Wednesday, July 23rd14.4°C
22714
21901

Wi-LAN delivers fourth-quarter profit as revenues exceed its expectations

OTTAWA - Wi-LAN Inc. (TSX:WIN) had a US$2.4 million profit in the fourth quarter as the patent licensing firm's revenue surpassed its management's expectations.

The company, which reports in U.S dollars, said its earnings were equivalent to two cents per share, compared to a loss of $2.1 million, or two cents a share, a year earlier.

Wi-LAN licenses the rights to patents in its portfolio and earns money through royalty payments from companies that use the protected technology in their products and services.

Its fourth-quarter revenue grew to $29.1 million from $21.2 million, which is nearly $1 million higher than it Wi-LAN projected when it reported its previous quarterly results.

The company reached an agreements during the quarter with BlackBerry (TSX:BB), which agreed to obtain a licence in exchange for the dismissal of all pending patent litigation. HTC and Sierra Wireless also settled with Wi-LAN after signing patent-licensing agreements.

"These agreements contributed to our strong revenues and adjusted earnings in the fourth quarter," Wi-LAN president and CEO Jim Skippen said in a release.

Adjusted quarterly earnings amounted to $17.2 million, up from $7 million in the comparable period, while litigation expenses dropped to $4.7 million from $8.8 million a year earlier.

Over the past year, Wi-LAN's stock has tumbled in value after failed patent litigation with numerous technology giants. including Alcatel-Lucent USA Inc. and Ericsson Inc.

In October, Wi-LAN shares fell more than 20 per cent after a jury decided that Apple Inc. did not infringe on a patent used in its wireless networking technology. However, Wi-LAN was still able to strike licensing agreements for other patents with other companies.

Its shares rose a penny to $3.41 on Thursday at the Toronto Stock Exchange.

For the year, Wi-LAN reported a bigger net loss of $18.1 million compared to $14.5 million a year earlier. Revenues increased to $88.2 million from $88 million.

The Canadian Press


Read more Business News

22563


Recent Trending




Today's Market
S&P TSX15315.13+65.14
S&P CDNX1010.884.40
DJIA17113.5461.81
Nasdaq4456.016+31.312
S&P 5001983.53+9.90
CDN Dollar0.9323+0.0011
Gold1313.40+4.2001
Oil104.30-0.29
Lumber332.50+6.20
Natural Gas3.778+0.006

 
Okanagan Companies
Pacific Safety0.200.00
Knighthawk0.01-0.005
QHR Technologies Inc1.19+0.04
Cantex0.06+0.005
Anavex Life Sciences0.33-0.018
Metalex Ventures0.07+0.005
Russel Metals35.60+0.61
Copper Mountain Mining2.83+0.14
Colorado Resources0.215+0.015
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.19+0.01

 



22557

FEATURED Property
19809871515 Highland Drive
4 bedrooms 3 baths
$437,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...


Euro debt woes re-emerge

Big Picture Euro debt woes re-emerge Europe’s debt woes jumped back into the headlines this week trumping other economic, geopolitical and corporate developments. Word that one of Portugal&rsquo...

_








Member of BC Press Council


22581