The following is excerpted from an August 3, 2011 article by Mary Stone published by the Rochester Business Journal:
Veramark Technologies Inc. logged a net loss in the second quarter mainly due to expenses related to a patent infringement suit against the company.
Veramark officials attributed the loss to the legal expenses of a patent infringement complaint filed against the company last year. On June 16, Veramark settled the complaint filed by Memphis-based Asentinel LLC, against the company and two other defendants, alleging the infringement of two telecommunications expense patents held by Asentinel.
The settlement and associated legal costs reduced earnings by 8 cents a share. “On an operating basis, Veramark reported positive operating income of $245,000 or 2 cents per share for the first six months of 2011, an increase of 30 percent from the prior year, removing the effect of the patent complaint,” stated Anthony Mazzullo, Veramark's president and CEO.
For the first six months of the year, the company’s loss was $618,000, or 6 cents a share, compared with earnings of $188,855, or 2 cents a share, a year ago.
Read the full article here.