VRINGO ANNOUNCES 2016 Q1 EARNINGS AND NAME CHANGE TO FORM HOLDINGS CORP.
May 05 2016 - 4:02PM
Ticker Symbol
Change to "FH" Effective May 9, 2016
Conference Call Scheduled Today at 4:30 p.m.
Eastern Time
NEW YORK - May 5, 2016 - Vringo,
Inc. (NASDAQ: VRNG), a diversified holding company, today announced
operating results for the quarter ended March 31, 2016 in its
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission, provided an update on its ongoing business
operations and announced that it will change its corporate name to
FORM Holdings Corp., formalizing the Company's transformation into
a diversified holding company.
The name change was approved by
the Company's board of directors on April 12, 2016 and will be
effective May 6, 2016 at 5:00 p.m., Eastern Time. To reflect the
change, the Company has also chosen to modify its NASDAQ ticker
symbol. FORM Holdings will trade on the NASDAQ under the new ticker
symbol "FH" upon the opening of market trading on May 9, 2016.
"Our company has transformed over
the past year with the acquisitions of Group Mobile and FLI Charge"
said Andrew D. Perlman, Chief Executive Officer of the Company.
"The name FORM Holdings marks our evolution into a platform for
identifying, investing in and developing businesses with potential
growth characteristics. We believe that the name change will help
further establish our identity as a diversified holding company and
distinguish our parent company from our operating businesses."
Operating Results for the Quarter
Ended March 31, 2016 and Subsequent
Events
-
As of May 5, 2016, we had approximately $30.0
million of cash and accounts receivable, including $20.5 million of
cash and $9.5 million of accounts receivable. As of March 31,
2016, we had $22.4 million of cash, court deposits and accounts
receivable, including $20.6 million of cash, $0.8 million of court
deposits and $1.0 million of accounts receivable, both of which
were subsequently collected.
-
We generated total revenue of $2.0 million and
$0.2 million for the quarters ended March 31, 2016 and March 31,
2015, respectively. We expect our revenue to increase significantly
during 2016 as we continue to grow Group Mobile and FLI
Charge.
-
During the quarter ended March 31, 2016, our
average monthly cash used in operating activities was approximately
$1.8 million, $5.4 million total for the quarter, which included
approximately $3.0 million for litigation related activities that
have since been withdrawn or dismissed, compared to approximately
$1.2 million of monthly cash used during the quarter ended March
31, 2015.
-
Net operating loss was approximately $3.6
million (including non-cash expenses) for the quarter ended March
31, 2016 compared to $6.8 million for the quarter ended March 31,
2015. The non-cash expenses, which primarily relate to share based
compensation and amortization of patents, technology, and trade
names were $1.3 million and $2.9 million for the quarters ended
March 31, 2016 and March 31, 2015, respectively. Excluding non-cash
expenses, the net operating loss was $2.3 million for the quarter
ended March 31, 2016.
-
On a per share basis, our total net loss was
$0.28 per basic and diluted share for the quarter ended March 31,
2016, compared to a net loss of $0.75 per basic and diluted share
for the quarter ended March 31, 2015.
Conference Call
The Company will host a conference
call today at 4:30 p.m., Eastern Time, to discuss operating results
for the first quarter of 2016, provide updates on each of the
Company's business segments and expand upon the Company's
repositioning as a holding company. Members of the Company's
management team, including Andrew D. Perlman, Chief Executive
Officer; Anastasia Nyrkovskaya, Chief Financial Officer; Clifford
J. Weinstein, Executive Vice President and President of FLI Charge;
and David L. Cohen, Chief Legal and Intellectual Property Officer
will participate.
Join the
Conference Call via Webcast
-
Visit http://bit.ly/1SwfW9n before the start
time to join the web portion of this event.
-
Enter your First Name, Last Name, Company, and
Email Address and select "Submit".
-
Select the "Launch Webcast" icon to view the
event.
Join the
Conference Call via Assisted Dial-In
To access the conference call by
telephone, interested parties should dial (888) 390-3967 (U.S. and
Canada) or (862) 255-5351 (international) and reference Vringo.
Replay
An audio webcast of the conference
call will be available within the "Presentations" section of the
Company's investor relations website shortly after the end of the
conference call.
About Vringo,
Inc.
Vringo, Inc. is a diversified
technology company engaged in the innovation, development,
commercialization and monetization of three operating segments: FLI
Charge, Group Mobile, and Intellectual Property. FLI Charge is
dedicated to the licensing and commercialization of wire-free power
technologies. Group Mobile is dedicated to the marketing and sale
of rugged computing devices. Intellectual Property consists of a
portfolio of more than 600 patents and patent applications covering
telecom infrastructure, internet search, ad-insertion, mobile and
wire-free charging technologies; visit: www.vringo.com |
www.flicharge.com | www.groupmobile.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 litigation; our inability to monetize and
recoup our investment with respect to patent assets and other
businesses that that we have acquired or acquire in the future; our
inability to develop and introduce new products and/or develop new
intellectual property; our inability to protect our intellectual
property rights; 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 computing industries; our inability to raise additional
capital to fund our combined operations and business plan; our
inability to maintain the listing of our securities on a major
securities exchange; general economic conditions and level of
information technology and consumer electronics spending; the
potential loss of one or more of our significant Original Equipment
Manufacturer ("OEM") suppliers, the potential lack of market
acceptance of our products; market acceptance, quality, pricing,
availability and useful life of our products and services, as well
as the mix of our products and services sold; potential competition
from other providers and products; our inability to retain key
members of our management team; our liquidity 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 with the SEC on
March 10, 2016 and our quarterly report on Form 10-Q to be filed on
May 5, 2016. The Company 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
212-309-7549
info@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
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