Beaverton, Ore. — October 30, 2013 — Digimarc Corporation (NASDAQ: DMRC) reported financial results for the third quarter ended September 30, 2013.
Third Quarter 2013 Financial Results
Revenue for the third quarter of 2013 was $7.4 million compared to $8.9 million in the third quarter of 2012. The decrease was primarily due to the end of the fixed quarterly license payments from Intellectual Ventures in May 2013, partially offset by increased subscription revenue from the company’s acquisition of Attributor Corporation in December 2012, and increased revenue from the Central Banks.
Operating loss for the third quarter of 2013 was $2.0 million compared to operating income of $1.6 million in the same quarter a year ago. The operating results for the third quarter of 2013 reflect the reduced revenue and the addition of Attributor’s operations as well as increased investments in sales and marketing, and research and development initiatives.
Net loss for the third quarter of 2013 totaled $0.8 million or $(0.12) per diluted share compared to net income of $1.0 million or $0.14 per diluted share in the third quarter of 2012. The decrease was due to lower operating income, partially offset by a benefit for income taxes in the third quarter of 2013.
At September 30, 2013, cash, cash equivalents and marketable securities totaled $38.1 million compared to $39.1 million at December 31, 2012.
Digimarc will hold a conference call later today (Wednesday, October 30, 2013) to discuss these results. Chairman and CEO Bruce Davis and CFO Mike McConnell will host the call starting at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A question and answer session will follow management’s presentation.
The call will be broadcast live via webcast at www.digimarc.com/investors and www.earnings.com, and will be available for replay through November 6, 2013. The webcast will be archived and available on Digimarc's website at www.digimarc.com/investors/investor-events-and-webcasts.
For those who wish to listen to the call via telephone, please dial the telephone number below at least 5-10 minutes prior to the scheduled start time:
- Number: +1 866 562 9934
- Conference ID: 87531956
If you have any difficulty connecting with the conference call, please contact Liolios Group at +1 949 574 3860.
Digimarc Corporation (NASDAQ: DMRC), based in Beaverton, Oregon, is a leading innovator and provider of enabling technologies that create digital identities for all forms of media and many everyday objects. The embedded digital IDs are imperceptible to humans, but not to computers, networks and devices like mobile phones, which can now use cameras and microphones as sensory inputs to "see, hear and understand" the world around them within the context of their environment. Digimarc has built an extensive intellectual property portfolio with patents in digital watermarking, content identification and management, media and object discovery to enable ubiquitous computing, and related technologies. Digimarc develops solutions, licenses its intellectual property, and provides development services to business partners across a range of industries. For more information, visit www.digimarc.com.
With the exception of historical information contained in this release, the matters described in this release contain various "forward-looking statements." These forward-looking statements include statements and any related inferences regarding increased subscription revenue from the company's acquisition of Attributor, increased investments in sales and marketing and research and development initiatives, and other statements identified by terminology such as "will," "should," "expects," "estimates," "predicts" and "continue" or other derivations of these or other comparable terms. These forward-looking statements are statements of management's opinion and are subject to various assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied from the statements in this release as a result of changes in economic, business and/or regulatory factors. More detailed information about risk factors that may affect actual results will be set forth in the company's Form 10-K for the year ended December 31, 2012 and in subsequent periodic reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this release. Except as required by law, Digimarc undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Chief Financial Officer
+1 503 469 4652
Scott Liolios or Matt Glover
Liolios Group, Inc.
Investor Relations for Digimarc
+1 949 574 3860