MOSAID Reports Fourth Quarter and Year-end Results for Fiscal 2008 and Dividend

MOSAID assumes no obligation to update or revise any forward-looking statements. Additional information identifying risks and uncertainties affecting MOSAID's business and other factors that could cause MOSAID's financial results to fluctuate are contained in MOSAID's Annual Information Form, under the section entitled "Risk Factors," and in MOSAID's other public filings available online at www.sedar.com.

MOSAID TECHNOLOGIES INCORPORATED
(Subject to the Canada Business Corporations Act)
CONSOLIDATED PRO FORMA STATEMENTS OF OPERATIONS
(In thousands of Canadian Dollars, except per share amounts)
(Unaudited)

                                     Quarter Ended            Year Ended
                                          April 30,             April 30,
                                   2008       2007       2008       2007
------------------------------------------------------------------------

Revenues                        $16,959    $12,204    $55,072    $59,981

Operating expenses
 Patent portfolio management      1,246      1,136      4,834      4,243
 Patent licensing and litigation  5,261      2,071     13,643      7,768
 Research and development           603        336      2,351      1,182
 General and administration         870      1,891      4,146      7,043
 Foreign exchange loss               91        590        606        461
 Special committee                    -        848        147      2,812
------------------------------------------------------------------------
                                  8,071      6,872     25,727     23,509
------------------------------------------------------------------------

Pro forma income from
 operations                       8,888      5,332     29,345     36,472
Net interest income                 562        559      2,130      2,399
------------------------------------------------------------------------
Pro forma income before
 income tax                       9,450      5,891     31,475     38,871
Income tax expense (Note 3)       3,362      2,055     11,242     13,558
------------------------------------------------------------------------
Pro forma income (Note 6)        $6,088     $3,836    $20,233    $25,313
------------------------------------------------------------------------
------------------------------------------------------------------------

Pro forma earnings per share
 Basic                            $0.57      $0.35      $1.85      $2.28
 Diluted                          $0.57      $0.34      $1.83      $2.24

Weighted average number of
 shares
 Basic                       10,721,721 11,023,860 10,962,648 11,103,185
 Diluted                     10,770,415 11,216,133 11,057,861 11,321,298

See accompanying Notes to the Consolidated Financial Statements




MOSAID TECHNOLOGIES INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(In thousands of Canadian Dollars, except per share amounts)
(Unaudited)

                                     Quarter Ended            Year Ended
                                          April 30,             April 30,
                                   2008       2007       2008       2007
------------------------------------------------------------------------
Revenues                        $16,959    $12,204    $55,072    $59,981

Operating expenses
 Patent portfolio management      1,246      1,136      4,834      4,243
 Patent licensing and litigation  5,261      2,071     13,643      7,768
 Research and development           603        336      2,351      1,182
 General and administration         870      1,891      4,146      7,043
 Foreign exchange loss (gain)       367     (1,040)    (3,393)    (1,169)
 Restructuring                        -      2,284         19      2,284
 Special committee                    -        848        147      2,812
 Stock-based compensation           153        653        550      1,140
 Patent amortization and
 imputed interest                 3,254      2,312     13,223      3,363
------------------------------------------------------------------------
                                 11,754     10,491     35,520     28,666
------------------------------------------------------------------------

Income from operations            5,205      1,713     19,552     31,315
Net interest income (Note 3)        562        559      2,130      2,399
------------------------------------------------------------------------
Income before  income  tax
  expense  and  discontinued
  operations                                              5,767            2,272          21,682          33,714
Income  tax  expense                                1,854            1,001          10,827          13,189
------------------------------------------------------------------------
Income  before  discontinued
  operations                                              3,913            1,271          10,855          20,525
Discontinued  operations  income
  (net  of  tax)  (Note  5)                        1,512            7,772            7,619            4,184
------------------------------------------------------------------------
Net  income                                                5,425            9,043          18,474          24,709
Dividends                                                  2,680            2,757          10,958          11,102
Normal  course  issuer  bid                        173                    -            5,120            6,582
Retained  earnings,  beginning
  of  period                                              16,725          10,615          16,901            9,876
------------------------------------------------------------------------
Retained  earnings,  end  of
  period                                                  $19,297        $16,901        $19,297        $16,901
------------------------------------------------------------------------

Earnings  per  share  (Note  4)
Basic  -  before  discontinued
  operations                                              $0.36            $0.12            $0.99            $1.85
Diluted  -  before  discontinued
  operations                                              $0.36            $0.11            $0.98            $1.81

Basic  -  net  earnings                            $0.51            $0.82            $1.69            $2.23
Diluted  -  net  earnings                        $0.50            $0.81            $1.67            $2.18

Weighted  average  number  of
  shares
Basic                                                10,721,721  11,023,860  10,962,648  11,103,185
Diluted                                            10,770,415  11,216,133  11,057,861  11,321,298

See  accompanying  Notes  to  the  Consolidated  Financial  Statements




MOSAID  TECHNOLOGIES  INCORPORATED
CONSOLIDATED  BALANCE  SHEETS
(In  thousands  of  Canadian  Dollars)
(Unaudited)

                                                                                                      As  at                        As  at
                                                                                    April  30,  2008      April  30,  2007
-------------------------------------------------------------------------

Current  Assets
  Cash  and  cash  equivalents                                              $22,133                    $23,396
  Marketable  securities                                                        36,246                      26,876
  Accounts  receivable                                                            12,304                      12,626
  Prepaid  expenses                                                                        486                            618
  Future  income  taxes  recoverable                                    11,015                      10,278
-------------------------------------------------------------------------
                                                                                                    82,184                      73,794

Capital  assets                                                                              957                        1,067
Acquired  intangibles                                                            70,130                      76,823
Long-term  receivables                                                                    -                        1,734
Goodwill                                                                                              -                        1,786
Long-term  assets  held  for  sale                                                  -                        7,028
Future  income  taxes  recoverable                                      16,988                      24,468
-------------------------------------------------------------------------
                                                                                                $170,259                  $186,700
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Current  Liabilities
  Accounts  payable  and  accrued  liabilities                  $7,723                    $16,091
  Income  tax  payable                                                                    356                                -
  Deferred  revenue                                                                    1,146                            542
  Mortgage  payable                                                                            -                        4,346
  Other  asset                                                                                  318                                -
  Current  portion  of  other  long-term
    liabilities                                                                            5,345                        5,239
-------------------------------------------------------------------------
                                                                                                    14,888                      26,218
Deferred  gain  on  sale-leaseback                                        1,797                                -
Other  long-term  liabilities                                              31,195                      38,313
-------------------------------------------------------------------------

                                                                                                    47,880                      64,531
-------------------------------------------------------------------------

Shareholders'  Equity  (Note  2)
  Share  capital                                                                      100,403                    102,276
  Contributed  surplus                                                              2,997                        2,992
  Retained  earnings                                                                19,297                      16,901
  Accumulated  other  comprehensive  income                          (318)                              -
-------------------------------------------------------------------------
                                                                                                  122,379                    122,169
-------------------------------------------------------------------------
                                                                                                $170,259                  $186,700
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See  accompanying  Notes  to  the  Consolidated  Financial  Statements




MOSAID  TECHNOLOGIES  INCORPORATED
CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS
(In  thousands  of  Canadian  Dollars)
(Unaudited)

                                                                          Quarter  Ended                        Year  Ended
                                                                                    April  30,                          April  30,
                                                                      2008              2007              2008              2007------------------------------------------------------------------------

Operating
Income  before  discontinued
  operations                                            $3,913          $1,271        $10,855        $20,525
Items  not  affecting  cash
  Amortization                                          2,472            1,772            9,653            3,025
  Stock-based  compensation                      153                765                550            1,831
  Loss  on  disposal  of  capital
    assets                                                          95            1,652                  95            1,794
  Unrealized  foreign  exchange
    gain  on  other  long-term
    investments                                        (3,999)                  -          (3,999)                  -
  Future  income  tax  recoverable        1,691                474            6,743            4,603
------------------------------------------------------------------------
                                                                    4,325            5,934          23,897          31,778

Change  in  non-cash  working
  capital  items  from  continuing
  operations                                            (3,083)        13,434          (9,341)        (1,837)
------------------------------------------------------------------------
                                                                    1,242          19,368          14,556          29,941
------------------------------------------------------------------------

Investing
Acquisition  of  capital  assets
  and  acquired  intangibles                  1,036        (18,976)        (1,708)      (36,175)
Acquisition  of  short-term
  marketable  securities                      (2,906)      (10,048)    (119,460)      (88,638)
Proceeds  on  disposal/maturity
  of  short-term  marketable
  securities                                                    77          35,876        110,090        117,550
------------------------------------------------------------------------
                                                                  (1,793)          6,244        (11,078)        (7,263)
------------------------------------------------------------------------

Financing
Repayment  of  mortgage                                  -                (62)        (4,346)            (244)
Long-term  liabilities                        (1,632)      (11,678)        (4,081)                  -
Repurchase  of  shares                              (364)                  -        (10,324)        (9,996)
Dividends                                                (2,680)        (2,757)      (10,958)      (11,102)
Issue  of  common  shares                              63                575            2,702            1,745
------------------------------------------------------------------------
                                                                  (4,613)      (13,922)      (27,007)      (19,597)
------------------------------------------------------------------------

Net  cash  (outflow)  inflow
  from  continuing  operations            (5,164)        11,690        (23,529)          3,081
Net  cash  inflow  from
  discontinued  operations                    9,885                235          22,266            4,773
------------------------------------------------------------------------
Net  cash  inflow  (outflow)                  4,721          11,925          (1,263)          7,854
Cash  and  cash  equivalents,
  beginning  of  period                          17,412          11,471          23,396          15,542
------------------------------------------------------------------------
Cash  and  cash  equivalents,
  end  of  period                                    $22,133        $23,396        $22,133        $23,396
------------------------------------------------------------------------
------------------------------------------------------------------------

See  accompanying  Notes  to  the  Consolidated  Financial  Statements




MOSAID  TECHNOLOGIES  INCORPORATED
CONSOLIDATED  STATEMENTS  OF  COMPREHENSIVE  INCOME
(In  thousands  of  Canadian  Dollars)
(Unaudited)

                                                                          Quarter  Ended                        Year  Ended
                                                                                    April  30,                          April  30,
                                                                      2008              2007              2008              2007
------------------------------------------------------------------------

Net  income                                              $5,425          $9,043        $18,474        $24,709
------------------------------------------------------------------------
Other  comprehensive  income,
  net  of  tax:
    Gains  and  losses  on
      derivatives  designated  as
      cash  flow  hedges                                  (54)                  -                846                    -
    Gains  and  losses  on
      derivatives  designated  as
      cash  flow  hedges  in  prior
      periods  transferred  to  net
      income  in  the  current  period        (302)                  -          (1,164)                  -
------------------------------------------------------------------------
Other  comprehensive  income                  (356)                  -              (318)                  -
------------------------------------------------------------------------

Comprehensive  income                          $5,069          $9,043        $18,156        $24,709
------------------------------------------------------------------------
------------------------------------------------------------------------

See  accompanying  Notes  to  the  Consolidated  Financial  Statements

 
MOSAID TECHNOLOGIES INCORPORATED
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