Patriot Scientific Files Form 10-KSB for Fiscal Year 2006 Friday October 13, 5:31 pm ET
CARLSBAD, Calif., Oct. 13 /PRNewswire-FirstCall/ -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC - News) today filed its 10-KSB annual report for its fiscal year ending May 31, 2006. The report, filed with the U.S. Securities and Exchange Commission, includes audited financial statements for its fiscal year and related disclosures concerning the company's results of operations and financial condition during that period. The company also announced that its new web site will be launched on Monday at www.ptsc.com, where a copy of the company's 10-KSB will be available. ADVERTISEMENT
Patriot Scientific's consolidated financial statements reflect net income of $28,672,688 for the fiscal year ending May 31, 2006, with revenue of $35,895,449 million as its share of distributions from licensing agreements related to the MMP Patent Portfolio. The report also disclosed that during the period from June 1, 2006 through October 3, 2006, Phoenix Digital Solutions, which is jointly owned by Patriot Scientific and the TPL Group, entered into MMP portfolio license agreements with third parties, pursuant to which Phoenix Digital received aggregate proceeds totaling $32,699,000. The dollar amount for each licensing deal varies. Each is dependent on the relevance of the patents to each licensee's revenue and the extent to which the patented technology is incorporated into specific products, rather than on the total revenue from all products of the licensee.
Patriot Scientific and The TPL Group are co-owners of the MMP Portfolio, which Alliacense(TM), a TPL Group enterprise, exclusively manages. The MMP Portfolio patents, filed in the 1980s, protect design techniques that have become essential to a myriad of consumer and commercial digital systems ranging from DVD players, cell phones and portable music players, to communications infrastructure, medical equipment and automobiles.
"Patriot Scientific has undergone tremendous positive change in the last year," said David Pohl, Patriot Scientific chairman and CEO. "The shift away from developing and marketing our own Ignite microprocessor to focus primarily on revenue from the licensing of our patent portfolio has bolstered the financial strength of the company. We are excited about the next phase of our plan that has already begun in which we are evaluating opportunities to diversify our revenue stream through possible joint ventures or acquisitions, all with the goal of increasing shareholder value."
Activities at Patriot Scientific that have occurred thus far in calendar year 2006, which includes the last six months of the fiscal year covered in the 10-KSB include:
- Nine MMP portfolio licenses have been sold in the first nine months of the year - Over 300 companies have been notified that they are licensing candidates - Unprecedented among microcap stocks, two cash dividends in 2006 - Announced open market buy-back program for shares - Conversion and retirement of all outstanding debentures
Due to activities related to preparation and filing of restated financials for fiscal 2002 through 2005 as previously announced, Patriot Scientific has filed a notice to take the allowable five-day extension to file the fiscal 2007 first quarter 10-Q financial report for the three month period ending August 30, 2006. That document will be filed October 23, 2006. Patriot Scientific has been advised that the character "E" that has been appended to the company's trading symbol pending the filing of the company's annual report will be removed today.
About Patriot Scientific
Patriot Scientific is a leading intellectual property licensing company that develops, markets and enables innovative technologies to address the demands in fast-growing markets such as wireless devices, smart cards, home appliances and gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices and industrial controllers. Headquartered in Carlsbad, Calif., information about the company can be found at http://www.ptsc.com.
The patent portfolio, marketed as the Moore Microprocessor Patent Portfolio, contains intellectual property that is jointly owned by the publicly held Patriot Scientific Corporation and the privately held TPL Group. The portfolio encompasses seven U.S. patents as well as their European and Japanese counterparts. Both TPL and Patriot assert that their jointly owned patents protect techniques used in designing microprocessors, microcontrollers, Digital Signal Processors (DSPs), embedded processors and System-on-Chip (SoC) implementations. The MMP Portfolio is exclusively managed by Alliacense, a TPL Group Enterprise.
Moore Microprocessor Patent, MMP and Alliacense are trademarks of Technology Properties Limited (TPL). PTSC and Ignite are trademarks of Patriot Scientific Corporation. All other trademarks belong to their respective owners.
CONTACTS: Patriot Media Relations The Hoffman Agency David Friedman (303) 868-9641 dfriedman*hoffman.com
Patriot Investor Relations Hawk Associates Frank Hawkins or Ken AuYeung (305) 451-1888 info*hawkassociates.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
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Nice Livin, glad to see I wasn't the only one who noticed this one today. Hopefully the uptrend will continue tomorrow, news would be the icing on the cake...
-------------------- Success is having the time and money to enjoy all of life's wonders...
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quote:Originally posted by OILDOG: Does this periodically. nice I think a Q is due end of month.
Sure does, that's why I loaded up when I saw the .50's again! Last time I believe it went from these levels to 1.20 or so in a matter of a week or two.
-------------------- Success is having the time and money to enjoy all of life's wonders...
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are we getting news tomorrow? I havent been following the stock for long, what does this huge swing indicate? Was it up after hours?
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I believe they said that there is still 300 or so companies that they have filed suit against and thousands more to come. This is just the begining, but don't expect it to happen over night. Right now this stock is great for flipping, but it's also a good long term play... IMO
-------------------- Success is having the time and money to enjoy all of life's wonders...
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Licensing team continues success in strategic plan to target major global manufacturers.
CARLSBAD, Calif., Dec 11, 2006 /PRNewswire-FirstCall via COMTEX/ -- Patriot Scientific Corporation ( PTSC ) confirmed today that Lexmark International Inc. ( LXK ), a global supplier of printing and imaging products, has purchased rights to use technologies protected by the Moore Microprocessor Patent(TM) (MMP) Portfolio. Patriot Scientific and The TPL Group are co-owners of the MMP Portfolio, which Alliacense, a TPL Group enterprise, exclusively manages. Lexmark follows in the footsteps of HP, Casio, Fujitsu, Sony, Nikon, Seiko Epson, Pentax, Olympus, Kenwood and Agilent, all of whom have purchased MMP Portfolio licenses during 2006. In addition, AMD and Intel are also licensees.
Lexmark provides businesses and consumers in more than 150 countries with a broad range of printing and imaging products, solutions and services that help them to be more productive. In 2005, Lexmark reported $5.2 billion in revenue and employed more than 13,000 people globally.
"Lexmark becomes the second major computer peripherals manufacturer, preceded by Seiko Epson, to make the important strategic decision to become an MMP Portfolio licensee," said Mike Davis, Alliacense Sr. Vice President, Licensing. "By capturing one of the 'early-mover' MMP Portfolio licensing berths, Lexmark has gained a competitive edge in supplying its printing and imaging products worldwide."
David Pohl, chairman and CEO of Patriot Scientific stated: "It is significant that Lexmark is the second major manufacturer to become a licensee of the MMP Portfolio in this important industry sector in which Seiko Epson captured the 'first mover' berth. As Alliacense continues to target other first movers in several industry sectors, their sound strategic plan enabled Lexmark to benefit as an 'early mover' licensee in the second tier of an existing sector."
In a previously published comment, Mac Leckrone, president of Alliacense, said: "As the First Round MMP licensing berths in many industry sectors are being captured, royalty rates are increasing according to plan." Pohl noted that Patriot Scientific is unable to reveal the exact dollar amount of the Lexmark transaction due to contractual confidentiality obligations as well as the sensitivity of ongoing negotiations with other potential licensees.
The MMP Portfolio patents, filed in the 1980s, cover techniques that enable higher performance and lower cost designs, and are fundamental to consumer and commercial digital systems ranging from DVD players, cell phones and portable music players, to communications infrastructure, medical equipment and automobiles which have dozens of microprocessor-based key features and benefits.
"Increased value for Patriot Scientific shareholders is our fundamental driver," Pohl continued. "While the very busy Alliacense team negotiates with more and more global manufacturers to become licensees of our jointly owned patent portfolio, the Patriot management and board are pursuing the other prong of our two-fold strategy by engaging in ongoing negotiations for a potential joint venture to enhance our Ignite(TM) chip as well as engaging in communications with another technology company whose attractive potential may lead to an investment or acquisition by Patriot."
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looks to have bottomed at .51 yesterday, now moving back up. I'm back in at .53. Easy 50% gain from here, it normally bounces from these levels pretty well...
-------------------- Success is having the time and money to enjoy all of life's wonders...
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Hey everyone, I found the 10Q filed two days ago, assets and income are way up! Also form 4's filed recently, insider buying happening and for large amounts. Look for yourself and get on board, once they PR the numbers from the 10Q we will move fast...
-------------------- Success is having the time and money to enjoy all of life's wonders...
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Actions Included Continued Share Buy Backs, Mediation Settlement in Principle
CARLSBAD, Calif., Jan. 18 /PRNewswire-FirstCall/ -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC) this week reported net income of $4,108,275 after provision for taxes, or $0.01 per diluted share, for the first 6 months ended November 30, 2006, even though the company recorded a net loss of $1,881,998 for the three-month fiscal quarter ended on that date after setting aside funds to provide for settlement in principle of a dispute. A copy of the company's Form 10-Q, filed January 16, 2007 with the U.S. Securities and Exchange Commission, is available on the company's redesigned website, www.ptsc.com, where visitors can now sign up for e-mail alerts.
The quarterly results included $6,674,793 received as the company's share of the net income of Phoenix Digital Solutions, the joint venture entity that is owned half by Patriot Scientific and half by The TPL Group. Phoenix Digital receives its income from licenses purchased by manufacturers who use technologies contained in the MMP Patent Portfolio that is jointly owned by Patriot Scientific and TPL.
The report disclosed that during the six months ended November 30, 2006, Phoenix Digital received aggregate proceeds of $32,699,000 from technology licensing agreements entered into with third parties. License proceeds of $8,850,000 relating to an additional license agreement signed in November 2006 are to be received in January 2007. Phoenix Digital entered into licensing agreements with aggregate proceeds of $7,320,000 during December 2006. The dollar amount for each licensing deal varies, depending upon factors that include among other things the relevance of the patents to each licensee's revenue and the extent to which the patented technology is incorporated into specific products.
"Our revenues reflect continued momentum in pursuing our patent portfolio licensing strategy through our joint venture with TPL," stated Patriot Scientific chairman and CEO David Pohl. "We had a net increase in cash of $7,733,791 during the first six months ended November 30, 2006 as we continued to strengthen our balance sheet and our financial structure. We have subsequently used some of the cash for share buy backs."
Pursuant to its program to buy back stock, the Company repurchased 4,874,827 shares for the first six months ended November 30, 2006 at an aggregate cost of $4,024,395, and in December 2006 and January 2007 purchased 3,132,500 shares at an aggregate cost of $1,960,305. Patriot Scientific had 381,214,818 common shares outstanding on January 12, 2007. Shareholders' equity at the end of the quarter was $12,782,707, down from $16,629,014 at the end of the previous quarter and up from $10,827,551 on May 31, 2006.
At the end of the quarter Patriot Scientific had $15,714,374 in current assets that included short-term investments and over $11,718,031 in cash and cash equivalents. Current liabilities of $10,968,204 included a $4,154,600 provision for income taxes as well as $6,354,063 earmarked as an expense related to a settlement in principle reached during mediation of litigation between Patriot and a co-inventor of its patented technology. The company has no long-term debt.
"We are delighted that the strength of our patent portfolio continues to be validated by the 12 licenses that have been signed thus far with major electronics companies, 10 of them during calendar year 2006," said Pohl. "Our outlook remains positive for continued revenue based on further progress in licensing more of over 400 companies worldwide that have been notified they are candidates."
-------------------- Success is having the time and money to enjoy all of life's wonders...
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This one will pop up one day.... The will keep getting major companys to join in on the License... Everythig to do with computers, cel phones ect has their Chip Info inside..... It will be a long hold but rewards later will be well worth it.
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quote:Originally posted by RichBy26: Hey everyone, I found the 10Q filed two days ago, assets and income are way up! Also form 4's filed recently, insider buying happening and for large amounts. Look for yourself and get on board, once they PR the numbers from the 10Q we will move fast...
where do you see form 4's? Im not seeing anything? what site do you use?
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quote:Originally posted by RichBy26: Hey everyone, I found the 10Q filed two days ago, assets and income are way up! Also form 4's filed recently, insider buying happening and for large amounts. Look for yourself and get on board, once they PR the numbers from the 10Q we will move fast...
where do you see form 4's? Im not seeing anything? what site do you use?
However, those are not purchases, they are stock options exercises. If you look at the purchase price it is between 7-8 pennies.
What happens, is that in order for them to get the full tax benefits, they have to exercise the shares and keep them for at least one year so that the gain should be considered a long term gain (that is if they are incentive stock options (ISO)).
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I think a Q is due end of month.![[Cool]](cool.gif)
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