Digimarc Reports Fourth Quarter and Full Year 2013 Financial Results
Thursday 20 February 2014
Digimarc Reports Fourth Quarter and Full Year 2013 Financial Results
BEAVERTON, OR--(Marketwired - Feb 20, 2014) - Digimarc Corporation (NASDAQ: DMRC) reported financial results for the fourth quarter and fiscal year ended December 31, 2013.
Fourth Quarter 2013 Results
Revenue for the fourth quarter of 2013 totaled $6.8 million compared to $9.3 million in the fourth quarter of 2012. The decrease was primarily due to the end of the scheduled minimum quarterly license fee payments from Intellectual Ventures (IV) in the second quarter of 2013. The comparative decline was partially offset by increased subscription revenue from a full quarter of Attributor's sales in the fourth quarter of 2013 and higher service revenue from the Central Banks.
Operating loss for the fourth quarter of 2013 totaled $3.4 million compared to operating income of $1.9 million in the same quarter a year-ago. The operating results for the fourth quarter of 2013 reflect lower revenue and higher operating costs due to increased investments in the company's product development and sales growth initiatives, as well as the impact of a full quarter of Attributor's operating costs in the fourth quarter of 2013.
Net loss for the fourth quarter of 2013 totaled $1.3 million or $0.19 per diluted share compared to net income of $1.1 million or $0.14 per diluted share in the fourth quarter of 2012. The decrease was due to lower operating income partially offset by a benefit for income taxes in the fourth quarter of 2013.
Full Year 2013 Results
Revenue in 2013 totaled $35.0 million compared to $44.4 million in 2012. The decrease was primarily due to the $8.0 million past due royalties payment received from Verance Corporation in the first quarter of 2012 and the end of the scheduled minimum quarterly license fee payments from IV in the second quarter of 2013. Revenue from IV for these license fees was $12.6 million in 2012 versus $6.8 million in 2013. The comparative decline was partially offset by increased subscription revenue from a full year of Attributor's sales in 2013 and higher service revenue from the Central Banks.
Operating loss in 2013 totaled $2.4 million compared to operating income of $14.6 million in 2012. The decrease reflects lower revenue and higher operating costs due to increased investments in the company's product development and sales growth initiatives, as well as the impact of a full year of Attributor's operating costs in 2013.
Net loss in 2013 totaled $0.5 million or $0.10 per diluted share compared to net income of $8.3 million or $1.12 per diluted share in 2012. The decrease was due to lower operating income partially offset by a benefit for income taxes in 2013.
At December 31, 2013, cash, cash equivalents and marketable securities totaled $35.0 million compared to $39.1 million at December 31, 2012.
