Internet Patents Corporation Reports First Quarter 2013 Results
May 03 2013 - 5:30AM
Marketwired
Internet Patents Corporation ("IPC") (NASDAQ: PTNT) today reported
financial results for the first quarter ended March 31, 2013.
"We currently have patent infringement lawsuits in progress
against six companies, two of which are alleged to infringe our
Event Log patent, and four of which are alleged to infringe our
Dynamic Tabs patent," said Hussein Enan, Chairman and CEO of
Internet Patents Corporation. "While we did not file any additional
patent infringement lawsuits during the first quarter, we continue
to review and identify other potential infringers of our strong
portfolio of e-commerce patents and expect to take additional
actions in 2013."
Operating Highlights As of the quarter
ended March 31, 2013:
- The Company reported a net loss for the first quarter of 2013
of $451,000, or $0.06 per share.
- Total operating expenses of $456,000 was lower than the
Company's target range of $0.6 to $0.8 million. This was due to the
Company incurring lower patent litigation costs than anticipated.
We expect operating expenses for the foreseeable future to range
between $0.5 million and $0.7 million per quarter.
- Cash and cash equivalents and short-term investments were $33.0
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 114,560 shares of common stock remain outstanding and
exercisable as of that same date.
- Net operating loss (NOL) carry forwards were approximately
$141.3 million and $63.2 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.
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)
March 31, December 31,
2013 2012
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 30,527 $ 31,068
Short-term investments 1,493 1,497
Restricted cash equivalents and short-term
investments 1,000 1,000
Prepaid expenses and other current assets 148 169
------------ ------------
Total current assets 33,168 33,734
Property and equipment, net 27 32
Other assets 27 27
------------ ------------
Total assets $ 33,222 $ 33,793
============ ============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 149 $ 234
Accrued expenses 312 346
------------ ------------
Total current liabilities 461 580
Income tax liability 101 101
------------ ------------
Total liabilities 562 681
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 (182,288) (181,837)
------------ ------------
Total stockholders' equity 32,660 33,112
------------ ------------
Total liabilities and stockholders' equity $ 33,222 $ 33,793
============ ============
INTERNET PATENTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
--------------------
2013 2012
--------- ---------
Total revenues $ - $ -
Operating expenses:
General and administrative 456 837
--------- ---------
Total operating expenses 456 837
--------- ---------
Loss from operations (456) (837)
Other income 5 100
--------- ---------
Net loss $ (451) $ (737)
========= =========
Net loss per share:
Basic and diluted $ (0.06) $ (0.10)
========= =========
Shares used in computing net loss per share:
Basic and diluted 7,752 7,379
========= =========
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Investor Relations Contact: Jennifer Jarman The Blueshirt
Group 415-217-5866 Email Contact
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