VRINGO ANNOUNCES 2014 SECOND QUARTER RESULTS AND PROVIDES UPDATE ON GLOBAL ENFORCEMENT AND LICENSING ACTIVITIES IN QUARTERLY ...
August 06 2014 - 4:05PM
NEW YORK - August 6, 2014 -
Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced operating results for the quarter ended June 30, 2014 and
filed with the Securities and Exchange Commission its Quarterly
Report on Form 10-Q, which contains a comprehensive overview of the
Company's global intellectual property enforcement and licensing
activities.
Operating Results for the
Quarter Ended June 30,
2014
-
As of June 30, 2014, we had approximately $34.2
million in current assets, including $31.7 million of cash and $2.3
million in court deposits in Germany and Brazil to enforce
injunctions against ZTE Corporation and certain of its
subsidiaries. We expect the court deposits to be returned in
the next 12 months.
-
Our cash used in operating activities was $4.5
million during the second quarter of 2014.
-
Our net loss from continuing operations was
approximately $10.0 million for the quarter ended June 30, 2014
(including $4.1 million of non-cash costs), mainly attributable to
the following:
-
Operating legal costs of $5.6 million, mainly in
connection with ongoing litigations against ZTE Corporation,
Google, Inc., ASUSTeK Computer, Inc., and certain of their
affiliates and customers, and other planned enforcements of our
intellectual property.
-
General and administrative, and other expenses
of $1.4 million.
-
Revenue from settlements and licensing of $0.8
million.
-
Non-cash expenses of $4.1 million mainly related
to equity-based compensation and amortization of our patents, and
$0.3 million of non-cash income related to the valuation of
warrants.
-
During the quarter ended June 30, 2014, we
received $10.7 million in cash from the exercise of warrants and
options.
-
On a per share basis, our total net loss (from
both continuing and discontinued operations) was $0.12 per basic
share, compared to a net loss of $0.13 per basic share for the
quarter ended June 30, 2013.
About
Vringo, Inc.
Vringo, Inc. is engaged in the
innovation, development and monetization of intellectual property
and mobile technologies. Vringo`s intellectual property
portfolio consists of over 600 patents and patent applications
covering telecom infrastructure, internet search, and mobile
technologies. The patents and patent applications have been
developed internally, and acquired from third parties. For
more information, visit: www.vringo.com.
Forward-Looking Statements
This press release includes
forward-looking statements, which may be identified by words such
as "believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should," "seeks," "future," "continue," or the negative
of such terms, or other comparable terminology. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from the
forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are
not limited to: our inability to license and monetize our patents,
including the outcome of the litigation against online search firms
and other companies; our inability to monetize and recoup our
investment with respect to patent assets that we acquire; our
inability to develop and introduce new products and/or develop new
intellectual property; new legislation, regulations or court
rulings related to enforcing patents, that could harm our business
and operating results; unexpected trends in the mobile phone and
telecom infrastructure industries; our inability to raise
additional capital to fund our operations and business plan; our
inability to maintain the listing of our securities on a major
securities exchange; the potential lack of market acceptance of our
products; potential competition from other providers and products;
our inability to retain key members of our management team; the
future success of Infomedia and our ability to receive value from
its stock; and other risks and uncertainties and other factors
discussed from time to time in our filings with the Securities and
Exchange Commission ("SEC"), including our Annual Report on Form
10-K filed on March 10, 2014 with the SEC. Vringo expressly
disclaims any obligation to publicly update any forward-looking
statements contained herein, whether as a result of new
information, future events or otherwise, except as required by
law.
Contacts
Investors and Media:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein@vringoinc.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Vringo, Inc. via Globenewswire
HUG#1846921
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