Comarco to Charge Severance Costs
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Comarco Inc. said Wednesday it plans to take a charge of 15 to 20 cents a share for the second quarter ended July 31 for severance costs associated with the disposal of discontinued operations.
Last year, the company posted second quarter earnings of about $1.01 million, or 21 cents a share.
The Irvine company is selling off non-core businesses to focus on wireless communications products and services. In the second quarter, Comarco closed two sales to dispose of its defense-related businesses for about $10.9 million, including $5.3 million in cash.
The company, however, was liable for severance costs related to outgoing corporate staff.
Comarco’s stock fell $2.50 to $30 a share in Nasdaq trading.
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