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05/07/12 -- Internet PatentsCorporation (NASDAQ: PTNT) today reported financial results for thefirst quarter ended March 31, 2012 and provided a business update. "We have made significant progress in identifying the initialentities to pursue in our efforts to license our strong portfolioof e-commerce patents and expect to begin to take action againstcompanies that we believe are infringing our IP by the end of thesecond quarter," said Hussein Enan, Chairman and CEO of InternetPatents Corporation. "Given that we are embarking on a businessstrategy that will frequently require litigation, and keeping ourstrong balance sheet in mind, the Board of Directors will revisitthe possibility of making a second special cash distribution toshareholders during the first quarter 2013 board meeting. We expectour near-term quarterly run-rate for OPEX, excluding legal fees, tobe in the range of $0.6 to $0.7 million. This does not factor inany additional potential cost savings from our ongoing efforts toreduce our expense structure." Operating Highlights As of the quarter ended March 31, 2012: In its first quarter of operating a patent licensing business, theCompany reported a net loss for the quarter of $737,000, or $0.10per share. Cash and cash equivalents and short-term investments were $34.5million, which includes $1.0 million in restricted short-terminvestments. The Company's cash position benefited from a lowerthan expected state tax liability related to the Company's gain onthe sale of assets to Bankrate, Inc. in December 2011. The number of shares of Internet Patents Corporation common stockissued and outstanding was 7,751,952. Options representing a totalof 232,854 shares of common stock remain outstanding andexercisable as of that same date. Net operating loss (NOL) carry forwards were approximately $138.9million and $83.5 million for federal income tax and state incometax purposes, respectively. Included in these amounts areunrealized federal and state net operating loss deductionsresulting from stock option exercises of approximately $6.7 millioneach. The benefit of these unrealized stock option-relateddeductions has not been included in deferred tax assets and will berecognized as a credit to additional paid-in capital when realized.Federal and state net operating loss carry forwards begin expiringin 2012. About Internet Patents Corporation Headquartered in Sacramento, CA, Internet Patents Corporation(NASDAQ: PTNT) operates a patent licensing business focused on itse-commerce technologies. Forward-Looking Statements This news release contains forward-looking statements, whichinclude statements expressing the intent, belief or currentexpectations of Internet Patents Corporation that are subject tosignificant risks and uncertainties and are subject to change basedon various factors, many of which are beyond our control. The words"may," "could," "should," "would," "believe," "anticipate,""estimate," "expect," "intend," "plan," "target," "goal," andsimilar expressions are intended to identify forward-lookingstatements. Actual results might differ materially from thosestated or implied by such forward-looking statements due to risksand uncertainties associated with Internet Patent Corporation'sbusiness, which include, but are not limited to: the unpredictablenature of patent licensing and patent litigation; potential changesin the laws and regulations relating to patents and patentlitigation; the risk that we are not currently engaged in thepatent licensing business, and our patent portfolio has nevergenerated revenues; future changes we may make in our patentlicensing strategy; and changes in the taxation of income due tothe disallowance or expiration of the Company's net operatinglosses. Unless legally required, Internet Patents Corporationundertakes no obligation to update publicly any forward-lookingstatements, whether as a result of new information, future eventsor otherwise. The forward-looking statements should be consideredin the context of these and other risk factors disclosed in theCompany's filings with the Securities and Exchange Commission. INTERNET PATENTS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands) (unaudited) March 31, December 31, 2012 2011--------------- --------------- Assets Current assets: Cash andcash equivalents $ 32,321 $ 70,326 Short-term investments 1,2251,225 Restricted short-term investments 1,000 - Prepaid expensesand other current assets 1,413 1,374 ------------------------------ Total current assets 35,959 72,925 Property andequipment, net 44 42 Other assets 27 1,027 ------------------------------ Total assets $ 36,030 $ 73,994 ============================== Liabilities and stockholders' equity Currentliabilities: Accounts payable $ 482 $ 3,385 Accrued expenses andother current liabilities 347 541 Income tax payable - 644--------------- --------------- Total current liabilities 829 4,570Income tax liability 101 101 --------------- --------------- Totalliabilities 930 4,671 Commitments and contingencies Stockholders'equity: Common stock 11 10 Paid-in capital 221,726 216,401 Treasurystock (6,788) (6,589) Accumulated deficit (179,848) (140,499)Accumulated other comprehensive loss (1) - ------------------------------ Total stockholders' equity 35,100 69,323--------------- --------------- Total liabilities and stockholders'equity $ 36,030 $ 73,994 =============== =============== CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except pershare amounts) (unaudited) Three Months Ended March 31,-------------------------------- 2012 2011 ------------------------------ Revenues: Total revenues - - Operating expenses:Sales and marketing - - Technology - 24 General and administrative837 888 --------------- --------------- Total operating expenses837 912 --------------- --------------- Loss from operations (837)(912) Other income 100 5 --------------- --------------- Loss fromcontinuing operations (737) (907) --------------- ---------------Discontinued operations, net of tax Income from discontinuedoperations - 1,205 --------------- --------------- Totaldiscontinued operations - 1,205 --------------- --------------- Netincome (loss) $ (737) $ 298 =============== =============== Netincome (loss) per share: Basic and diluted Loss from continuingoperations $ (0.10) $ (0.16) Discontinued operations, net of tax $- $ 0.22 --------------- --------------- Net income (loss) perbasic common share $ (0.10) $ 0.06 =============== ===============Shares used in computing income (loss) per share: Basic and diluted7,379 5,523 =============== =============== Add to Digg Bookmark with del.icio.us Add to Newsvine Investor Relations Contact: Jennifer Jarman The Blueshirt Group 415-217-5866 Email Contact Copyright @ Marketwire. 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