SOURCE: CoroWare, Inc.

CoroWare, Inc.

November 16, 2015 08:30 ET

CoroWare Reports Third Quarter 2015 Earnings

BELLEVUE, WA--(Marketwired - Nov 16, 2015) - CoroWare, Inc. (OTC PINK: COWI) today announced its financial results for the third quarter ended September 30, 2015.

For the third quarter ended September 30, 2015 ("the 2015 Period"), CoroWare reported revenues of $1,364,589, which increased 126.3% from $603,063 in Q3-2014 ("the 2014 Period"), and gross profit of $319,127, which increased 35.5% from $235,536 in the 2014 Period.

Gross revenues remained steady during the third quarter compared with the second quarter of FY-2015 as CoroWare incrementally grew its Supplier Support Desk and R&D Support consulting services businesses.

Gross profit percentage was 23.4% during the 2015 Period, and was less than the Gross profit percentage during the 2014 Period (39.1%). It was also less than the Gross profit percentage during the second quarter of FY-2015 (28.4%) as the cost of delivering certain consulting service projects increased.

Total Current Assets were $253,870 on September 30, 2015, and increased 156.0% from $99,161 on December 31, 2014, predominantly due to increased Accounts Receivable.

Operating expenses were $607,575 during the 2015 Period, which increased 94.7% from $312,028 during the 2014 Period. General and Administrative expenses were 108% higher than in the 2014 Period due to increased financing costs and additional human resources support costs in order to support the continuing growth of the consulting services business.

For the nine months ended September 30, 2015 ("the 2015 Nine Month Period"), CoroWare reported revenues of $3,518,369, which increased 173.6% from $1,285,814 for the nine months ended September 30, 2014 ("the 2014 Nine Month Period"), and gross profit of $830,838 in the 2015 Nine Month Period, which increased 155.7% from $324,986 in the 2014 Nine Month Period.

"CoroWare's consulting services revenues grew rapidly in the first and second quarters of this fiscal year, and then maintained a steady pace of delivering Supplier Support Desk and R&D Support consulting services," said Lloyd Spencer, CEO of CoroWare, Inc. "To continue CoroWare's growth, we are focused on increasing sales of long term outsourced managed services, reducing CoroWare's most critical debt obligations, and launching new products and services that have been in development."

The full 10-Q report can be accessed by going to the following link: http://www.otcmarkets.com/stock/COWI/profile

About CoroWare, Inc.

CoroWare, Inc., headquartered in Bellevue, Washington, is a diversified technology and solutions company with expertise in:

  • Business Consulting Services: R&D engineering services; business process workflow; software architecture, design and development; content management; console, PC and online game production; marketing coordination and management.

  • Robotics and Automation: Custom engineering such as visualization, simulation and software development; and mobile robot platforms for university, government and corporate researchers

CoroWare's customers are located in North America, Europe, Asia and the Middle East, and span multiple industry sectors -- including universities, software and hardware product development companies, and non-profit organizations. For more information, please visit www.coroware.com.

Forward-Looking Statement

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

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