REDMOND, Wash., Nov. 19, 2008 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:CROE) today announced its financial results for the quarter ended September 30, 2008.
For the quarter ended September 30, 2008, CoroWare reported revenues of $495,688, which decreased 53.1% from $1,056,456 in Q3-2007, and gross profit of $169,381, which increased 25.4% from $134,970 in Q3-2007.
Professional Service revenues continued to decrease in the early part of the quarter as our largest customers continued to reduce expenditures in response to changing economic conditions worldwide.
Operating expenses were $443,737 during the 2008 period, which decreased 57.2% from $1,037,433 during the 2007 period. General and Administrative expenses were 65.4% 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 $274,356 during the 2008 period, which decreased 69.6% from $902,463 during the 2007 period. Net Loss applicable to common shareholders was $474,693 during the 2008 period compared to a Net Loss of $367,614 in the 2007 period.
"Although CoroWare's quarterly revenues did not meet our expectations as economic conditions worsened worldwide, CoroWare's quarterly gross margins improved markedly," said Lloyd Spencer, Interim CEO of CoroWare, Inc. "Although we anticipate continued pressure on our revenues, we believe that our focus on driving sales efforts and managing expenses will yield beneficial results."
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
CoroWare Technologies, a subsidiary of CoroWare, Inc. (OTCBB:CROE), is a systems and mobile robotics integrator that delivers high value services and innovative solutions to maximize technology investments and achieve customers' goals. CoroWare has a 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.
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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.