Internet Patents Corporation Reports Second Quarter 2013 Results
August 01 2013 - 4:15PM
Marketwired
Internet Patents Corporation ("IPC") (NASDAQ: PTNT) today reported
financial results for the second quarter ended June 30, 2013.
"The six patent infringement lawsuits we have filed based on our
strong portfolio of e-commerce patents are moving forward. The
Board continues to evaluate the opportune time to take additional
actions against other potential infringers as the status of the
existing cases continues to evolve," said Hussein Enan, Chairman
and CEO of Internet Patents Corporation.
Operating Highlights As of the quarter
ended June 30, 2013:
- The Company reported a net loss for the second quarter of 2013
of $1.2 million, or $0.15 per share.
- Total operating expenses of $1.2 million were higher than the
Company's target range of $0.5 to $0.7 million. This was due to a
charge of $606,000 to record an accrual for lease obligations
relating to the Company's former headquarters in Rancho Cordova,
California. The Company discontinued using this facility during the
quarter ended June 30, 2013 and has relocated to a small facility
in Folsom, California, which is expected to result in savings of
approximately $50,000 per quarter. Operating expenses for the
foreseeable future are expected to range between $0.5 million and
$0.7 million per quarter.
- Cash and cash equivalents and short-term investments were $32.4
million, which includes $1.0 million in restricted cash
equivalents.
- The number of shares of Internet Patents Corporation common
stock issued and outstanding was 7,751,952. Options representing a
total of 99,060 shares of common stock remain outstanding and
exercisable as of that same date.
- Net operating loss (NOL) carry forwards were approximately
$142.0 million and $63.9 million for federal income tax and state
income tax purposes, respectively. Included in these amounts are
unrealized federal and state net operating loss deductions
resulting from stock option exercises of approximately $6.7 million
each. The benefit of these unrealized stock option-related
deductions has not been included in deferred tax assets and will be
recognized as a credit to additional paid-in capital when realized.
Federal and state net operating loss carry forwards begin or have
begun expiring in 2019 and 2013 respectively.
Litigation Update
- In the Company's suit against TellApart and eBags alleging
infringement of its Event Log patent, the USPTO granted the
Defendants' petition for ex parte re-examination of the Event Log
patent. The Defendants also filed a motion to stay the litigation
for the duration of the USPTO's re-exam. The Court has not yet
ruled on that motion.
- The four separate Dynamic Tabs cases against Active Network,
The General, Quinstreet and Tree.com were reassigned to a single
judge. A motion to dismiss was filed by The General, Quinstreet and
Tree.com, and a hearing is scheduled for October 4, 2013.
About Internet Patents Corporation
Headquartered in Sacramento, CA, Internet Patents Corporation
(NASDAQ: PTNT) operates a patent licensing business focused on its
e-commerce technologies.www.internetpatentscorporation.net
Forward-Looking Statements This news
release contains forward-looking statements, which include
statements expressing the intent, belief or current expectations of
Internet Patents Corporation that are subject to significant risks
and uncertainties and are subject to change based on various
factors, many of which are beyond our control. The words "may,"
"could," "should," "would," "believe," "anticipate," "estimate,"
"expect," "intend," "plan," "target," "goal," and similar
expressions are intended to identify forward-looking statements.
Actual results might differ materially from those stated or implied
by such forward-looking statements due to risks and uncertainties
associated with Internet Patent Corporation's business, which
include, but are not limited to: the unpredictable nature of patent
licensing and patent litigation; potential changes in the laws and
regulations relating to patents and patent litigation; the risk
that the patent licensing business is new, and our patent portfolio
has never generated revenues; future changes we may make in our
patent licensing strategy; and changes in the taxation of income
due to the disallowance or expiration of the Company's net
operating losses. Unless legally required, Internet Patents
Corporation undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements should
be considered in the context of these and other risk factors
disclosed in the Company's filings with the Securities and Exchange
Commission.
INTERNET PATENTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
2013 2012
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 30,193 $ 31,068
Short-term investments 1,244 1,497
Restricted cash equivalents and short-term
investments 1,000 1,000
Prepaid expenses and other current assets 208 169
------------ ------------
Total current assets 32,645 33,734
Property and equipment, net 6 32
Other assets 29 27
------------ ------------
Total assets $ 32,680 $ 33,793
============ ============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 212 $ 234
Accrued expenses 273 346
------------ ------------
Total current liabilities 485 580
Accrued expenses 541 -
Income tax liability 101 101
Other liabilities 45 -
------------ ------------
Total liabilities 1,172 681
Stockholders' equity:
Common stock 11 11
Paid-in capital 221,726 221,726
Treasury stock (6,788) (6,788)
Unrealized loss on available-for-sale
securities (1) -
Accumulated deficit (183,440) (181,837)
------------ ------------
Total stockholders' equity 31,508 33,112
------------ ------------
Total liabilities and stockholders' equity $ 32,680 $ 33,793
============ ============
INTERNET PATENTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------------- --------------------
2013 2012 2013 2012
--------- --------- --------- ---------
Total revenues $ - $ - $ - $ -
Operating expenses:
General and administrative 1,157 979 1,613 1,816
--------- --------- --------- ---------
Total operating expenses 1,157 979 1,613 1,816
--------- --------- --------- ---------
Loss from operations (1,157) (979) (1,613) (1,816)
Other income, expense, net 5 68 10 168
Net loss $ (1,152) $ (911) $ (1,603) $ (1,648)
========= ========= ========= =========
Net loss per share:
Basic and diluted $ (0.15) $ (0.12) $ (0.21) $ ( 0.22)
========= ========= ========= =========
Shares used in computing per
share amounts
Basic and diluted 7,752 7,752 7,752 7,566
========= ========= ========= =========
Investor Relations Contact: Jennifer Jarman The Blueshirt
Group 415-217-5866 Email Contact
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