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Innovaro, Inc. Reports Financial Results For Three Months Ended March 31, 2012

Innovaro, Inc. (NYSE Amex: INV), today announced that total revenue was $1.3 million for the quarter ended March 31, 2012 as compared to $3.6 million for the quarter ended March 31, 2011 and net loss for the quarter ended March 31, 2012 was ($1.3) million as compared to ($176,000) for the quarter ended March 31, 2011.

First Quarter 2012 Financial Results Summary

  • Total revenue decreased to $1.3 million for the three months ended March 31, 2012 from $3.6 million for the three months ended March 31, 2011.
  • Strategic Services revenue decreased by 75% over first quarter 2011.
  • Technology Services revenue decreased by 11% over first quarter 2011.
  • Total expenses decreased to $2.5 million for the three months ended March 31, 2012 from $3.6 million for the three months ended March 31, 2011.
  • Net loss for the three months ended March 31, 2012 was ($1.3) million and included the following non-cash expenses: $324,000 in non-cash depreciation and amortization, and $98,000 in non-cash stock-based compensation expense related to vesting options. Net loss from operations for the three months ended March 31, 2011 was ($176,000), which included the following non-cash expenses: $374,000 in non-cash depreciation and amortization; and $83,000 in non-cash stock-based compensation expense related to vesting options.

Financial Condition

Our total assets were $20.2 million at March 31, 2012 and $20.8 million at December 31, 2011. As of March 31, 2012 we had $162,000 in cash, $1.0 million in accounts receivable and contracts in progress, $2.9 million in accounts payable and accrued expenses and $5.6 million in total debt outstanding. As of December 31, 2011 we had $268,000 in cash and cash equivalents, $1.3 million in accounts receivable and contracts in progress, $2.5 million in accounts payable and accrued expenses and $5.6 million in total debt outstanding.

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