Gross profit was $6.3 million or 97% of revenues compared to gross profit of $6.4 million or 96% of revenues in the second quarter of 2011. Cost of revenues in the second quarter was $214,000 compared to $247,000 in the second quarter of 2011. Excluding cost of revenues total operating expenses were $8.6 million in the second quarter of 2012 compared to 7.5 million in the second quarter of 2011. This includes non-cash charges related to depreciation and amortization of $554,000 and stock based compensation of 818,000. Excluding these non-cash charges,
OpEx was $7.2 million during the quarter compared to 6.0 million in the second quarter of 2011. OpEx in the second quarter of 2012 also included litigation related costs of $1.5 million. We expect litigation expenses to trend slightly above this level during the second half of the year and are modeling OpEx excluding non-cash charges to be in the 7.5 to $8 million range per quarter moving forward.
As you know, in addition to normal GAAP metrics, we use a metric called adjusted EBITDA to track our business. We define adjusted EBITDA as earnings before interest, taxes, depreciation and amortization less share based compensation. Adjusted EBITDA in the second quarter of 2012 was a loss of $938,000 compared to positive adjusted EBITDA of $442,000 in the second quarter of 2011. Net loss for the second quarter of 2012 was $2.2 million or $0.08 per share compared to net loss of $1.3 million or $0.05 per share in the second quarter of 2011.
Our cash portfolio including cash and investments was $52.4 million as of June 30, 2012 compared to 56.3 million at the end of 2011. Cash use during the quarter was $5.2 million. This primarily reflects expenditures on our patent litigation as well as activity within our stock repurchase program. In the second quarter we repurchased 387,288 shares of our common stock at an average cost of $5.29 per share for a total of $2.0 million. As of June 30, 2012, we have 23.1 million remaining under our authorized stock repurchase program.Read the rest of this transcript for free on seekingalpha.com