e.Digital Corporation (OTCQB: EDIG), a long standing source of innovation and future-defining patented technologies, today reported financial results for its second quarter of fiscal 2013, ended September 30, 2012.

The Company reported a net loss of $376,005 or $(0.00) per share, for the second quarter of fiscal 20.....">
Company News: Page (1) of 1 - 11/13/12
Email this story to a friend. email article Print this page (Article printing at MyDmn.com). print page facebook

e.Digital Announces Second Quarter Results

November 13, 2012 --

SAN DIEGO, CA -- (Marketwire) -- 11/13/12 -- e.Digital Corporation (OTCQB: EDIG), a long standing source of innovation and future-defining patented technologies, today reported financial results for its second quarter of fiscal 2013, ended September 30, 2012.

The Company reported a net loss of $376,005 or $(0.00) per share, for the second quarter of fiscal 2013 compared to a net income of $163,430 or $0.00 per share for the prior year's second quarter. For the second quarter of fiscal 2013 revenues totaled $124,949 compared to $1,042,491 for the second quarter of the prior year. The most recent quarter included $2,000 of patent license revenues compared to $904,338 for the second quarter of the prior year. Gross profit for the second quarter was $24,801 or 20% of revenues, compared to $598,965 or 57% of revenues, for the prior year's second quarter. Operating expenses increased to $400,806 from $334,510 for the prior year's comparable quarter primarily due to increased patent related costs.

For the six months ended September 30, 2012 the Company reported a net loss of $708,988 or $(0.00) per share on revenues of $257,495. For the comparable six months of the prior year the Company reported net income of $894,667 or $0.00 per share on revenues of $3,224,306. The Company's results are impacted by the timing and amount of license fees and there were no significant licensing revenues so far in fiscal 2013. The reexamination of two of the Company's patents had stifled the Company's patent enforcement activities.

"Now that the reexamination of the Company's '774 and '737 patents has been favorably concluded, we are aggressively pursuing Flash-R™ patent monetization activities," commented Fred Falk, President and CEO of e.Digital. "As we recently announced, we have engaged a new law firm and have filed infringement lawsuits against six manufacturers, including many of their distributors and retailers."


The Company has been granted four patents for context and interpersonal awareness systems technologies that are the foundation of the Nunchi™ patent portfolio. The Company also received Issue Notifications from the United States Patent and Trademark Office for two more Nunchi related patents. "With granted patent rights in hand, we expect increased awareness and interest in our intellectual property assets by companies that are developing context awareness based technologies, as well as hardware manufacturers and wireless communications providers," continued Falk. "We have several patent continuations in progress which we expect will continue to add value to our growing portfolio."

About e.Digital Corporation: For more than 20 years, e.Digital's ideas and inventions have impacted the evolution of consumer products. Today, e.Digital innovations, including its Flash-R™ portfolio of flash memory-related patents, are essential to many portable consumer electronic products. The Company pioneered dedicated portable in-flight entertainment systems and more than 30 airlines have made e.Digital powered products their in-flight entertainment choice. For more information about e.Digital, please visit: www.edigital.com.

Safe Harbor statement under the Private Securities Litigation Reform of 1995: All statements made in this document, other than statements of historical fact, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development, expected future developments and other factors that we believe are appropriate under the circumstances. These forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the businesses of the Company and the industries and markets in which the Company operates. Actual outcomes and results may differ materially from what is expressed or implied by the forward-looking statements. More information about potential factors that could affect the Company can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed with the Securities and Exchange Commission ("SEC"). e.Digital Corporation disclaims any intent or obligation to update these or any forward-looking statements, except as otherwise specifically stated by it.

e.Digital Corporation and subsidiary Condensed Consolidated Balance Sheet (000's omitted except per share amount) (unaudited) September 30, March 31, 2012 2012 $ $ ASSETS Current Cash 2,546 3,125 Accounts receivable 122 168 Inventory 42 98 Deposits and prepaid expenses 18 40 ------------- ------------- Total current assets 2,728 3,431 Inventory, long term 106 89 Property and equipment, net 16 18 ------------- ------------- Total assets 2,850 3,538 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable 132 100 Accrued and other 189 211 ------------- ------------- Total current liabilities 321 311 Stockholders' equity 2,529 3,227 ------------- ------------- Total liabilities and stockholders' equity 2,850 3,538 ============= ============= e.Digital Corporation and subsidiary Condensed Consolidated Statement of Operations (000's omitted except per share amount) (unaudited) For the three months For the three months ended ended September 30, September 30, 2012 2011 2012 2011 $ $ $ $ Revenues 125 1,042 257 3,224 Cost of revenues 100 444 196 1,456 --------- --------- --------- --------- Gross profit 25 598 61 1,768 Operating expenses: Selling and administrative 232 231 455 480 Research and related expenditures 169 103 315 293 --------- --------- --------- --------- Total operating expenses 401 334 770 773 --------- --------- --------- --------- Operating income (loss) before income taxes (376) 264 (709) 995 Provision for income taxes - (101) - (101) --------- --------- --------- --------- Income (loss) (376) 163 (709) 894 Dividends on preferred stock - - - - --------- --------- --------- --------- Income (loss) attributed to common stockholders (376) 163 (709) 894 ========= ========= ========= ========= Income (loss) per common share - basic and diluted (0.00) 0.00 (0.00) 0.00 ========= ========= ========= ========= Weighted average common shares outstanding Basic and diluted 293,003 293,003 293,003 293,003 --------- --------- --------- ---------


Copyright @ Marketwire
Page: 1
Related Keywords: e.Digital Corporation, Communications, USA, Marketwire, Financial, Wireless Communications, Biology, Entertainment, Other,

Source:Marketwire. All Rights Reserved
---


@ Copyright, 2014 Digital Media Online, All Rights Reserved