InterDigital Announces First Quarter 2009 Financial Results

The following pro forma statements of financial results exclude the expense associated with the repositioning charge and the related tax benefit. The company has provided these pro forma figures here and elsewhere in this press release. Management regards the repositioning charge and related tax benefit as a non-recurring item not indicative of operating results for the period and believes that investors might share this viewpoint.

 

PRO FORMA SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in thousands except per share data)
(unaudited)
 
  For the Three Months Ended
March 31, 2009
Actual   Adjustments  

Pro Forma

   
REVENUES $ 70,561   $ 70,561  
 
OPERATING EXPENSES:
Sales and marketing 2,310 2,310

General and administrative

6,553 6,553
Patents administration and licensing 10,844 10,844
Development 27,554 27,554

Repositioning

37,063

(37,063 ) -

Arbitration and litigation contingencies

 

-

         

-

 
  84,324     (37,063 )   47,261  
(Loss) income from operations (13,763 ) 37,063 23,300
 
OTHER INCOME:
Interest and investment income, net   829       829  
(Loss) income before income taxes (12,934 ) 37,063 24,129
 
INCOME TAX BENEFIT (PROVISION)   4,248     (13,009 )   (8,761 )
 
NET (LOSS) INCOME APPLICABLE TO COMMON SHAREHOLDERS $ (8,686 ) $ 24,054   $ 15,368  
 
NET (LOSS) INCOME PER COMMON SHARE - BASIC $ (0.20 ) $ 0.35  
 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC   43,501     43,501  
 
NET (LOSS) INCOME PER COMMON SHARE - DILUTED $ (0.20 ) $ 0.34  
 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED   43,501     44,460  

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