ITUS Releases Operating Results for Fiscal 2014
MELVILLE, NY -- (Marketwired) -- 01/29/15 -- ITUS Corporation ("ITUS") (OTCQB: ITUS), a company that builds and protects innovation, today filed its Annual Report with the Securities and Exchange Commission reporting its financial results for the fiscal year ending October 31, 2014. Highlights include revenue of $3,667,320, an 840% increase over fiscal 2013, and a 25% reduction in cash used in operating activities to $2,379,261. Shareholders equity on October 31, 2014 increased to $4,009,573, a $7.3 million increase over October 31, 2013.
Robert Berman, ITUS's President and CEO, stated, "It is rare that a company is able to achieve exponential revenue growth, while simultaneously decreasing its operating costs. Our execution in fiscal 2014 has put the company in a much stronger financial condition, and opens up new opportunities as we move forward."
The fiscal 2014 results do not include $9 million received from AU Optronics Corporation, which occurred in December of 2014 and further strengthens the company. Additional details are available on Form 10K filed today with the Securities and Exchange Commission.
About ITUS Corporation
ITUS develops and acquires patented technologies for the purposes of patent monetization and patent assertion. The company currently has 8 patent portfolios in the areas of Key Based Web Conferencing Encryption, Encrypted Cellular Communications, Nano Field Emission Display ("nFED"), Micro Electro Mechanical Systems Display ("MEMS"), J-Channel Window Frame Construction, VPN Multicast Communications, Internet Telephonic Gateway, and Enhanced Auction Technologies. Additional information is available at www.ITUScorp.com.
Forward-Looking Statements: Statements that are not historical fact may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect ITUS Corporation's current expectations concerning future events and results. We generally use the words "believes," "expects," "intends," "plans," "anticipates," "likely," "will" and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors set forth in "Item 1A - Risk Factors" and other sections of our Annual Report on Form 10-K for the fiscal year ended October 31, 2014 as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release.
Source: ITUS Corporation
Released January 29, 2015
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