Some Sunlight For Vonage (VG)
August 9, 2007 by Douglas A. McIntyreVonage (VG), know in some quarters as the worst IPO in history, had a decent earnings announcement.
Revenue for the second quarter 2007 grew to a record $206 million, a 43% increase from $144 million in the second quarter 2006 For the second quarter of 2007, the Company’s net loss narrowed to $34 million, or $0.22 per share, from a net loss of $74 million reported in the second quarter 2006 The company had $344 million in cash at the end of the Q.
The company’s CEO said that Vonage had found a way to deal with patent problems that deal to a major lawsuit by Verizon (VZ) "At the same time, we have substantially completed the deployment of workarounds for the two name translation patents and have completed the development of the wireless patent workaround. This is a significant step toward moving ahead with our business in the wake of the Verizon litigation. We look forward to the Court’s ultimate decision and remain confident in the strength of our appeal."
The success of the workaround remains to be seen, at least from the point of view of the legal system.
Douglas A. McIntyre
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