EXHIBIT 99.1
 
FOR IMMEDIATE RELEASE
Corey M. Horowitz, Chairman and CEO
Network-1 Technologies, Inc.
(212) 829-5770


NETWORK-1 REPORTS SECOND QUARTER RESULTS
 
New York, New York August 14, 2019
- Network-1 Technologies, Inc. (NYSE AMERICAN: NTIP), a company specializing in the development, licensing, and protection of its intellectual property assets, today announced financial results for the quarter ended June 30, 2019.
 
Network-1 had revenue of $599,000 and $1,205,000 for the three and six months ended June 30, 2019, respectively, as compared to revenue of $471,000 and $19,934,000 for the three and six months ended June 30, 2018, respectively. The increase in revenue of $128,000 for the three months ended June 30, 2019 was primarily due to increased revenue from Network-1's royalty bearing licensees for its Remote Power Patent.  The decrease in revenue of $18,729,000  for the six months ended June 30, 2019 was primarily due to revenue  for the six months ended June 30, 2018 from a fully-paid license related to Network-1's patent litigation settlement with Juniper Networks, Inc. of $12,700,000 and $6,320,000 of revenue from the sale of its Avaya unsecured bankruptcy claim. Excluding revenue from the fully-paid license with Juniper and sale of the Avaya unsecured claim, revenue from Network-1's royalty bearing licenses for the six months ended June 30, 2018 was $914,000 as compared to $1,075,000 for the six months ended June 30, 2019.
 
Network-1 had an operating loss of $(516,000) for the three months ended June 30, 2019 compared with an operating loss of $(1,004,000) for the three months ended June 30, 2018. The decreased operating loss of $(448,000) for the three months ended June 30, 2019 was primarily due to increased revenue and decreased legal fees and costs related to Network-1's patent litigation.
 
Network-1 had an operating loss of $(1,049,000) for the six months ended June 30, 2018 compared with operating income of $9,879,000 for the six months ended June 30, 2018. The decreased operating income of $10,928,000 for the six months ended June 30, 2019 was due to operating income for the six months ended June 30, 2018 associated with revenue of $19,020,000 from Network-1's fully-paid license with Juniper and from the sale of its Avaya unsecured claim, less related costs.
 
Network-1 realized a net loss of $(208,000) or $(0.01) per share (basic and diluted) for the three months ended June 30, 2019 compared with a net loss of $(564,000) or $(0.02) per share (basic and diluted) for the three months ended June 30, 2018. The decrease in net loss of $356,000 for the three months ended June 30, 2019 was primarily due to increased revenue and decreased legal fees and costs related to our patent litigation.
 
Network-1 realized a net loss of $(448,000) or $(0.02) per share basic and diluted for the six months ended June 30, 2019 compared with net income of $8,037,000 or $0.34 per share basic and $0.31 per share diluted for the six months ended June 30, 2018.  The decrease in net income of $8,485,000 for the six months ended June 30, 2019 was primarily due to income for the six months ended June 30, 2018 associated with revenue of $19,020,000 from Network-1's fully-paid license with Juniper and from the sale of its Avaya unsecured claim, less related costs.
 
 

 


The following information was filed by Network 1 Technologies Inc (NTIP) on Thursday, August 15, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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