Tag - Cmro

Large and repeated insider buying coupled with a recent shake-up of Comarco, Inc.’s (Nasdaq:CMRO) management and board of directors suggest this beaten down microcap may have a second life.

Since early 2006, shares of tiny $29 million market capitalization Comarco have been in a downward spiral. The Lake Forest, Calif.-based tech name’s collapse in share price to less than $4 a share from $12 over this period is hardly surprisingly, given a painfully consistent string of negative news. Comarco operates across three business lines: ChargeSource, a provider of multi-function, universal mobile power products; Wireless Test Solutions (WTS), a provider of hardware and software tools for wireless carriers; and Comarco Wireless Technologies (CWT), a provider of call box systems for transportation and public safety agencies. The ChargeSource and WTS units have suffered in recent quarters from underperforming or discontinued partnerships, while the CWT unit is a mature business near the end of a current upgrade cycle.

In March, Comarco finally took concrete steps to inject fresh talent into the business and try to get the badly struggling company back on track. Comarco shook up its executive ranks, naming Sam Inman, a former executive of International Business Machines Corp. (NYSE:IBM), as the company’s new CEO. The company also brought in a new interim CFO in Winston Hickman. Turning to the boardroom, Comarco chairman Erik van der Kaay resigned and two new board members recommended by Broadwood Capital, Comarco’s largest shareholder, were added to . . .

On a midday Friday conference call, Comarco, Inc. (Nasdaq: CMRO) CEO Tom Franza said the wireless products company plans to rebound from an abysmal quarter with new contracts and resellers.

“Fiscal 2008 is a transition year with our financial performance being weak during the first half and building in the second half,” Franza said on the call.

Before Friday’s opening bell, Comarco reported revenue of $5.4 million for the first quarter ended April 30, compared with $10.6 million in the same period of 2006. The company recorded a $1.6 million loss, or $0.22 per share, down from a $0.6 million loss, or $0.08 per share, a year earlier.

“This business is historically choppy and difficult to predict. We are currently between cycles and industry demand is sluggish,” Franza said. “We are working on strategic initiatives that we believe will provide excellent opportunities for substantial revenue growth and improve results and we expect to see the benefits of these initiatives later this year.”

The Lake Forest, Calif.-based company signed a non-exclusive distribution agreement with computing devices maker Kensington Technology Group that allows Comarco to expand to additional partners, Franza said. Comarco is also developing a travel adapter for a notebook computer maker and is expected to ship about 0.3 million units in the second half of the year, he said. The company is also on track to introduce a new product line in the second half, Franza added.

These are the biggest percentage losers in Thursday's trading among companies with market capitalizations under $500 million:

The Russell 2000 index has diverged from the other major U.S. indices by losing ground this afternoon. At 2:49 ET the Russell 2000 had lost 1.02 points, or 0.12%, to 834.29. The Dow Jones Industrial Average was up 25.76 points, or 0.19%, to 13,450.15.

Shares of Berlin, N.J.-based specialty retailer A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) are lower following news that President and CEO Lawrence H. Fine has resigned for personal reasons. “This was a very difficult decision for me,” Fine said in a press release before the opening bell. “A.C. Moore has tremendous growth opportunities ahead. I wish the entire A.C. Moore team great future success.”

Subprime loan lender NovaStar Financial Inc. (NYSE: NFI) announced after Tuesday’s closing bell its mortgage unit has completed a $1.4 billion securitization of non-conforming mortgage assets.

Sharper Image Corp. (Nasdaq: SHRP) hosts its earnings call on Thursday, ahead of the company’s June 18 first quarter release.

Wireless test equipment provider COMARCO, Inc. (Nasdaq: CMRO) plans to add two independent directors to its board and review its business focus to improve financial performance, according to an SEC filing.

T.A.T. Technologies Ltd. (Nasdaq: TATTF) reported first quarter earnings of $2.6 million, double the $1.3 million earnings in the year-ago period.

These are the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $500 million:

The Russell 2000 lost nearly two percent today, while investors struggled to make sense of conflicting economic data.  In small cap action, a drop in fourth-quarter net income lowered shares of Comarco, Inc. (Nasdaq: CMRO), while Sterling Financial Corporation (Nasdaq: SLFI) said it will revise its recent financial statements.

The Russell 2000 lost 15.13 points, or 1.82 percent, to 814.57, reflecting the biggest percentage loss among the major indices.  The Dow Jones Industrial Average lost 58.03 points, or 0.44 percent, to 13,062.91.

Shares of Durham, N.C.-based Inspire Pharmaceuticals, Inc. (Nasdaq: ISPH) are trading higher following news after Friday’s close that the U.S. Food and Drug Administration has approved the company’s treatment of bacterial conjunctivitis, a type of eye infection.  Shares are up $0.53, or 7.74%, to $7.38.