NTIP breaks out to 3 month high, Flat Base
It hit 2.85 today, 9 months ago it was under $2. The market is way behind in recognizing the huge increase in revenue and profits. It will be noticed.
Network-1 Reports Record Breaking Third Quarter 2016 Results
NEW YORK, Nov. 11, 2016 /PRNewswire/ -- Network-1 Technologies, Inc. (NYSE: NTIP) today announced financial results for the quarter ended September 30, 2016.
Network-1 had the largest quarterly revenues in its history with revenue of $34,326,000 for the three months ended September 30, 2016 as compared with revenue of $3,008,000 for the three months ended September 30, 2015. The increase in revenue of $31,318,000 for the three months ended September 30, 2016, was due primarily to additional licensing revenue of $31,000,000 from settlement and licensing agreements entered into with Apple Inc. and Dell, Inc. during the quarter. Revenue from royalty bearing licenses for patents decreased $232,000 or 14% from $1,658,000 to $1,426,000 for the three months ended September 30, 2016 compared to the three months ended September 30, 2015.
Network-1 had revenue of $59,963,000 for the nine months ended September 30, 2016 as compared to revenue of $10,382,000 for the nine months ended September 30, 2015. The increase in revenue of $49,581,000 for the nine months ended September 30, 2016, was due primarily to additional licensing revenue of $31,000,000 from settlement and licensing agreements with Apple Inc., and Dell, Inc. as well as a $17,500,000 settlement of a professional liability claim. Revenue from royalty bearing licenses for patents increased $70,000 or 1% from $8,593,000 to $8,663,000 for the nine months ended September 30, 2016 compared to the nine months ended September 30, 2015.
Network-1 reported net income of $10,832,000 or $0.46 per share (basic) and $0.43 per share (diluted) for the three months ended September 30, 2016 compared with net income of $407,000 or $0.02 per share (basic and diluted) for the three months ended September 30, 2015.
Network-1 reported net income for the nine months ended September 30, 2016 of $22,882,000 or $0.98 per share (basic) and $0.93 per share (diluted) as compared with net income of $1,717,000 or $0.07 per share (basic and diluted) for the nine months ended September 30, 2015.
At September 30, 2016, Network-1 had cash and cash equivalents of $57,759,000 and working capital of $50,179,000. Subsequent to the end of the third quarter, Network-1 entered into settlement and license agreements aggregating $5,000,000, a portion of which will be recorded as revenue for the quarter ended December 31, 2016.
