CoroWare Reports Third Quarter 2011 Earnings
KIRKLAND, Wash., Nov. 22, 2011 /PRNewswire/ -- CoroWare, Inc. (OTCBB: COWI) today announced its financial results for the third quarter ending on September 30, 2011.For the quarter ending on September 30, 2011 ("the 2011 Period"), CoroWare ("the Company") reported revenues of $389,089 compared to revenues of $376,648 during the three-month period ended September 30, 2010 (the "2010 Period"). Revenues were flat compared to the previous year as customers continued to postpone spending on software development services for billing integration, custom engineering, and IT consulting projects in the summer months; purchased CoroCall hosted services instead of videoconferencing infrastructure and room systems; and delayed spending on mobile robotics projects until later in the calendar year. Gross profit in the 2011 Period was $99,144 (25.5% gross profit percentage) compared to $133,027 (35.3% gross profit percentage) for the 2010 Period. The reduced gross profit percentage resulted from additional personal time off (PTO) during the summer months and unanticipated project warranty expenses. Research and development spending was $20,372 (5.2% of gross revenues) for the 2011 Period compared to $51,097 (13.6% of gross revenues) in the 2010 Period. The decreased research and development investment resulted from completing our software development and testing initiatives, including CoroCall Communications Cloud Service and CoroWare Billing Integration Framework. Operating expenses were $274,784 during the 2011 Period compared to $479,376 during the 2010 Period. Sales and marketing expenses were lower in the 2011 Period as the Company adjusted sales compensation plans to bring them in line with the Company's cost of sales objectives. Loss from operations was $175,640 during the 2011 Period compared to a loss of $346,349 in the 2010 Period.
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