Oxford, MS 8/12/2011 (PennyPayDay) – e.Digital Corporation (OTC:EDIG) today reported, in a press release, financial results for its first quarter of fiscal 2012 ended June 30, 2011. The Company reported net income attributable to common stockholders of $731,000, or $0.00 per share, for the first quarter of fiscal 2012 compared to a net loss of $382,000 or $(0.00) per share for the prior year's first quarter. For the first quarter of fiscal 2012 revenues totaled $2.2 million compared to $512,000 for the first quarter of the prior year.The most recent quarter included $2 million of patent license revenues compared to $25,000 for the first quarter of the prior year. Gross profit for the first quarter, including the positive contribution of licensing margins, was $1,169,000, 54% of revenues, compared to $174,000, 34% of revenues, for the prior year's first quarter. Operating expenses declined to $438,000 from $524,000 for the prior year's comparable quarter primarily due to reduced staffing costs including reduced non-cash stock compensation expense.
"Our results continue to be dependent on the timing and amount of patent license revenues and related margins," said Fred Falk, president and CEO of e.Digital Corporation. During the first fiscal quarter of 2012 the Company recognized two new license arrangements covering three defendants. As there is a reluctance of patent infringers to negotiate and license without legal action, the Company is now in its second round of legal action and through the quarter ended June 30, 2011 had licensed fourteen defendants. The Company has an outstanding complaint against eleven remaining electronics manufacturers.
Falk concluded, "While the IFE business remains slow and sporadic, we continue to aggressively pursue technology licensing activities. In fiscal 2011 we filed seven patent applications related to communication networks and digital data distribution. We continue to add what we believe to be important IP to our portfolio and seek to license applications of this IP this fiscal year."
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