Hi all,

this is a translation from a german board. Yesterday Ronran asked something about the numbers of PTSC. This is a summary and a forecast for you.

PTSC net earnings after 3 quaters: 0,032 $ per share fully diluted
Net earnings last year: 0,068 $ per share fully diluted
Cash after 3 quaters: 15, 4 mio. $ (+ 50% of PDS Cash 10 mio. $ reported after 3 quarters excluding the last deals)

Revenues reported as of q3 report for the current quarter:
Sharp and SanDisk 22,40 Mio $ +
2,96 Mio. $ from a licensee payment of february
Total revenues current quarter: 25,36 mio. $
round about 10% PDS costs 2,54 Mio. $
= total available revenues for TPL and PTSC current quarter

22,82 mio. $

50% for PTSC=

11,41 mio. $ in licensee revenues

Costs for PTSC reported last quarter 1,7 mio. $. Estimated costs current quarter 2 mio. $. Net earnings q4

9,41 Mio. $

This reflects earnings per share without the Nokia-Deal and without further licensee-agreements until the end of may of 0,023 $. This represents earnings per share for the full year of 0,055 $!
*******************************************************************

Let\'s take a view on the p/e ratio:

Net earnings 2006= 0,068 $ EPS fully diluted= p/e ratio based on yesterdays close of 0,53 $: KGV 7,8

Net earnings estimated 2007 without Nokia and possible further deals in may= 0,055 $ EPS fully diluted (410 mio. O/S)= p/e ratio based on yesterdays close of 0,53 $: KGV 9,6*********************************************************

This is the estimated forecast based on the announcements in the last 10k-report without Nokia, possible further deals until the end of may and without first possible positive effects from Holocom earnings.
***************************************************

Without pumping the licensee-fees from the Nokia Deal are expected in a range between 12-14 mio. $ This leads to the following forecast:

Total revenues from licensing without Nokia: 25,36 mio. $
+ Nokia estimated 13 Mio. $
Total revenues current quarter without new deals until may and first Holocom revenues

= 38,36 Mio. $

round about 10% costs for PDS= 3,45 Mio. $
= total revenue current quarter for TPL and PTSC =

34,91 Mio. $

50% for PTSC =

17,46 mio. $ equity earnings

./. 2 mio. $ costs=

net earnings current quarter for PTSC

15,46 mio. $

This reflects earnings per share for q4 without possible further deals until the end of may and positive effects from Holocom of 0,038 $ per share fully diluted (410 mio. shares)

This results in earning per shares of 0,07 $ for the full year compared with 0,068 $ for the last year!

***********************************************************

Net earnings 2006= 0,068 $ EPS fully diluted= p/e ratio based on yesterdays close 0,53 $: 7,8

Forecast 2007 estimated without further deals until the end of may and without first positive Holocom effects= 0,07 $ EPS fully diluted (410 mio. shares)= p/e ratio based on yesterdays close 0,53 $: 7,6

************************************************************

Total earnings/ net profit 2006: 28, 67 mio. $
Total earnings/ net profit 2007 reorted/estimated:

q1 5,99 mio. $ net profit
q2 -1,88 mio. $ net loss (including one time payments for the final fish deal of 6,3 mio. $)
q3 9,618 mio. $ net profit
q4 15,46 mio. $ estimated without further deals until the end of may and without first profits of Holocom

Total earnings 2007 29,188 mio. $estimated without further deals until the end of may and without first profits from Holocom
***********************************************************


TPL stated, that the licensee rates depends on the products of the licensee and the market cap of this company. Does anybody know the marketcap of Nokia?


Summary: If you compare the p/e ratios of fast growing companies in the US, industry p/e averages for example Rambus over 60 (with big problems), p/e averages USA total and p/e ratios of the S&P 500 it is quiet clear

that PTSC is strongly undervalued independent from the expected decision in Texas, which I anticipate positive for TPL/PTSC

Normally the shareprice should be in a p/e ratio range between 15 and 50!

Have a nice day!