NEWS - Patriot Scientific Reports Fiscal 2007 Net Income $23.7M or $0.06 Diluted EPS

Posted by: AGORACOM on August 15, 2007 08:54AM

CARLSBAD, Calif., Aug 15, 2007 -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC) today filed its 10-K annual report for its fiscal year ending May 31, 2007. The company reported net income of $23.7 million, or $0.06 per diluted share, for the fiscal year 2007, as compared to net income of $28.7 million and $0.07 per diluted share for the previous fiscal year.

"I'm extremely pleased with the results," said Jim Turley, CEO of Patriot Scientific. "Our equity earnings through our affiliate company grew dramatically to $49 million, up from $27.8 million in fiscal 2006. Our cash position improved dramatically -- up 5 times from the previous year -- and stockholders' equity has nearly doubled, to more than $20 million. Our IP portfolio is proving enormously valuable, our cash position is stronger than ever, we have no debt, and we're ready to continue building on this success."