Click here to close now.

Welcome!

CloudExpo® Blog Authors: Elizabeth White, Pat Romanski, David Miller, Liz McMillan, Michael Kanasoot

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
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgentha...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
The OpenStack cloud operating system includes Trove, a database abstraction layer. Rather than applications connecting directly to a specific type of database, they connect to Trove, which in turn connects to one or more specific databases. One target database is Postgres Plus Cloud Database, which includes its own RESTful API. Trove was originally developed around MySQL, whose interfaces are significantly less complicated than those of the Postgres cloud database. In his session at 16th Cloud...
How does one bridge the gap between traditional enterprise storage infrastructures and the private, hybrid, and public cloud? In his session at 15th Cloud Expo, Dan Pollack, Chief Architect of Storage Operations at AOL Inc., examed the workload differences and required changes to reuse existing knowledge and components when building and using a cloud infrastructure. He also looked into the operational considerations, tool requirements, and behavioral changes required for private cloud storage s...
Software is eating the world. Companies that were not previously in the technology space now find themselves competing with Google and Amazon on speed of innovation. As the innovation cycle accelerates, companies must embrace rapid and constant change to both applications and their infrastructure, and find a way to deliver speed and agility of development without sacrificing reliability or efficiency of operations. In her Day 2 Keynote DevOps Summit, Victoria Livschitz, CEO of Qubell, discussed...
The speed of product development has increased massively in the past 10 years. At the same time our formal secure development and SDL methodologies have fallen behind. This forces product developers to choose between rapid release times and security. In his session at DevOps Summit, Michael Murray, Director of Cyber Security Consulting and Assessment at GE Healthcare, examined the problems and presented some solutions for moving security into the DevOps lifecycle to ensure that we get fast AND ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In this session, James Kirkland, Red Hat's Chief Architect for the ...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager – Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, will review next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discuss how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Speaker Bios Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has b...
While there are hundreds of public and private cloud hosting providers to choose from, not all clouds are created equal. If you’re seeking to host enterprise-level mission-critical applications, where Cloud Security is a primary concern, WHOA.com is setting new standards for cloud hosting, and has established itself as a major contender in the marketplace. We are constantly seeking ways to innovate and leverage state-of-the-art technologies. In his session at 16th Cloud Expo, Mike Rivera, Seni...
Hardware will never be more valuable than on the day it hits your loading dock. Each day new servers are not deployed to production the business is losing money. While Moore's Law is typically cited to explain the exponential density growth of chips, a critical consequence of this is rapid depreciation of servers. The hardware for clustered systems (e.g., Hadoop, OpenStack) tends to be significant capital expenses. In his session at Big Data Expo, Mason Katz, CTO and co-founder of StackIQ, disc...
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
T-Mobile has been transforming the wireless industry with its “Uncarrier” initiatives. Today as T-Mobile’s IT organization works to transform itself in a like manner, technical foundations built over the last couple of years are now key to their drive for more Agile delivery practices. In his session at DevOps Summit, Martin Krienke, Sr Development Manager at T-Mobile, will discuss where they started their Continuous Delivery journey, where they are today, and where they are going in an effort ...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal S...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enter...
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and re...