Vringo, Inc. (VRNG) Narrows Q1 Loss to $0.13/Share

Vringo, Inc. (NASDAQ: VRNG) reported Q1 EPS of ($0.13), versus ($0.15) reported last year.

Operating Results for Q1:

Operating Results for the Quarter Ended March 31, 2014

• As of March 31, 2014, we had approximately $27.8 million of cash. We expect these funds will be sufficient to support our current operations and allow timely execution of our current business plans.
• During the quarter ended March 31, 2014, net cash provided by the exercise of warrants and options totaled approximately $2.8 million.
• Our net loss from continuing operations was approximately $10.9 million (including non-cash expenses of $4.7 million) for the quarter ended March 31, 2014, mainly attributable to the following expenses:
  • Operating legal costs of $4.6 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 $1.9 million.
  • Non-cash expenses of $4.7 million relate to equity-based compensation, valuation of our derivative warrant liabilities, and amortization of our patents.
• On February 18, 2014, we closed the sale of our mobile social application business to Infomedia Services Ltd. ("Infomedia") in exchange for an equity stake of approximately 8% of Infomedia.

For earnings history and earnings-related data on Vringo, Inc. (VRNG) click here.

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