Legal suit tempers MTS profit in 2011
Mer Telemanagement Solutions said its net income for year ended December 31, 2011 was $387,000, or $0.09 per diluted share, compared with a net income of $176,000, or $0.04 per diluted share for 2010.
Profit for 2011 was negatively affected by legal expenses and settlement costs of $640,000 relating to an alleged patent infringement claim.
The company posted a net loss for the fourth quarter of 2011 of $201,000, or $0.05 per diluted share, a reversal from a net income of $117,000 or $0.03 per diluted share in the fourth quarter of 2010.
This was mainly the result of a lump sum payment made in connection with a settlement relating to an alleged patent infringement as well as a loss relating to discontinued operations in Brazil.