COMARCO

ANAHEIM — Nature of business: Engineering services, facilities management and cellular communications

Total employees: 1,000

In Orange County: 50

Stock listing in The Times: On Nasdaq “Comrco”

Ticker symbol: “CMRO”

Friday’s close: $4.63

One-week change: Down $0.25

Analyst review: “Comarco has been very successful diversifying into the commercial sector, and has not experienced the huge losses taken by many other defense contractors. However, the investment community still perceives Comarco as a defense company, and therefore the stock price is valued like one. While a large percentage of revenues are derived in the United States, new customers have been developed in Europe, Asia and Korea. One of its main products is cellular callboxes, which can be found on many state highways, as well as in Europe and Asia. The company is well-positioned to take advantage of continued growth in this industry and currentoy has over 80% of the market share.”

Richard Weinstein, analyst Barber & Bronson Inc., Ft. Lauderdale

Revenue

In millions of dollars

1991: 72.7

1992: 80.3

1993: 85.0

3 quarters:

1993: 64.6

1994: 49.1

*

Profits

In millions of dollars

1991: 1.7

1992: 2.7

1993: 3.3

3 quarters:

1993: 2.4

1994: 1.7

Corporate outlook: “Comarco continues to be on target for this fiscal year. We have been selected to continue our support to the Eighth U.S. Army in Korea and our newest product, the Cellular Data Gateway, was introduced in October. We have several other new wireless communications products in development, and hope to release them the early part of next year.”

-- Don M. Bailey, president/CEO

Return on Investment: 3-Year Summary and Year-To-Date

Fiscal year ending Jan. 31, ’91 Jan. 31, ’92 Jan. 31, ’93 3 qtrs. ’93 52-week high $3.63 $7.00 $6.50 $6.50 52-week low $1.63 $2.38 $3.88 $3.88 Book value $1.52 $2.15 $2.76 $2.44 per share Price per $2.38 $6.25 $5.88 $5.00 share Net earnings $0.38 $0.50 $0.60 $0.43 (loss) per share Price-to- 6:1 13:1 10:1 8:1 earnings ratio Average 24% 24% 23% 30% return on investor equity

Fiscal year ending 3 qtrs. ’94 52-week high $6.75 52-week low $4.50 Book value $2.91 per share Price per $5.25 share Net earnings $0.32 (loss) per share Price-to- 9:1 earnings ratio Average 20% return on investor equity

For more information call or write, Comarco Inc.: 160 S. Old Springs Road, Anaheim, Calif., 92808. (714) 282-3800

Source: COMARCO Inc.; Bloomberg Business News.