Internet Patents posts loss for first quarter
05/08/2012 12:00 AM
05/08/2012 9:35 AM
Rancho Cordova-based Internet Patents Corp., formerly InsWeb Corp., reported a loss of $737,000, or 10 cents a share, for the first quarter ended March 31.
InsWeb changed its name at the end of 2011, after North Palm Beach, Fla.-based Bankrate Inc. completed its $65 million takeover of the bulk of InsWeb, including its online insurance-quote business.
Internet Patents' focus is on collecting fees from licensing several e-commerce and insurance patents that were not part of the Bankrate deal.
The company's board declared a special cash distribution of $5 per share on the company's common stock in the first quarter.
Hussein Enan, chairman and CEO, said directors will consider another distribution in early 2013. He said the company was pursuing a business strategy that would "frequently require litigation."
"We have made significant progress in identifying the initial entities to pursue in our efforts to license our strong portfolio of e-commerce patents and expect to begin to take action against companies that we believe are infringing our IP by the end of the second quarter," Enan said.
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