Ampex Corp. falls on Q2 loss
Shares of visual information technology licensor Ampex Corp. (Nasdaq: AMPX) are looking down on news after Monday’s close of a second-quarter net loss.
For the three months ended June 30, the Redwood City, Calif.-based company reported a net loss of $0.8 million, or $0.20 per share, compared with a net loss of $3.2 million, or $0.83 per share, during the same quarter of 2006. Analyst estimates were not available.
The narrowing was primarily attributed to a significant decline in litigation expenses, which totaled $0.1 million, or $0.02 per share, compared with $2.1 million, or $0.55 per share, a year earlier.
In Oct. 2004, Ampex filed a lawsuit against Eastman Kodak Co. (NYSE: EK) for allegedly infringing on one of its digital camera patents. The patent in question expired on April 11, 2006. On Oct. 31, 2007, a federal court granted Kodak’s motion for summary judgment of non-infringement.
Ampex has since appealed the decision and in its press release on Monday the company said that oral arguments could occur later in 2007 and a final decision should be expected early in 2008.
The company also said that it has entered into an agreement with patent research and evaluation firm M-CAM, Inc. to identify additional licensing strategies so that it can get the most mileage out of its intellectual property.
At 3:31 p.m. ET the stock had lost $2.05, or 20%, to $8.34.
