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Vringo (VRNG) 3Q Loss Widens as Expenses Spike; Shares Off

 November 15, 2012 10:34 AM
 


(By Balachander) Vringo Inc. (NYSEAMEX: VRNG) posted a wider quarterly loss as expenses jumped and shares of the software developer for cellphones retreated 4.36 percent on Thursday.

Net loss was $3.1 million, or $0.18 per share, for the quarter, compared with a loss of $874,000, or $0.16 per share, in the comparable period of last year.

Revenue was $266,000 versus nil in the third quarter of last year.

Total operating expenses surged to $10.78 million from $870,000.

As of November 14, 2012, Vringo said it had over $60 million of cash on hand.

Last week, Vringo won its patent-infringement suit against Google(NASDAQ: GOOG) and it was awarded $30 million in damages.

[Related -Google Inc (GOOG) Q4 Earnings Preview: What To Watch?]

The company alleged that Google infringed on patent technology Vringo purchased from Lycos Inc. Google used the patented technology by filtering and presenting search and search advertising results based on a combination of an item's content relevance to a search query and click-through rates from prior users relative to that item.

Vringo's intellectual property portfolio consists of eleven patents, eight of which were acquired from Lycos Inc., as well as over twenty patent applications.

The stock, which has been trading in the 52-week range of $0.68 to $5.73, retreated 3.00 percent to trade at $3.56 on Thursday.

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(1)
 
11/15/2012 11:24:04 AM
by David Tru
During the conference call on Nov 14th the Vringo execs said losses were 3.1 million which represented $0.06 per share. Not $0.18 per share. So expenses shrunk significantly, not widened.
Rating: (6) (1)
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