REDMOND, Wash., May 15, 2009 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:COWIE)
today announced its financial results for the year ended December 31, 2008 ("the
2008 Period"). Revenues in the 2008 period were lower than for the year ended
December 31, 2007 ("the 2007 Period") as customers delayed and reduced
expenditures on software development, infrastructure deployments and multimedia
production.
CoroWare reported gross revenues of $2,392,681 for the 2008 Period. Gross
revenues decreased 38% from $3,866,869 in the 2007 Period. CoroBot sales
remained consistent during the first three quarters of the 2008 Period, but
experienced a downturn in the fourth quarter of the 2008 Period.
As a result of streamlining corporate overhead expenses in the 2008 Period,
General and Administrative (G&A) expenses were cut by 60% to $1,449,115 for the
2008 Period from $3,599,197 in the 2007 Period.
Net loss for the 2008 Period was reduced 22% to $1,805,852 compared to net loss
for the 2007 Period of $2,304,517. The 2008 loss consisted of $1,773,207 from
continuing operations and $32,645 from discontinued operations, compared to 2007
which consisted of $974,265 from continuing operations and $1,330,252 from
discontinued operations.
"Fiscal Year 2008 was extremely difficult. While the Company was being
financially restructured, it was responding to a challenging worldwide economy,"
said Lloyd Spencer, CEO of CoroWare, Inc. "In 2009, the Company will focus its
efforts on growing its revenues, managing expenses against projected revenues,
and considering long term financing solutions."
The full 10K report and all previous reports can be accessed by going to
www.coroware.com/investors.
About CoroWare
Headquartered in Redmond, WA with employees and partners around the world,
CoroWare Technologies is a company built on integrity, ingenuity, and good
old-fashioned hard work. CoroWare specializes in providing communication and
automation products and services to optimize the technology investments of
enterprise customers. Offering a broad spectrum of customized customer-focused
solutions, including telepresence, robotics development and IT lab management,
CoroWare combines the flexibility of a small company with international
resources to design the right-sized solution at the right price. CoroWare's
experts understand the challenges companies face to keep business running
smoothly, meet project deadlines, implement innovative ideas and stay within
budget. For more information about CoroWare's services and products please visit
www.coroware.com
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CONTACT: CoroWare, Inc.
Press Contact:
Kami Noland
(800) 641-2676 x728
knoland@coroware.com
