The explicit story was reported to the police by the University authorities, allegedly by the University Rector, Juanito Camilleri.
On March 14 last year, Magistrate Audrey Demicoli found that the law did not provide a clear definition of what is obscene and that the prosecution did not provide enough evidence to show how the story offended public morals.
After being acquitted Mr Camilleri had said the rector should consider his position.
JOINT STATEMENT
In a statement today, Mark Camilleri and Alex Vella Gera thanked their lawyers, Philip Manduca and Alex Sciberras.
"We are satisfied with the verdict because it has freed the local literary scene from the threat of prosecution and the danger of self censorship. Maltese writers are now freer than ever.
"Nonetheless this does not mean that the laws with which we have been prosecuted are justified. No Minister, Magistrate, Attorney General or Police officer has the right to give an absolute definition of art and distinguish it from other material. Thus we hope that our verdict has strengthened the case in favour of a reform in censorship laws," said said.
They also thanked Alternattiva Demokratika, MP Owen Bonnici, the Front Against Censorship and all the writers who testified in their defence.