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Finjan Provides Update for its Record First Quarter of 2017
May. 12, 2017 09:50AM PST
Defense And Security InvestingFinjan Holdings (NASDAQ:FNJN) has announced its first quarter results ended March 31, 2017. As quoted in the press release: Financial Highlights for the First Quarter of 2017 Revenues of $24.7 million compared to $2.3 million in the same period last year Net income from operations of $16.0 million or $0.69 per share Redeemed and retired $7.2 million …
Finjan Holdings (NASDAQ:FNJN) has announced its first quarter results ended March 31, 2017.
As quoted in the press release:
Financial Highlights for the First Quarter of 2017
- Revenues of $24.7 million compared to $2.3 million in the same period last year
- Net income from operations of $16.0 million or $0.69 per share
- Redeemed and retired $7.2 million or 43,769 shares (43%) of Series A preferred stock as of March 31, 2017, subsequent to quarter-end redeemed and retired remaining balance ($6.6 million or 39,733 shares) of the Series A Preferred Shares
- Ended the quarter with $26.4 million in cash or approximately $1.14 per share in cash
“Our record first quarter was the culmination of multiple revenue-generating events including two settlements and continued acceleration in our licensing program resulting in new licenses for the quarter,” said Phil Hartstein, President and CEO of Finjan Holdings. “Importantly, a cadence of positive events positions us for success going forward. Our revenue strength for the quarter has enabled us to redeem and retire the entirety of our Series A financing and in less than one year. In addition, the durability of our patents was once again highlighted in a number of final decisions on our instituted IPRs whereby after more than 70 administrative challenges, including more than a dozen ex parte proceedings against our patent portfolio, remains remarkably unchanged.”
“Through our subsidiary, Finjan Mobile, we launched VitalSecurity™ Gen3.5 to build upon our offerings and initiate the start of revenue generation for the subsidiary. More recently, we announced a go-to-market partnership with Avira whereby they will be our back-end Virtual Private Network (VPN) partner, a feature we will include into our suite of products as we work to build best-in-class offerings for security and privacy in mobile applications. Looking ahead with positive jury verdicts, licensing momentum, a number of near-term catalysts in our various litigations, expanded development efforts in mobile, and a strong balance sheet we can now extend our focus beyond our strategic growth initiatives.”
