Internet Patents Corporation Reports Second Quarter 2012 Results
July 30 2012 - 4:15PM
Marketwired
Internet Patents Corporation (NASDAQ: PTNT) today reported
financial results for the second quarter ended June 30, 2012.
"As part of our efforts to license our strong portfolio of
e-commerce patents, during the second quarter we initiated our
first lawsuits against eBags, Inc. and TellApart, Inc. alleging
infringement of U.S. Patent No. 6,898,587 entitled 'Event Log
Information in Client-Server Computer System.' We are preparing to
file additional lawsuits against other parties for infringing the
Event Log and other patents in the near future," said Hussein Enan,
Chairman and CEO of Internet Patents Corporation. "We are also
pleased that our Board of Directors recently named Steve Yasuda as
chief financial officer. Steve has been a key member of the
management team for over 12 years, and we look forward to his
continued contributions to the company in this role."
Operating Highlights As of the quarter
ended June 30, 2012:
- In its second quarter of operating a patent licensing business,
the Company reported a net loss for the quarter of $911,000, or
$0.12 per share.
- Total operating expenses of $979,000 were higher than the
previous quarter due to severance and retention payments. Operating
expenses are expected to return to the Company's target range of
$0.6 to $0.7 million in the third quarter.
- Cash and cash equivalents and short-term investments were $34.6
million, which includes $1.0 million in restricted short-term
investments.
- The number of shares of Internet Patents Corporation common
stock issued and outstanding was 7,751,952. Options representing a
total of 232,666 shares of common stock remain outstanding and
exercisable as of that same date.
- Net operating loss (NOL) carry forwards were approximately
$139.2 million and $83.8 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 expiring
in 2012.
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 we are not currently engaged in the
patent licensing business, 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,
2012 2011
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 33,102 $ 70,326
Short-term investments 491 1,225
Restricted short-term investments 1,000 -
Prepaid expenses and other current assets 300 1,374
------------- -------------
Total current assets 34,893 72,925
Property and equipment, net 44 42
Other assets 27 1,027
------------- -------------
Total assets $ 34,964 $ 73,994
============= =============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 426 $ 3,385
Accrued expenses and other current
liabilities 247 541
Income tax payable - 644
------------- -------------
Total current liabilities 673 4,570
Income tax liability and other non-current
liabilities 101 101
------------- -------------
Total liabilities 774 4,671
Commitments and contingencies
Stockholders' equity:
Common stock 11 10
Paid-in capital 221,726 216,401
Treasury stock (6,788) (6,589)
Accumulated deficit (180,759) (140,499)
------------- -------------
Total stockholders' equity 34,190 69,323
------------- -------------
Total liabilities and stockholders' equity $ 34,964 $ 73,994
============= =============
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,
2012 2011 2012 2011
--------- --------- --------- ---------
Total revenues $ - $ - $ - $ -
Operating expenses:
Sales and marketing - - - -
Technology - 24 - 48
General and administrative 979 826 1,816 1,714
--------- --------- --------- ---------
Total operating expenses 979 850 1,816 1,762
--------- --------- --------- ---------
Loss from operations (979) (850) (1,816) (1,762)
Other income 68 5 168 10
--------- --------- --------- ---------
Loss from continuing operations (911) (845) (1,648) (1,752)
--------- --------- --------- ---------
Discontinued operations, net of
tax
Income from discontinued
operations - 1,824 - 3,029
--------- --------- --------- ---------
Total discontinued operations - 1,824 - 3,029
--------- --------- --------- ---------
Net income (loss) $ (911) $ 979 $ (1,648) $ 1,277
========= ========= ========= =========
Net income (loss) per share:
Basic and diluted
Loss from continuing
operations $ (0.12) $ (0.15) $ (0.22) $ (0.31)
Discontinued operations,
net of tax $ - $ 0.32 $ - $ 0.54
--------- --------- --------- ---------
Net income (loss) per basic
common share $ (0.12) $ 0.17 $ (0.22) $ 0.23
========= ========= ========= =========
Shares used in computing per
share amounts
Basic and diluted 7,752 5,687 7,566 5,605
========= ========= ========= =========
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