Vringo announces 2013 results; shares -4.9% AH

|By:, SA News Editor

Vringo (VRNG) had 2013 revenue of $1.1M, and a net loss of $52.4M ($0.63/share). $41.7M of the net loss was from continuing ops, and the remainder from discontinued ops.

Legal costs totaled $20M, G&A and other expenses $6.3M, equity compensation $12M, and patent amortization costs $3.4M.

Vringo ended 2013 with $33.6M in cash/equivalents. Average 2013 operational cash burn was $2M/month, yielding full-year cash burn of $24M.

The company expects its burn rate to decrease in 2014, and thinks its year-end funds "will be sufficient" to support its 2014/2015 operations, even if there's no "significant revenue event."