REDMOND, Wash., May 15, 2009 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:COWIE) today announced its financial results for the year ended December 31, 2008 ("the 2008 Period"). Revenues in the 2008 period were lower than for the year ended December 31, 2007 ("the 2007 Period") as customers delayed and reduced expenditures on software development, infrastructure deployments and multimedia production.
CoroWare reported gross revenues of $2,392,681 for the 2008 Period. Gross revenues decreased 38% from $3,866,869 in the 2007 Period. CoroBot sales remained consistent during the first three quarters of the 2008 Period, but experienced a downturn in the fourth quarter of the 2008 Period.
As a result of streamlining corporate overhead expenses in the 2008 Period, General and Administrative (G&A) expenses were cut by 60% to $1,449,115 for the 2008 Period from $3,599,197 in the 2007 Period.
Net loss for the 2008 Period was reduced 22% to $1,805,852 compared to net loss for the 2007 Period of $2,304,517. The 2008 loss consisted of $1,773,207 from continuing operations and $32,645 from discontinued operations, compared to 2007 which consisted of $974,265 from continuing operations and $1,330,252 from discontinued operations.
"Fiscal Year 2008 was extremely difficult. While the Company was being financially restructured, it was responding to a challenging worldwide economy," said Lloyd Spencer, CEO of CoroWare, Inc. "In 2009, the Company will focus its efforts on growing its revenues, managing expenses against projected revenues, and considering long term financing solutions."
The full 10K report and all previous reports can be accessed by going to www.coroware.com/investors.
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