IDCC » Topics » Company Projects First Quarter 2008 Recurring Revenue of $53 million to $55 million

This excerpt taken from the IDCC 8-K filed Feb 28, 2008.

Company Projects First Quarter 2008 Recurring Revenue of $53 million to $55 million

KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--InterDigital, Inc. (NASDAQ: IDCC) today announced results for the fourth quarter and twelve months ended December 31, 2007.

Fourth Quarter 2007 Highlights:

  • Revenue of $54.9 million, including $51.4 million of recurring revenue
  • Pro forma net income of $3.1 million, or $0.06 per diluted share, excluding a non-recurring litigation contingency accrual
  • Net loss of $2.0 million, or $0.04 per share
  • Repurchase of 1.0 million shares of the company’s common stock for $18.5 million

Full Year 2007 Highlights:

  • Revenue of $234.2 million, including $219.6 million of recurring revenue
  • Pro forma net income of $35.9 million, or $0.72 per diluted share, excluding non-recurring arbitration and litigation contingencies accruals
  • Net income of $20.0 million, or $0.40 per diluted share
  • Free cash flow1 of $91.3 million
  • Repurchase of 5.7 million shares of common stock for $176.2 million
  • Ending cash and short-term investments totaling $177.5 million, or $3.59 per diluted share

William J. Merritt, President and Chief Executive Officer, stated, “During 2007, we delivered solid financial results and made progress toward achieving our aggressive goals for the year. We signed license agreements with several of the world’s leading brands. In addition, we significantly strengthened our patent licensing business, both in terms of building the patent portfolio and establishing the validity and defensibility of our intellectual property rights (IPR) as evidenced by the English High Court decision in December 2007 confirming the essentiality to the 3GPP standard of our European Patent (UK) 0,515,610. We also made significant and value-generating investments in our business, including the appointment of Lawrence Shay as President of our patent licensing business. Our goal for 2008 is to finalize license agreements with top handset vendors, creating significant added cash flow and revenue. We believe the strength of our portfolio and our bolstered licensing capability will be the basis for driving the business forward in 2008.”

Mr. Merritt added, “In 2007, we also successfully brought our SlimChip™ family of mobile broadband modem solutions to market. These solutions entered customer trials successfully at the end of 2007 and in early 2008 we signed a strategic agreement with a leading Asian fabless semiconductor company for the use of our 3G technology in their rapidly expanding chipset product offerings. Our SlimChip products also generated a great deal of interest at the recent Mobile World Congress 2008 in Barcelona, where we demonstrated our SlimChip Platform on both an ExpressCard34™ and USB form factor. Based on the successful product development and early customer indications, we believe we are well positioned for a product design win in the first half of 2008.”

“Given our strong prospects for growth, we continue to have a high level of confidence in our ability to build significant shareholder value over time through strategic investments in our product offering and our efforts to license top mobile handset manufacturers,” concluded Mr. Merritt. “For that reason, we are also making significant investment in our own stock.”

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