Welcome!

@CloudExpo Authors: Liz McMillan, Yeshim Deniz, Pat Romanski, Elizabeth White, Carmen Gonzalez

News Feed Item

e.Digital Announces Third Quarter Results

SAN DIEGO, CA -- (Marketwire) -- 02/13/13 -- e.Digital Corporation (OTCQB: EDIG), a long standing source of innovation and future-defining patented technologies, today reported financial results for its third quarter of fiscal 2013, ended December 31, 2012.

The Company reported a net loss of $334,494 or $(0.00) per share for the third quarter of fiscal 2013, compared to a net income of $671,417 or $0.00 per share for the prior year's third quarter. For the third quarter of fiscal 2013 revenues totaled $79,072 compared to $1,281,845 for the third quarter of the prior year. The most recent quarter included $0 of patent license revenues compared to $1,155,000 for the third quarter of the prior year. Gross profit for the third quarter was $6,351 or 8% of revenues, compared to $1,140,046 or 89% of revenues, for the prior year's third quarter. Operating expenses decreased to $400,045 from $437,629 for the prior year's comparable quarter primarily due to reduced patent related costs.

For the nine months ended December 31, 2012 the Company reported a net loss of $1,043,482 or $(0.00) per share on revenues of $336,567. For the comparable nine months of the prior year the Company reported net income of $1,566,084 or $0.01 per share on revenues of $4,506,151. 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.

"Q3 was essentially a transitional quarter for e.Digital," commented Fred Falk, President and CEO of e.Digital. "With the reexamination of two of our key patents behind us, we were able to reignite our patent monetization efforts. Through our newly retained law firm, Handal & Associates, we have been aggressively pursuing parties believed to infringe the Company's Flash-R™ patents covering the use of flash memory technologies." In October and November 2012, the Company commenced new enforcement action by filing six complaints in the U.S. District Court for the Southern District of California. In December 2012 and January 2013 the Company filed an additional ten complaints asserting that products made and sold by the defendant companies infringe the Company's U.S. patents, and dismissed one defendant without prejudice. "We will continue to work hard to protect and enforce the Company's intellectual property and we expect to see positive results through our efforts," continued Falk.

In addition to the Flash-R progress, Q3 was a milestone quarter for new technology development. The Company was granted six patents for context and interpersonal awareness systems technologies, thereby establishing rights and officially launching the Company's Nunchi® patent portfolio. Over the last several months, the Company filed three new Nunchi related patent applications. The Company is also currently developing technologies in the areas of cloud technology, information security and user authentication. "As we return to monetizing our Flash-R patent portfolio we are also now better poised to pursue Nunchi licensing opportunities and to bring on-line our next family of IP," concluded Falk.

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)

                                                   December 31,   March 31,
                                                       2012         2012
                                                         $            $
ASSETS
  Current
    Cash                                                  2,051        3,125
    Accounts receivable                                     122          168
    Inventory                                                30           98
    Deposits and prepaid expenses                            61           40
                                                   ------------ ------------
  Total current assets                                    2,264        3,431
    Property and equipment, net                              14           18
    Inventory, long-term                                    106           89
                                                   ------------ ------------
  Total assets                                            2,384        3,538
                                                   ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY
  Current
    Accounts payable                                         73          100
    Accrued and other                                       110          211
                                                   ------------ ------------
  Total current liabilities                                 183          311
  Stockholders' equity                                    2,201        3,227
                                                   ------------ ------------
  Total liabilities and stockholders' equity              2,384        3,538
                                                   ============ ============


          e.Digital Corporation and subsidiary
     Condensed Consolidated Statement of Operations
        (000's omitted except per share amount)
                      (unaudited)

                                        For the three       For the nine
                                           months              months
                                     ended December 31,  ended December 31,
                                       2012      2011      2012      2011
                                         $         $         $         $
Revenues                                   79     1,282       337     4,506
Cost of revenues                           73       142       269     1,598
                                     --------  --------  --------  --------
  Gross profit                              6     1,140        68     2,908
Operating expenses:
  Selling and administrative              269       219       724       699
  Research and related expenditures       131       219       446       512
                                     --------  --------  --------  --------
Total operating expenses                  400       438     1,170     1,211
                                     --------  --------  --------  --------
Operating income (loss) before
 income taxes                            (394)      702    (1,102)    1,697
Provision for income taxes                 59       (31)       59      (132)
                                     --------  --------  --------  --------
Income (loss)                            (335)      671    (1,043)    1,565
Dividends on preferred stock                -         -         -         -
                                     --------  --------  --------  --------
Income (loss) attributed to common
 stockholders                            (335)      671    (1,043)    1,565
                                     ========  ========  ========  ========
Income (loss) per common share -
 basic and diluted                      (0.00)     0.00     (0.00)     0.00
                                     ========  ========  ========  ========

Weighted average common shares
 outstanding
  Basic and diluted                   293,008   293,003   293,005   293,003
                                     ========  ========  ========  ========

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@CloudExpo Stories
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assis...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that A&I Solutions has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 1999, A&I Solutions is a leading information technology (IT) software and services provider focusing on best-in-class enterprise solutions. By partnering with industry leaders in technology, A&I assures customers high performance levels across all IT environments including: mai...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...