I think you are right, they can say things in many different ways, as they did here in April. The focus of today is the mergers and what they add as far as value is concerned. I'm liking what has been happening.
Patriot Scientific Reports Q3 FY‘08 Results
Phoenix Digital Drives Quarterly Growth
CARLSBAD, Calif. – April 9, 2008 – Patriot Scientific (OTC Bulletin Board: PTSC) announced today operating results for the third fiscal quarter ended February 29, 2008.
Patriot Scientific reported Q3 FY‘08 pre-tax income of $10.7 million, an increase of 9% over Q3 FY’07. The company’s operating results include $11.7 million in equity earnings from Phoenix Digital Solutions, the joint venture entity owned half by Patriot Scientific and half by The TPL Group. Net income for Q3 FY’08 was $6.3 million, with basic and diluted earnings per share of $0.02. On February 29, Patriot had $25.6 million in current assets, inclusive of $23.2 million in cash and short-term investments. Current liabilities of $4.6 million included $4.0 million in income taxes payable that will be remitted prior to the end of the fourth fiscal quarter.
For the nine months ended February 29, 2008, the company received cash distributions from Phoenix Digital totaling $16.7 million. Phoenix Digital receives its income from licenses purchased by manufacturers who use technologies protected by the MMP™ Portfolio. From these cash flows $5.8 million was invested by Patriot in the repurchase of outstanding shares and warrants, while significant tax liabilities of $9.2 million were paid.
|
