REDMOND, Wash., Nov. 23, 2009 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:COWI) today announced its financial results for the quarter ended September 30, 2009.
For the quarter ended September 30, 2009 ("the 2009 Period"), CoroWare reported revenues of $386,903 compared to revenues of $495,688 during the three-month period ended September 30, 2008 (the "2008 Period"). Revenues decreased compared to the previous quarter as customers delayed or reduced spending in July on software development and infrastructure deployment.
Gross Revenues fell for the month of July, but fully recovered in August and September. This upward trend is a result of new and renewed customer contracts for lab management, IT consulting and software development, as well as steady robotics sales.
Net loss for the 2009 Period was $611,678 compared to net loss of $474,693 for the 2008 Period.
Operating expenses were $313,116 during the 2009 Period compared to $443,737 during the 2008 Period. Selling, general and administrative operating expenses were lower in the 2009 Period due to the reduction in costs related to officers' salaries, rent and related expenses, travel and entertainment.
Loss from continuing operations before other income was $239,236 during the 2009 period, which decreased 88.8% from $274,356 during the 2008 period. Net Loss applicable to common shareholders was $611,678 during the 2009 period compared to a Net Loss of $474,693 in the 2008 period. The Net Loss in the 2009 Period was predominantly due to derivative expenses and loss on debt related to outstanding debentures.
"Although the third quarter results were lowered as a result of reduced customer spending in July, we saw immediate relief in August and September," said Lloyd Spencer, CEO of CoroWare, Inc. "We anticipate continued growth over the next 6 months as we continue to build our CoroCall video conferencing subscription service and our customers increase purchases in IT consulting and software development services."
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, Washington, CoroWare is a solutions integrator with expertise in mobile robotics, personal telepresence, IT consulting and software development. For more information on CoroWare's products and services, please visit www.CoroWare.com.
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.