CoroWare Reports Third Quarter 2013 Earnings

CoroWare Reports Third Quarter 2013 Earnings

Gross Revenues and Gross Margins Show Improvement

KIRKLAND, WA--(Marketwired - Nov 20, 2013) - CoroWare, Inc. http://www.coroware.com/ (OTCQB: COWI) today announced its financial results for the quarter ended September 30, 2013.

For the quarter ended September 30, 2013 ("the 2013 Period"), CoroWare reported revenues of $274,821, which increased 22.6% from $224,136 in Q3-2008 ("the 2012 Period"), and gross profit of $86,066, which increased 91.1% from $45,038 the 2012 Period.

Gross revenues improved during the quarter as CoroWare continued to grow its business intelligence and data analytics consulting services business.

Operating expenses were $198,949 during the 2013 Period, which decreased 20.5% from $250,181 during the 2012 Period. General and Administrative expenses were 20.7% lower than in the 2012 Period due to further reduction in costs related to streamlining the company's corporate governance expenses.

Loss from continuing operations before other income was $112,883 during the 2013 Period, which decreased 45% from $205,143 during the 2012 Period. Net Loss applicable to common shareholders was $2,716,830 during the 2013 Period compared to a Net Loss of $6,499,912 in the 2012 Period. The Net Loss in the 2013 Period was predominantly due to Derivative Expense of $2,684,118.

"As a result of improving the company's sales focus and streamlining its sales operations, CoroWare was able to improve both its gross revenues and gross margins," said Lloyd Spencer, CEO of CoroWare, Inc. "The Company is now in a position to achieve profitability by increasing long term project revenues -- in robotics and business intelligence -- and achieving further efficiencies in it cost of sales and operations."

The full 10-Q report can be accessed by going to the following link: http://www.coroware.com/investor/stockinformation.aspx

About CoroWare

Headquartered in Kirkland, Washington, CoroWare is a solutions integrator with expertise in affordable and open mobile robotics, enterprise data analytics, and HIPAA compliant HD videoconferencing.

CoroWare is recognized as an innovative mobile robotics solutions integrator in the research community because of its expertise in Robot Operating System (ROS), robotics simulation, and robotics application development. CoroWare's CoroBot product line has been shipped to over 90 corporate and academic researchers in over 25 countries worldwide.

For more information on CoroWare and its products and services, please visit www.coroware.com.

Safe Harbor Statement: This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") (http://www.sec.gov/about/laws/sea34.pdf (Sec.21E p. 223). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this release. CoroWare takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. 

Investor Relations Contact: Shanna Gerrard CoroWare, Inc. [e-mail] [phone], option 3