Strong Revenue Growth and Operational Improvements From 2006 to 2007
REDMOND, WA, Apr 15, 2008 (MARKET WIRE via COMTEX News Network) -- Innova Robotics & Automation (OTCBB: INRA) today announced its financial results for the year ended Dec. 31, 2007.
Innova reported revenues of $3,866,869 and gross profit of $778,563 for the year ended Dec. 31, 2007. Revenues increased 270% from $1,046,407 in 2006 while gross profit increased 242% from $227,834 in 2006.
In addition, Innova reported a total net loss of $2,304,517, representing a 59% decrease from $5,607,098 in 2006. The decrease is a direct result of aggressive actions taken by Innova to bring administrative and operating expenses in line with revenues and its decision in October 2007 to sell assets that are no longer consistent with its focus on delivering professional services, solutions and products through CoroWare.
"During 2007, CoroWare rapidly grew its revenues by establishing new client relationships and incrementally growing its business with existing customers," said Lloyd Spencer, Interim CEO of Innova Robotics and Automation. "I look forward to seeing continued growth from CoroWare's Microsoft Practice, Robotics and Automation Practice and Enterprise Services Practice in the coming year."
During the last four months of 2007 the Company decreased the annual Sales, General and Administration (SGA) expense 7% by reducing administrative costs, streamlining management and increasing operational efficiency. Additionally, the Company's cash flow position improved as demonstrated by the $3,302,581 decrease in net loss. In the coming year, the Company anticipates continuous improvement to its operational efficiency and cash flow.
"We are encouraged by the progress that CoroWare has demonstrated over the past year," said Chuck House, Chairman of the Board. "With continued attention to increasing revenues and managing expenses, I trust that CoroWare will be able to deliver increasing value to our shareholders."
The full 10-KSB report can be accessed by going to www.coroware.com, visiting the Investors page and clicking "Latest 10-KSB filing."
About Innova Robotics & Automation, Inc.
Innova Robotics & Automation (OTCBB: INRA) pioneers innovative solutions for customers in the software, aerospace, research, and service industries. The Company is chartered to continue expanding its growing suite of technologies through acquisitions and organic growth. Visit Innova online at www.innovaroboticsautomation.com.
About CoroWare
CoroWare, an Innova Robotics & Automation company, is a software and software professional services provider and mobile robotics integrator that delivers high value services and innovative solutions to maximize technology investments and achieve customers' goals. CoroWare has depth of knowledge and breadth of experience in developing software and solutions for mobile service robotics and business automation through products that include the CoroBot product line. For more information, please visit www.coroware.com.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
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.
News 
Market Data 
Discover 
AI
