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MOSAID Boosts Guidance for Annual Revenues and Pro Forma Net Income
OTTAWA, ONTARIO -- Jan. 18, 2010 -- MOSAID Technologies Inc. (TSX:MSD) today announced that it is raising guidance for revenues and pro forma net income for fiscal 2010. For the full fiscal year, Management is adjusting guidance as follows:
- Fiscal 2010 revenues of $68.0 million to $70.0 million, up $3.0 million from the previously announced range of $65.0 million to $67.0 million
- For fiscal 2010, Management is reducing its estimate of annual operating expenses by $3.5 million. Specifically, patent licensing and litigation expense is now expected to be in the range of $11.0 million to $12.0 million, down by $4.5 million from the previous guidance of $15.5 million to $16.5 million. For fiscal 2010, general and administration expense is now expected to be in the range of $6.0 million to $6.5 million, up $1.0 million from the previous guidance of $5.0 million to $5.5 million
- As a result of the above, and after applying income tax expense, fiscal 2010 pro forma net income is now expected to be in the range of $26.8 million to $27.5 million, up by $4.4 million from the previously announced range of $22.4 million to $23.1 million. Pro forma diluted earnings per share for fiscal 2010 are now expected to be in the range of $2.58 to $2.64, based on 10.4 million diluted shares, up from the previous guidance of $2.16 to $2.22 per diluted share
"The increase in guidance for annual revenues and pro forma net income reflects the impact of our new semiconductor patent license agreement with Samsung, as well as our confidence in signing additional patent license agreements that will have a positive impact on our financial results," said John Lindgren, President and Chief Executive Officer, MOSAID.
About MOSAID
MOSAID Technologies Inc. is one of the world's leading intellectual property companies. MOSAID develops semiconductor memory technology and licenses patented intellectual property in the areas of semiconductors and telecommunications systems. MOSAID counts many of the world's largest technology companies among its licensees. Founded in 1975, MOSAID is based in Ottawa, Ontario. For more information, visit www.mosaid.com.
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