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RPX Announces First Quarter 2013 Financial Results

Stocks in this article: RPXC

SAN FRANCISCO, April 30, 2013 (GLOBE NEWSWIRE) -- RPX Corporation (Nasdaq:RPXC), a leading provider of patent risk management solutions, today announced its financial results for the first quarter ended March 31, 2013.

Financial Highlights

  • Revenue for the first quarter of fiscal 2013 totaled $61.2 million, up 40% from the prior year period
  • GAAP net income for the first quarter of fiscal 2013 was $14.7 million, or $0.28 per pro forma diluted share [1], up 82% or 87%, respectively, from the prior year period
  • Non-GAAP net income for the first quarter of fiscal 2013 was $17.5 million or $0.33 per pro forma diluted share [1], up 75% or 74%, respectively, from the prior year period

"We are pleased with the solid start to the year," said John Amster, CEO of RPX. "We made progress across the board, including client additions, renewals and new initiatives like insurance and our fee-based business."

Summary Results

Revenue for the first quarter increased 40% to $61.2 million, compared to $43.8 million in the first quarter of 2012.

Net acquisition spend during the quarter totaled $29.4 million, and included 11 new acquisitions of patent assets, in addition to the exercise of previously negotiated options to acquire licenses for new clients.

GAAP net income for the quarter was $14.7 million or $0.28 per diluted share, compared to $8.1 million or $0.15 per diluted share in the first quarter of 2012. Net income was $0.28 per pro forma diluted share [1] in the first quarter, compared to $0.15 per pro forma diluted share [1] in the first quarter of 2012.

Non-GAAP net income for the quarter, which excludes stock-based compensation and the amortization of acquired intangibles (in each case, net of tax), was $17.5 million or $0.33 per pro forma diluted share [1], compared to $10.0 million or $0.19 per pro forma diluted share [1] in the first quarter of 2012.

As of March 31, 2013, RPX had cash, cash equivalents and short-term investments of $283.4 million.

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