FORM Holdings Announces 2016 Q2 Operating Results
09 August 2016 - 6:01AM
Business Wire
Conference Call Scheduled today at 4:30 pm
Eastern Time
FORM Holdings Corp. (NASDAQ:FH), a diversified holding company,
today announced certain operating results for the quarter ended
June 30, 2016.
Operating Results for the Quarter Ended June 30, 2016
- We generated total revenue of $11.4
million for the quarter ended June 30, 2016 compared to no revenue
generated for the quarter ended June 30, 2015.
- Excluding non-cash expenses, the net
operating income was $2.1 million for the quarter ended June 30,
2016. Net operating loss was approximately $10.7 million (including
non-cash expenses) for the quarter ended June 30, 2016 compared to
$8.5 million for the quarter ended June 30, 2015. The non-cash
expenses were primarily related to stock-based compensation and
amortization and impairment of intangible assets related to the
Company’s intellectual property segment.
- For the quarter ended June 30, 2016,
our Group Mobile operating segment generated $2.5 million of
revenue. This represents a 92% increase as compared to the first
quarter of 2016 and a 35% increase over revenue for the same period
in 2015. In addition, Group Mobile’s bookings increased 48%
compared to the same period in 2015. We are updating our revenue
guidance for 2016 to $12.5 million, which represents an approximate
135% increase over 2015 revenues of $5.3 million. This increase is
based on a number of anticipated Fortune 500 enterprise customer
orders as well as law enforcement issued body-worn and in-car video
system orders. Group Mobile continues to expand its offerings
beyond rugged hardware sales to include full technology services
offerings and additional products and services.
- Our FLI Charge operating segment
launched its consumer product line on Indiegogo, a crowdfunding
platform, on June 15, 2016 and has generated approximately $200,000
of pre-sales in the form of orders, ranking FLI Charge’s campaign
in the top 400, or the top one-tenth of one percent of the more
than 500,000 campaigns that have launched on Indiegogo since its
inception. Tooling for FLI Charge’s product line is complete and
manufacturing inventory has commenced. FLI Charge is expected to
begin fulfilling orders in October 2016.
- Our intellectual property operating
segment generated $8.9 million of revenue for the quarter ended
June 30, 2016 from a one-time licensing payment.
- As of June 30, 2016, we had $27.4
million of cash and cash equivalents and $0.5 million of accounts
receivable.
- On July 1, 2016, we exercised an early
repayment option and repaid $2.1 million of debt. As of August 8,
2016, we have approximately $24.3 million of cash and cash
equivalents and $0.4 million of accounts receivable.
The company expects to file its Form 10-Q for the quarter ended
June 30, 2016 on or before August 15, 2016.
Conference Call
FORM Holdings Corp. will host a conference call today at 4:30 pm
Eastern Time, to discuss operating results for the second quarter
of 2016 and provide updates on each of the Company’s business
segments.
Join the Conference Call via
Webcast
1. Visit http://bit.ly/2aFV3vI before the start time to join the
web portion of this event.2. Enter your First Name, Last Name,
Company, and Email Address and select "Submit".3. Select the
"Launch Webcast" icon to view the event.
Join the Conference Call via Assisted
Dial-In
To access the conference call by telephone, interested parties
should dial (866) 682-6100 (U.S. and Canada) or (862) 255-5401
(international) and reference FORM Holdings.
Replay
An audio webcast of the conference call will be available within
the "Presentations" section of the Company’s investor relations
website shortly after the end of the conference call.
About FORM Holdings Corp.
FORM Holdings Corp. is a diversified technology company engaged
in the innovation, development, commercialization and monetization
of three operating segments: FLI Charge, Group Mobile, and
Intellectual Property. FLI Charge is dedicated to the licensing and
commercialization of wire-free power technologies. Group Mobile is
dedicated to the marketing and sale of rugged computing devices.
Intellectual Property consists of a portfolio of more than 600
patents and patent applications covering telecom infrastructure,
internet search, ad-insertion, mobile and wire-free charging
technologies; visit: www.formholdings.com | www.flicharge.com |
www.groupmobile.com
Forward-Looking Statements
This press release includes forward-looking statements, which
may be identified by words such as "believes," "expects,"
"anticipates," "estimates," "projects," "intends," "should,"
"seeks," "future," "continue," or the negative of such terms, or
other comparable terminology. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein. Factors that could cause actual
results to differ materially include, but are not limited to: our
inability to license and monetize our patents, including the
outcome of litigation; our inability to monetize and recoup our
investment with respect to patent assets and other businesses that
that we have acquired or acquire in the future; our inability to
develop and introduce new products and/or develop new intellectual
property; our inability to protect our intellectual property
rights; new legislation, regulations or court rulings related to
enforcing patents, that could harm our business and operating
results; unexpected trends in the mobile phone and telecom
computing industries; our inability to raise additional capital to
fund our combined operations and business plan; our inability to
maintain the listing of our securities on a major securities
exchange; general economic conditions and level of information
technology and consumer electronics spending; the potential loss of
one or more of our significant Original Equipment Manufacturer
(“OEM”) suppliers, the potential lack of market acceptance of our
products; market acceptance, quality, pricing, availability and
useful life of our products and services, as well as the mix of our
products and services sold; potential competition from other
providers and products; our inability to retain key members of our
management team; our liquidity and other risks and uncertainties
and other factors discussed from time to time in our filings with
the Securities and Exchange Commission ("SEC"), including our
annual report on Form 10-K filed with the SEC on March 10, 2016 and
our quarterly reports on Form 10-Qwe file with the SEC. The Company
expressly disclaims any obligation to publicly update any
forward-looking statements contained herein, whether as a result of
new information, future events or otherwise, except as required by
law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160808006157/en/
Investors and Media:FORM Holdings
Corp.Jonathan Kraft, 212-309-7549Info@FORMHoldings.com
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