ITUS Corp., the patent monetization company run by CEO Robert Berman, said late Friday it posted a second quarter net loss of $2.24 million as litigation costs outstripped meager revenue.
The Los Angeles-based company’s net loss per share of 1 cent, compared with a net loss of $3.26 million, or 3 cents a share a year ago.
The company reported revenue of only $25,000, compared with $1.1 million, a year ago. The revenue reflected only one licensing agreement in connection with ITUS’s J-Channel Window Frame Construction patent portfolio, versus 5 such agreements in the year earlier period.
Inventor royalties and contingent legal fees totaled $15,000, versus $465,000 a year ago.
Marketing, general and administrative expenses increased to $1.96 million from $1.84 million.
Litigation expenses increased to $105,570 from $70,819.
Amortization of patents was little changed at $81,324.
The company’s cash and cash equivalents totaled $6.08 million, which it said is enough to meet its cash needs for at least 12 months.
ITUS currently owns or controls technologies in three primary areas: thin- film displays, encrypted communications, and advanced materials applications.
The company said it is continuing its licensing programs in connection with its patented encrypted communications, and advanced materials applications technologies, and have resumed its Nano field emission display development program.
It also is looking to invest its resources in other emerging technology areas.
Shares of ITUS were unchanged at 13 cents in late morning trading. They’ve traded between 6 cents and 33 cents over the past year.
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