GLEN ALLEN, Va.--(BUSINESS WIRE)--Straight Path Communications Inc. (NYSE MKT: STRP) (“SPCI”), a communications asset company, announced today operating results for its third quarter of fiscal 2016, the three months ended April 30, 2016. Straight Path holds and leases an extensive portfolio of 39 GHz and LMDS wireless spectrum licenses with deep coverage across the entire United States, is developing next generation wireless technology, and owns an intellectual property portfolio focused on communications over computer networks.

• Total revenues of $0.2 million, compared to total revenues of $0.1 million in the previous quarter and $2.9 million in third quarter fiscal 2015
• Loss from operations of $1.9 million, compared to loss from operations of $2.6 million in the previous quarter and income from operations of $0.2 million in third quarter fiscal 2015
• Net loss attributable to SPCI of $1.8 million, compared to net loss attributable to SPCI of $2.0 million in the previous quarter and net income attributable to SPCI of $0.8 million in third quarter fiscal 2015
• Cash and cash equivalents of $13.2 million at April 30, 2016, down by $2.2 million from the prior quarter close, in line with expectations
• The FCC has announced it expects to issue a Report & Order this summer regarding flexible use rules for some or all of the millimeter wave spectrum bands specified in its October 2015 Notice of Proposed Rulemaking
• The FCC granted renewal of our New York City 28 GHz license for a 10-year term
• Patent Trial & Appeals Board (“PTAB”) has ruled largely in our favor in all proceedings filed against our patents
• Straight Path IP Group has resumed patent enforcement in federal court

Management Comments

Davidi Jonas, Chief Executive Officer of Straight Path, commented, “Straight Path continued to execute on its strategic objectives. We continued our progress in several key areas.” Mr. Jonas continued:

“We actively participated in the FCC rulemaking proceeding as well as standard setting meetings, and will continue to advocate for rules so that the U.S. can lead in 5G and next generation millimeter wave service offerings.

We have made impressive progress at our Gigabit Mobility Lab, developing antenna technology for a 39 GHz transceiver. We hope to engage in testing in 2016, and to work with partners to develop next generation wireless technology in 39 GHz.

Our investment with Cambridge Broadband Networks is geared to open a new market at 39 GHz for point-to-multipoint solutions, and we anticipate a commercially available product in late 2016 or early 2017.

Our New York City 28 GHz license was renewed by the FCC for a 10-year term. Under the current rules, none of our other licenses are up for renewal until 2018 or later.

Straight Path IP Group won its appeal at the U.S. Court of Appeals for the Federal Circuit, and subsequently the PTAB ruled in our favor against Samsung, LG, Cisco, and Sipnet, rejecting their challenges to the patentability of nearly all of the claims in our patents.

We are resuming patent enforcement in federal court. We have asked that the stays be lifted in our cases against Samsung and LG, and refiled suit against Verizon. We also intend to refile against Apple, Avaya, and Cisco in the coming weeks.”

Mr. Jonas concluded, “As we track our advocacy, technology development, and patent enforcement, we believe that our diligence, strategic planning, and entrepreneurial investments are paving the way for long term growth and value for Straight Path and its shareholders.”

About Straight Path Communications Inc.

Straight Path (NYSE MKT: STRP) holds, leases, and markets its extensive holdings of 39 GHz and 28 GHz fixed wireless spectrum licenses through its Straight Path Spectrum subsidiary. Straight Path is developing next generation wireless technology through its Straight Path Ventures subsidiary. Straight Path holds, licenses, and conducts other business related to certain patents through its Straight Path IP Group subsidiary. Additional information is available on Straight Path’s websites: Corporate: www.straightpath.com Spectrum: www.straightpath39.com