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Reduced net operating loss to $1.2 million for the three months ended June 30, 2010 from $1.6 million for the three months ended March 31, 2010 and $6.2 million for the three months ended June 30, 2009;
Previously announced facilitation of a licensing transaction between trojan technologies usa, a company of verdant ventures advisors, llc, and trojantec michael kors sale ltd, a biopharmaceutical company;
Innovation management software platform r costs of $350, 000 for the second quarter of 2010;And
Non cash amortization and other charges of $550, michael kors bags outlet usa 000 for the second quarter of 2010.
"At the end of 2009, we began to see an increase in overall business inquiries which, i am pleased to report, have become newly signed engagements for us in the first half of 2010,"Said doug schaedler, ceo of innovaro. "After a year of cost cutting, many companies now need to focus on increased innovation and new product development to grow revenue and profitability.We believe innovaro is well positioned to fulfill this need in the marketplace with our strategic services offering.We have also seen increased international demand for our services. "
Three months ended june 30, 2010 operating michael kors bags australia results
For the discount michael kors bracelet quarter ended june 30,2010, revenue was $2.8Million as compared to$2.6 million for the quarter ended June 30,2009.Total expenses were $4.1 million for the quarter ended June 30,2010 as compared to $9.0 million for quarter ended June 30,2009.Net loss from operations for the quarter ended june 30,2010 was($1.2)Million as compared to($6.2) million for the quarter ended June 30,2009Six Months Ended June 30,2010 Operating Results
For the six months ended june30, 2010, revenue was $5.1Million as compared to$5.4 million for the six months ended June30, 2009.Total expenses were $7.8 million for the six months ended June30, 2010 as compared to $13.9 million for six months ended June30, 2009.Net loss from operations for the six months ended june30, 2010 was($2.8)Million as compared to($8.3) million for the six months ended June30, 2009
On july 12, 2010, innovaro completed the sale of 1, 481, 481 shares of its common stock along with warrants to purchase up to 2, 375, 000 shares of its common stock in a registered offering raising approximately $3.3 million after advisory fees and offering expenses.The company intends to use the proceeds from the offering for the development of the company's innovation management platform, for general corporate purposes and to effectuate strategic acquisitions of other companies in its business sector.Raymond james associates, inc.Acted as the company's advisor in connection with the transaction.
On july 12, 2010, the company made a $500, 000 pay down on a $1.75 million note that it issued in 2009.This pay down will reduce the company's obligation to the note holder and subsequent interest payments for the remainder of the 36 month term of the note.
About innovaro, inc.
Innovaro, inc.Is a comprehensive end to end innovation solution provider.With fully scalable solutions, whether for a global 1000 company or small r lab or university scientist, we help our clients create breakthrough innovation, realize latent value in their ip and accelerate their innovations to market.Leading companies trust us to create profitable growth, new revenue streams, enduring capabilities and lasting value through innovation.For more information about us, please visit our website at
Certain matters discussed in this press release are"Forward looking statements. "These forward looking statements can generally be identified as such because the context of the statement will include words such as"Expects," "Should," "Believes," "Anticipates"Or words of similar import.Certain factors could cause actual results to differ materially from those projected in these forward looking statements and these factors are identified from time to time in our filings with the securities and exchange commission.We undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.This press release is available atreliable and significant income stream.