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BEAVERTON, OR -- (Marketwired) -- 07/25/13 -- Digimarc Corporation (NASDAQ: DMRC), a growing force in mobile discovery, reported financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Results
Revenue for the second quarter of 2013 increased 15% to $10.5 million from $9.1 million in the second quarter of 2012. The improvement was primarily a result of increased subscription revenue from the company's acquisition of Attributor Corporation in December 2012.

Operating income for the second quarter of 2013 was $1.4 million compared to $1.9 million in the same quarter a year-ago. The operating results for the second quarter of 2013 reflect the addition of Attributor's operations and increased investments in sales and marketing, and research and development initiatives.

Net income for the second quarter of 2013 was $0.6 million or $0.08 per diluted share compared to $1.2 million or $0.17 per diluted share in the second quarter of 2012. The decrease reflects the decline in operating income and a higher effective income tax rate.

At June 30, 2013, cash, cash equivalents and marketable securities increased $1.5 million to $42.1 million from $40.6 million at March 31, 2013.

Strategy Update
The company expects to continue investing in strategic initiatives during the remainder of 2013 in order to meet various development and marketing deadlines, as well as building or improving aspects of its Intuitive Computing Platform with the objective of having a fully functional system completed by year end.

"With the recent release of audio watermarking, we have the major elements of the platform in place," said Bruce Davis, Digimarc's chairman and CEO. "We continue to make progress on developing a high performance invisible barcode for consumer packaged goods; and improving our Online Services Portal for encoding digital identities and configuring associated network services, various Adobe plug-ins for advanced users, and the Digimarc Discover mobile application UI and performance."

Digimarc has completed integration of its invisible barcode reader into a commercially available retail scanner from a leading vendor and is working on other such scanners. The increased rate of investment also supports information requests and collaboration initiatives of numerous infrastructure providers, and continuing basic R&D on a virtual wallet to add simple and effective mobile payment processing to the company's Intuitive Computing Platform. The company also plans to make significant changes to the acquired Guardian copyright protection solution to improve its cost effectiveness and competitive differentiation.

Market development investments will include major presentations at two important industry events. In October, Digimarc will be a primary sponsor of the American Magazine Media Conference, the magazine industry's premier conference. In January, the company will have a booth at the National Retail Federation "BIG Show," where it will demonstrate its full mobile-optimized Shoppers Journey to retailers and potential business partners, in what is anticipated to be the largest marketing event in the company's history.

"In addition to these product and market development activities," added Davis, "we continue to ramp basic and directed research, and associated IP development, having made several recent additions to our strategic IP development capability. The intended result of these investments is to foster an unprecedented growth in the rate of invention, size, and quality of our patent portfolio, laying a foundation for the next wave of patent income for Digimarc."

Conference Call
Digimarc will hold a conference call later today (Thursday, July 25, 2013) to discuss these results. Chairman and CEO Bruce Davis and CFO Mike McConnell will host the call starting at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A question and answer session will follow management's presentation.

The call will be broadcast live via webcast at www.digimarc.com/investors and www.earnings.com, and will be available for replay through August 25, 2013. The webcast will be archived and available on Digimarc's website at www.digimarc.com/investors/investor-events-and-webcasts.

For those who wish to listen to the call via telephone, please dial the telephone number below at least 5-10 minutes prior to the scheduled start time:

Listen-Only Number: 866-562-9934
Conference ID#: 19392140

If you have any difficulty connecting with the conference call, please contact Liolios Group at 949-574-3860.

About Digimarc
Digimarc Corporation (NASDAQ: DMRC), based in Beaverton, Oregon, is a leading innovator and provider of enabling technologies that create digital identities for all forms of media and many everyday objects. The embedded digital IDs are imperceptible to humans, but not to computers, networks and devices like mobile phones, which can now use cameras and microphones as sensory inputs to "see, hear and understand" the world around them within the context of their environment. Digimarc has built an extensive intellectual property portfolio with patents in digital watermarking, content identification and management, media and object discovery to enable ubiquitous computing, and related technologies. Digimarc develops solutions, licenses its intellectual property, and provides development services to business partners across a range of industries. For more information, visit www.digimarc.com.

Forward-looking Statements
With the exception of historical information contained in this release, the matters described in this release contain various "forward-looking statements." These forward-looking statements include statements and any related inferences regarding increased subscription revenue from the company's acquisition of Attributor, increased investments in sales and marketing and research and development initiatives, the development and marketing objectives discussed under "Strategy Update" associated with the company's anticipated investment in strategic initiatives, including the unprecedented growth rate of the company's patent portfolio, achieving a fully functional Intuitive Computing Platform by year-end, and significant improvements to the Guardian copyright protection solution, and other statements identified by terminology such as "will," "should," "expects," "estimates," "predicts" and "continue" or other derivations of these or other comparable terms. These forward-looking statements are statements of management's opinion and are subject to various assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied from the statements in this release as a result of changes in economic, business and/or regulatory factors. More detailed information about risk factors that may affect actual results will be set forth in the company's Form 10-K for the year ended December 31, 2012 and in subsequent periodic reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this release. Except as required by law, Digimarc undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

                            Digimarc Corporation
                 Consolidated Income Statement Information
                  (in thousands, except per share amounts)
                                (Unaudited)

                                         Three-Month          Six-Month
                                         Information         Information
                                     ------------------  ------------------
                                     June 30,  June 30,  June 30,  June 30,
                                       2013      2012      2013      2012
                                     --------  --------  --------  --------
Revenue:
  Service                            $  3,022  $  2,609  $  5,951  $  5,657
  Subscription                          1,433       317     2,817       595
  License                               6,015     6,186    11,945    19,906
                                     --------  --------  --------  --------
    Total revenue                      10,470     9,112    20,713    26,158

Cost of revenue:
  Service                               1,432     1,485     2,835     3,182
  Subscription                            588        45     1,223        92
  License                                 100        53       196       119
                                     --------  --------  --------  --------
    Total cost of revenue               2,120     1,583     4,254     3,393

Gross profit:
  Service                               1,590     1,124     3,116     2,475
  Subscription                            845       272     1,594       503
  License                               5,915     6,133    11,749    19,787
                                     --------  --------  --------  --------
    Total gross profit                  8,350     7,529    16,459    22,765

Gross margin:
  Service                                  53%       43%       52%       44%
  Subscription                             59%       86%       57%       85%
  License                                  98%       99%       98%       99%
    Percentage of gross profit to
     total revenue                         80%       83%       79%       87%

Operating expenses:
  Sales and marketing                   1,563       970     2,840     1,977
  Research, development and
   engineering                          2,822     2,146     5,547     4,144
  General and administrative            2,348     2,191     4,534     4,949
  Intellectual property                   261       291       538       610
                                     --------  --------  --------  --------
    Total operating expenses            6,994     5,598    13,459    11,680

Operating income                        1,356     1,931     3,000    11,085

Net loss from joint ventures                -         -         -    (1,107)
Other income, net                          19        33        48        91
                                     --------  --------  --------  --------

Income before income taxes              1,375     1,964     3,048    10,069

Provision for income taxes               (773)     (748)   (1,475)   (3,854)
                                     --------  --------  --------  --------
Net income                           $    602  $  1,216  $  1,573  $  6,215
                                     ========  ========  ========  ========

Earnings per common share:
Earnings per common share - basic    $   0.08  $   0.17  $   0.22  $   0.88
Earnings per common share - diluted  $   0.08  $   0.17  $   0.21  $   0.84
  Weighted average common shares
   outstanding - basic                  6,850     6,737     6,844     6,738
  Weighted average common shares
   outstanding - diluted                7,090     6,993     7,078     6,999

Cash dividends declared per common
 share:                              $   0.11  $   0.11  $   0.22  $   0.11




                            Digimarc Corporation
                   Consolidated Balance Sheet Information
                               (in thousands)
                                 (Unaudited)


                                                     June 30,   December 31,
                                                       2013         2012
                                                   ------------ ------------
Assets
  Current assets:
    Cash and cash equivalents (1)                  $      8,305 $      6,866
    Marketable securities (1)                            26,192       25,403
    Trade accounts receivable, net                        4,519        4,216
    Other current assets                                  1,306        1,016
                                                   ------------ ------------
      Total current assets                               40,322       37,501
  Marketable securities (1)                               7,584        6,787
  Property and equipment, net                             1,408        1,453
  Intangibles, net                                        6,689        6,721
  Goodwill                                                1,114        1,114
  Deferred tax assets, net                                2,188        3,589
  Other assets                                              212          166
                                                   ------------ ------------
      Total assets                                 $     59,517 $     57,331
                                                   ============ ============

Liabilities and Shareholders' Equity
  Current liabilities:
    Accounts payable and other accrued liabilities $      1,405 $      1,143
    Deferred revenue                                      3,155        2,512
                                                   ------------ ------------
      Total current liabilities                           4,560        3,655
  Deferred rent and other long-term liabilities             491          673
                                                   ------------ ------------
      Total liabilities                                   5,051        4,328

  Commitments and contingencies

  Shareholders' equity:
    Preferred stock                                          50           50
    Common stock                                              7            7
    Additional paid-in capital                           41,360       39,869
    Retained earnings                                    13,049       13,077
                                                   ------------ ------------
      Total shareholders' equity                         54,466       53,003

                                                   ------------ ------------
      Total liabilities and shareholders' equity   $     59,517 $     57,331
                                                   ============ ============


(1) Aggregate cash, cash equivalents, short- and long-term marketable
 securities was $42,081 and $39,056 at June 30 2013 and December 31, 2012,
 respectively.




                            Digimarc Corporation
                     Consolidated Cash Flow Information
                               (in thousands)
                                (Unaudited)

                                         Three-Month          Six-Month
                                         Information         Information
                                     ------------------  ------------------
                                     June 30,  June 30,  June 30,  June 30,
                                       2013      2012      2013      2012
                                     --------  --------  --------  --------
Cash flows from operating
 activities:
  Net income                         $    602  $  1,216  $  1,573  $  6,215
  Adjustments to reconcile net
   income to net cash provided by
   operating activities:
    Depreciation and amortization of
     property and equipment               162       149       320       292
    Amortization and write-off of
     intangibles                          303        69       602       154
    Gain on reversal of contingent
     merger consideration                   -         -      (190)        -
    Stock-based compensation            1,077     1,401     2,169     2,757
    Net loss from joint ventures            -         -         -     1,107
    Deferred income taxes               1,315      (541)    1,406        62
    Tax benefit from stock-based
     awards                               203       450         -     1,893
    Excess tax benefit from stock-
     based awards                           -      (203)        -    (1,538)
  Changes in operating assets and
   liabilities:
      Trade accounts receivable, net      (75)      (73)     (303)      959
      Other current assets               (227)      (34)     (271)      132
      Other assets                        (47)       58       (46)      141
      Accounts payable and other
       accrued liabilities                441      (264)      228      (291)
      Income taxes payable               (754)      (46)       24     1,014
      Deferred revenue                   (195)     (244)      637      (327)
                                     --------  --------  --------  --------
        Net cash provided by
         operating activities           2,805     1,938     6,149    12,570

Cash flows from investing
 activities:
    Purchase of property and
     equipment                           (189)     (106)     (275)     (254)
    Capitalized patent costs and
     purchased intellectual property     (278)     (192)     (506)     (657)
    Investment in joint ventures,
     net                                    -      (692)        -      (692)
    Sale or maturity of marketable
     securities                        12,358    46,143    35,474    69,136
    Purchase of marketable
     securities                       (15,127)  (46,732)  (37,060)  (75,224)
                                     --------  --------  --------  --------
        Net cash used in investing
         activities                    (3,236)   (1,579)   (2,367)   (7,691)

Cash flows from financing
 activities:
    Issuance of common stock                -       531         -       603
    Purchase of common stock              (94)   (1,388)     (742)   (2,187)
    Cash dividends paid                  (800)     (779)   (1,601)     (779)
    Excess tax benefit from stock-
     based awards                           -       203         -     1,538
                                     --------  --------  --------  --------
        Net cash used in financing
         activities                      (894)   (1,433)   (2,343)     (825)

                                     --------  --------  --------  --------
        Net (decrease) increase in
         cash and cash equivalents
         (2)                         $ (1,325) $ (1,074) $  1,439  $  4,054
                                     ========  ========  ========  ========


    Cash equivalents and marketable
     securities at beginning of
     period                            40,637    44,005    39,056    33,378
    Cash equivalents and marketable
     securities at end of period       42,081    43,520    42,081    43,520
                                     --------  --------  --------  --------
(2) Net increase (decrease) in cash,
 cash equivalents and marketable
 securities                          $  1,444  $   (485) $  3,025  $ 10,142
                                     ========  ========  ========  ========