BELLEVUE, WA - (NewMediaWire) - August 25, 2015 - CoroWare, Inc. (OTC PINK: COWI) today announced its financial results for the year ended on December 31, 2014 ("the 2014 Period").
For the 2014 Period, CoroWare reported revenues of $1,943,729 compared to revenues of $1,067,229 during the year ended December 31, 2013 (the "2013 Period"), an increase of 82%.
Gross Profits increased to $463,501 during the 2014 Period compared to $305,816 during the 2013 Period, an increase of 51%.
Revenues grew rapidly in third and fourth quarters of 2014 as CoroWare's enterprise customers increased spending on R&D engineering, business process workflow management, hardware testing, and game production consulting services.
"CoroWare successfully grew its revenues by refocusing its sales efforts on its core consulting services business," said Lloyd Spencer, CEO of CoroWare, Inc. "In the coming year, CoroWare shall continue to accelerate revenue growth by addressing the needs of its enterprise and university customers."
Total Operating Expenses increased to $2,961,347 for the 2014 Period from $1,787,803 in the 2013 Period.
Loss from Continuing Operations before Other Income increased to $2,497,846 for the 2014 Period from $1,481,987 in the 2013 Period.
Net loss for the 2014 Period was $8,394,532 compared to net loss of $2,653,431 for the 2013 Period due to increased convertible debt derivative and interest expense.
The full Form10-K report and all previous reports can be accessed by going to www.otcmarkets.com/stock/COWI/filings.
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.
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.