NEW YORK, Nov. 11, 2014 /PRNewswire/ -- Finjan
Holdings, Inc. (NASDAQ: FNJN), a technology company committed to
enabling innovation through the licensing of its intellectual
property (IP), today provided an update on the Company's continued
progress in executing its business strategy.
Q3 Financial Results
Revenues for the third quarter 2014 increased to $5.4 million compared to $0.4 million in the prior year quarter, while
cost of revenues increased to $1.0
million compared to $0.3
million in the prior year quarter. Net income for the third
quarter was $0.5 million or
$0.02 per share. As of September 30, 2014, we held $20.4 million in cash and cash equivalents, and
$20.2 million of working capital. We
ended the third quarter 2014 reporting no long-term debt.
Shareholder Update
"Dear Fellow Shareholders,
Finjan reported its third quarter as our wholly owned
subsidiary, Finjan, Inc., signed the Company's first IP license
under new management. This license provides for a payment of
$8 million in four installments, of
which $5 million was recognized in
the third quarter ended September 30,
2014. This agreement is an important milestone for Finjan as
we create value for our shareholders and, more importantly,
demonstrate management's proactive approach to protecting the value
of our cybersecurity patent portfolio and future growth.
Also of note in this quarter and to emphasize the focus on our
core business, Finjan's Board of Directors adopted a resolution
authorizing the management to pursue the sale of our organic
fertilizer business. Management is currently in the process of
negotiating the sale of our subsidiary Converted Organics.
We remain committed to preserving and enhancing the value of our
proprietary inventions, as well as protecting our existing
licensing partners' investments in our portfolio, by offering fair
value licenses to currently unlicensed companies.
Notwithstanding, as with each of our licensing/enforcement
endeavors, and consistent with our Core Values and Best Practices,
we are committed to working with companies and keeping our lines of
communication open to identify a path to resolve our disputes
through collaboration."
Sincerely,
Phil Hartstein, President and
CEO.
Patent Enforcement Update
On November 5, 2014, we filed a
patent infringement lawsuit against Palo Alto Networks (PAN),
alleging infringement of certain claims of 10 of our patents. We
made numerous attempts to have PAN join us in meaningful, good
faith discussions to no avail. Despite our best efforts, PAN chose
to ignore the opportunity to have a business discussion and instead
chose litigation.
On October 20, 2014, we announced
the outcome of the Markman hearing regarding our claims against
Blue Coat Systems. The results of the hearing coincides with
our infringement theories against Blue Coat allowing us to move
forward without dropping any of our asserted patents, theories, or
any of the accused products, thereby reinforcing our damages case
against Blue Coat.
We have several important enforcement-related events currently
scheduled in the coming months: The initial Case Management
Conference in the Symantec case on November
20, 2014, the Markman hearing in the Sophos case on
February 13, 2015, and in the
Proofpoint case on May 8, 2015, as
well as the trial in the Blue Coat case on July 20, 2015.
You can find more detailed information on all of our outstanding
litigation in the "Legal Proceedings" portion in our most recent
Form 10-Q filed with the SEC on November 11,
2014, which is accessible from Finjan's website at
www.finjan.com. The court dockets for the foregoing cases are
publicly available on the Public Access to Court Electronic Records
(PACER) website, www.pacer.gov, which is operated by the
Administrative Office of the U.S. Courts.
About Finjan Holdings
Through our subsidiary, Finjan, Inc., we own a portfolio of more
than 40 issued and pending patents related to cybersecurity
software that proactively detects malicious code and thereby
protects end users from identity and data theft, spyware, malware,
phishing, trojans and other online threats. Finjan's mission is to
invest in innovation and encourage the development of core
intellectual property. Founded in 1997, Finjan developed and
patented technology that is capable of detecting previously unknown
and emerging threats on a real-time, behavior-based, basis, in
contrast to signature-based methods of intercepting only known
threats to computers, which were standard in the online security
industry during the 1990's. For more information about Finjan,
please visit www.finjan.com.
Follow Finjan Holdings on LinkedIn or on Twitter
@FinjanHoldings.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
include statements regarding our expectations, intentions, beliefs,
and projections about our future results, performance, prospects
and opportunities. These statements can be identified by the fact
that they do not relate strictly to historical or current facts or
by the use of words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "plan," "project,"
"potential," "should," "will," "will be," "would," the negative of
these terms and similar expressions, but this is not an exclusive
way of identifying such statements. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. Our actual results, performance and achievements may
differ materially from those expressed in, or implied by, the
forward-looking statements contained in this press release as a
result of various risks, uncertainties and other factors. Important
factors that could cause our actual results to differ materially
from our expectations include, without limitation, our ability to
execute our business plan, the outcome of pending or future
enforcement actions, our ability to expand our technology
portfolio, the enforceability of our patents, the continued use of
our technology in the market, the development of a liquid trading
market for our securities and other factors described under
Item 1A, "Risk Factors," as set forth in the Company's Annual
Report on form 10-K filed with the SEC on March 14, 2014, and any subsequent quarterly or
current reports.
The Company will continue to file annual, quarterly, and
current reports; proxy statements and other information with the
SEC. Forward-looking statements speak only as of the dates
specified in such filings or releases. Except as expressly required
under federal securities laws and the rules and regulations of the
Securities and Exchange Commission, we do not undertake any
obligation to update any forward-looking statements to reflect
events or circumstances arising after any such date, whether as a
result of new information or future events or otherwise. You should
not place undue reliance on the forward-looking statements included
in this release or that may be made elsewhere from time to time by
us, or on our behalf. All forward-looking statements attributable
to us are expressly qualified by these cautionary
statements.
Investor Relations
Friederike Edelmann | Director Investor
Relations | Finjan Holdings, Inc.
(646) 350-4999 | friederike@finjan.com
Thomas Walsh | Capital Markets
Group LLC
(212) 398-3486 | Thomas@CapMarketsGroup.com
Media and Press Relations
Katie Hepler | MWW Group
(212) 704-9727 | khepler@mww.com
SOURCE Finjan Holdings, Inc.