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Comarco Reports Net Loss of $1.1 Million for Fiscal '87

May 03, 1987|CARLA LAZZARESCHI

Comarco Inc., an Anaheim defense contractor, reported a net loss of $1.1 million for its fiscal 1987, contrasted with net earnings of $2 million for the previous fiscal year.

Revenue for the 12 months ended Jan, 31 was $78.3 million, up 88% from the year-earlier $41.7 million.

The company said that a fourth-quarter loss of $2.9 million--caused by an over-ambitious expansion program, caused the annual loss., For the final quarter of its fiscal 1986, Comarco posted net earnings of $500,000.

Fourth quarter revenues were $19.4 million, about 8% above the previous year.

Comarco officials said earlier this month that they expected the quarterly and annual losses, which stemmed in part from a $1.7 million write-down of the value of assests of a recently acquired company.

Officials also said at the time that Comarco would no longer be in compliance with bank loan requirements as a result of the loss. On Thursday, however, Comarco officials said that the requirements have been waived.

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