MOSAID Reports Results for Third Quarter Fiscal 2010 and Dividend

Except as may be required by applicable law or stock exchange regulation, we undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements. If we do update one or more forward-looking statements, no inference should be drawn that additional updates will be made with respect to those or other 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.

FINANCIAL STATEMENTS AND NOTES TO FOLLOW

MOSAID Technologies Incorporated

Unaudited Pro Forma Consolidated Statements of Income

For the Quarter Ended January 31, 2010

The attached pro forma consolidated financial statements have been prepared by Management of MOSAID Technologies Incorporated and have not been reviewed by an auditor.


MOSAID TECHNOLOGIES INCORPORATED                                            
(Subject to the Canada Business Corporations Act)                           
CONSOLIDATED PRO FORMA STATEMENTS OF INCOME                                 
(In thousands of Canadian Dollars, except per share amounts)                
(Unaudited)                                                                 
                                                                            
                                     Quarter Ended        Nine Months Ended 
                                       January 31,              January 31, 
                                 2010         2009         2010        2009 
----------------------------------------------------------------------------
                                                                            
Revenues                      $17,688      $18,055      $51,224     $44,502 
                                                                            
Operating expenses                                                          
 (income)                                                                   
  Patent portfolio                                                          
   management                   1,670        1,246        5,203       3,572 
  Patent licensing and                                                      
   litigation                   3,066        7,484        6,666      18,429 
  Research and                                                              
   development                    621          539        2,137       1,614 
  General and                                                               
   administration               1,615        1,261        4,365       3,295 
  Foreign exchange (gain)                                                   
   loss                           (28)        (142)         394      (1,077)
----------------------------------------------------------------------------
                                                         6,944              10,388              18,765            25,833  
----------------------------------------------------------------------------
                                                                                                                                                        
Pro  forma  income  from                                                                                                              
  operations                                        10,744                7,667              32,459            18,669  
Net  interest  income                                96                    313                    311              1,448  
----------------------------------------------------------------------------
Pro  forma  income  before                                                                                                          
  income  tax  expense                        10,840                7,980                    770            20,117  
Income  tax  expense                            3,580                2,633              10,816              6,639  
----------------------------------------------------------------------------
Pro  forma  net  income                        7,260                5,347              21,954            13,478  
----------------------------------------------------------------------------
                                                                                                                                                        
Pro  forma  earnings  per                                                                                                            
  share                                                                                                                                            
    Basic                                                  $0.70                $0.53                $2.14              $1.30  
    Diluted                                              $0.70                $0.53                $2.13              $1.30  
                                                                                                                                                        
Weighted  average  number                                                                                                          
  of  shares                                                                                                                                    
    Basic                                        10,307,569      10,180,831      10,267,187    10,370,617  
    Diluted                                    10,367,317      10,180,831      10,324,734    10,386,739  

 
Pro forma net income is reconciled to GAAP net income as follows:
 

                                                                                            Quarter                                              
(Dollar  amounts  in  thousands)                                      Ended          Nine  Months  Ended  
                                                                                            January                              January  
                                                                                                    31,                                      31,  
                                                                            2010              2009              2010              2009  
                                                                                  $                    $                    $                    $  
----------------------------------------------------------------------------
GAAP  net  income                                            2,224            2,291          13,699                224  
Add  (deduct):                                                                                                                              
Stock-based  compensation                              331                235                789                550  
Patent  amortization  and  imputed                                                                                          
  interest                                                        3,631            3,439          11,327          10,000  
Foreign  exchange  (gain)  loss                    (282)              790          (3,212)          8,245  
Special  committee                                                -                    -                719                    -  
Income  tax  expense  -  for  the                                                                                                
  above  items                                                (1,154)        (1,262)        (3,444)        (4,658)
Future  income  tax  revaluation                2,706                    -            2,706                    -  
Discontinued  operations  (net  of                                                                                          
  tax)                                                                  (196)            (146)            (630)            (883)
----------------------------------------------------------------------------
Pro  forma  net  income                                  7,260            5,347          21,954          13,478  
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Pro forma foreign exchange (gain) loss is reconciled to GAAP foreign exchange (gain) loss as follows:
 

(Dollar  amounts  in                                    Quarter  Ended                  Nine  Months  Ended  
  thousands)                                                      January  31,                              January  31,  
                                                                2010                  2009                  2010                  2009  
                                                                      $                        $                        $                        $  
----------------------------------------------------------------------------
GAAP  foreign  exchange                                                                                                              
  (gain)  loss                                        (310)                  648              (2,818)              7,168  
Less:  foreign  exchange                                                                                                            
  loss  (gain)  on  long-                                                                                                              
  term  debt                                            (282)                  790              (3,212)              8,245  
Pro  forma  foreign                                                                                                                      
  exchange  (gain)  loss                        (28)                (142)                  394              (1,077)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
MOSAID Technologies Incorporated
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