Derivative Expense of $1,585,459 and Amortization of Deferred Finance Costs and Debt Discount of $376,549.
"We were pleased to see CoroWare's gross revenues stabilize and gross margin improve compared with the previous quarter," said Lloyd Spencer, Interim CEO of CoroWare, Inc. "In 2009, the Company will focus on maintaining revenues and gross profit in the face of a deteriorating economy, and considering financing solutions to address outstanding convertible debt and derivative liabilities."
The full 10-Q report can be accessed by going to www.coroware.com, visiting the Investors page and clicking "Latest 10-Q filing."
About CoroWare
Headquartered in Redmond, WA with employees and partners around the world, CoroWare Technologies is a company built on integrity, ingenuity, and good old-fashioned hard work. CoroWare specializes in providing communication and automation products and services to optimize the technology investments of enterprise customers. Offering a broad spectrum of customized customer-focused solutions, including telepresence, robotics development and IT lab management, CoroWare combines the flexibility of a small company with international resources to design the right-sized solution at the right price. CoroWare's experts understand the challenges companies face to keep business running smoothly, meet project deadlines, implement innovative ideas and stay within budget. For more information about CoroWare's services and products please visit www.coroware.com
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.