CMRO $2.54 Comarco Expects Record ChargeSource(R) Revenue In Fiscal Fourth Quarter
Company renews and expands credit facility with Silicon Valley Bank to support strong revenue growth expected in FY2011
Comarco, Inc. (Nasdaq:CMRO - News) today announced it expects record revenue from its ChargeSource® product line in the fourth quarter of fiscal 2010, ended January 31, 2010. Revenue in the fourth quarter of fiscal 2010 is expected to be between $8.9 and $9.2 million, more than double the $3.3 million in revenue from ChargeSource in the fourth quarter of fiscal 2009. For the full year ended January 31, 2010, Comarco expects revenue to be approximately $26.0 to $26.3 million, up from $13.5 million for the prior year. The Company anticipates it will announce its fourth quarter and full year results for fiscal 2010 in the second half of March.
"Our fourth quarter represented a strong finish to a very good year for Comarco," said Sam Inman, president and chief executive officer. "Our team has done an excellent job of executing our strategy with our partners Targus, Lenovo and Dell and, as a result, we head into the new fiscal year with strong momentum. Initial customer response to our new products has been very favorable. These new products will be available to consumers in Best Buy and Wal-Mart stores toward the end of the first calendar quarter of 2010."
Comarco also reported today that it has amended its credit facility with Silicon Valley Bank to extend the maturity date for one more year. The line of credit was modified to increase availability to $10 million from $5 million to support expected revenue growth in fiscal 2011 as the Company expands its business with its key customers. The renewed facility provides increased flexibility, along with more favorable interest rates and covenants.
"The structure of this credit line reflects our strong relationship with Silicon Valley Bank and demonstrates their confidence in our ability to continue to successfully execute our growth strategy," said Winston Hickman, chief financial officer of Comarco. "We are delighted to have Silicon Valley Bank as our financial partner."
About Comarco
Based in Lake Forest, Calif., Comarco is a leading provider of innovative mobile power solutions through its ChargeSource® line of multi-function universal mobile power products which can simultaneously power and charge multiple devices such as notebook computers, mobile phones, BlackBerry® smartphones, iPods®, and many other rechargeable mobile devices. More information about Comarco and its product lines can be found at www.comarco.com and www.chargesource.com.
Forward-Looking Information
Market Data 
Markets 
AI
