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Wi-Lan advances to one-week high after swinging to Q4 profit

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Wi-LAN (TSE:WIN), which owns patents for technology used in mobile phones, advanced to the highest in a week after swinging to fourth-quarter profit.

Wi-LAN rose to C$3.49, the highest since Jan 23, and was trading at C$3.42 at 1:28 a.m. in Toronto.

Net income in the three months ended Dec. 31 was $2.4-million, or 2 cents a share, compared to a net loss of $2.1-million, or 2 cents a share, in the year-earlier period, the Ottawa-based company said in a statement today.

Excluding items, Wi-LAN earned 14 cents a share, exceeding guidance.

Revenue was $29.2 million, also surpassing the company's guidance by about $1 million.

"We are very pleased to have ended fiscal 2013 with a very strong fourth quarter,” Chief Executive Officer Jim Skippen said in the statement.

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

Wi-LAN also signed an agreement with Panasonic to license over 900 semiconductor patents.

"These agreements contributed to our strong revenues and adjusted earnings in the fourth quarter," Skippen said.

The board declared an eligible dividend of 4 Canadian cents a share to be paid on April 4 to shareholders of record on March 21.

Looking forward, the company projects revenue in the first quarter to be at least $22.6 million.

 

 

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TSX:WIN
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