Updated 5/6/16 I just listened to the Vringo Q1’2016 financial conference call.
Vringo (VRNG – Nasdaq) is changing its name to reflect its functioning as a holding company and has undergone a transformation to that of a manufacturer. Vringo’s new name will be FORM Holdings Corporation as of Friday, 5/6/2016.
As of Monday, 5/9/2016, FORM Holdings Corp. (FH) will trade on the NASDAQ under the new ticker symbol “FH” upon the opening of market trading on May 9, 2016.
Form Holdings Corp. (FH) will have the following business segments:
Fli Charge, Group Mobile, and Intellectual Property.
- Fli Charge [ http://www.flicharge.com/#home ] designs, develops, licenses, manufactures and markets wire-free conductive power and charging solutions.
- Group Mobile [ http://www.groupmobile.com/ ] is a provider of rugged, mobile and field-use computing products, serving customers worldwide.
- The Intellectual Property division is engaged in the innovation, development and monetization of intellectual property. Our portfolio consists of over 600 patents and patent applications covering telecom infrastructure, internet search, ad-insertion and mobile technologies.
- Plus minority holdings (8%) in InfoMedia [ http://www.infomedia.co.uk/ ]
Vringo has $20.5 million in cash on hand and expects to receive $9.5 million ($8.9 million from a recent non-litigation required licensing agreement) before the end of May for a total of $30 million cash and receivables. Vringo states it has 15 million shares issued and outstanding.
Vringo had total revenue of $2.0 million and $0.2 million for the quarters ended March 31, 2016 and March 31, 2015, respectively. Vringo reported that during the quarter ended March 31, 2016, average monthly cash used in operating activities was approximately $1.8 million, $5.4 million total for the quarter, which included approximately $3.0 million for litigation related activities that have since been withdrawn or dismissed, compared to approximately $1.2 million of monthly cash used during the quarter ended March 31, 2015.
Vringo reported Net operating loss was approximately $3.6 million (including non-cash expenses) for the quarter ended March 31, 2016 compared to $6.8 million for the quarter ended March 31, 2015. The non-cash expenses, which primarily relate to share based compensation and amortization of patents, technology, and trade names were $1.3 million and $2.9 million for the quarters ended March 31, 2016 and March 31, 2015, respectively. Excluding non-cash expenses, the net operating loss was $2.3 million for the quarter ended March 31, 2016. On a per share basis, Vringo’s total net loss was $0.28 per basic and diluted share for the quarter ended March 31, 2016, compared to a net loss of $0.75 per basic and diluted share for the quarter ended March 31, 2015.
Additional information was learned during the Question and Answer (Q&A) period. Vringo is looking to grow Group Mobile revenues in excess of 100% for 2016. Vringo is targeting Group Mobile revenue growth looking to get to $50 million in annual revenues 24 months hence. Vringo has a Net Operating Loss (NOL) carry forward of approximately $124 million that can be used to shield profits if certain tax conditions are met. Vringo states the industry gross margin is a typical 15% which may be compressed initially as bookings and sales ramp.
Management states it is engaged with more than 12 parties regarding potential licensing agreements.
Management states it anticipates consumers will have a chance to order Fli Charge in June.
As I listen to the conference call again, I will add additional info as appropriate.
Now to the charts and tables below through today’s close.
Chart 1 above shows Vringo (VRNG) below its 200 day simple moving average (SMA 200 = $3.33941) but above its 50 day simple moving average (SMA 50 = 1.9055).
- Overall, the bias in prices is: Downwards.
- Short term: Prices are stalling.
- Intermediate term: Prices are trending.
- The upper projected upper target is: 2.36.
- The lower projected target is: 1.58.
- The projected closing price is: 1.97.
Table 1 For tomorrow:
:: If the related index, or stock, is above the pivot point, the pivot point is both support, and an indication that Mr. & Ms. Fickle Markets are Bullish.
:: If the related Index, or stock, is below the pivot point, then the pivot point represents resistance, as well as an indication that Mr. & Ms. Fickle Markets are Bearish.
:: Please Note: ALL projections are for reference only as they can be easily exceeded, up or down, by Mr. & Ms. Fickle Markets.
- – – – – – – – – – – – –
Closed 5/5 down @ 1.98 -0.02 (-1.00%) After Hours: 2.03 +0.05 (2.53%)
:: Closed (below 5/5 PP) (below 5/6 PP)
- :: Pivot point (PP) 1.99
- Support (s1) 1.84 Support (s2) 1.70
- Resistance (r1) 2.13 Resistance (r2) 2.28
- Simple Moving Average (Close 50): 1.9055 (uptrend)
- Simple Moving Average (Close 200): 3.33941 (downtrend)
- 52 week performance -1.54% YTD performance +1.30%
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Hope the above Vringo (VRNG) Support and Resistance calculations for Friday, 5/6/2016 help your investing and trading planning today …