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Components | August 08, 2011

Revenues more than double YoY for WiLAN

WiLAN reports record cash revenues of $27.4 million, an increase of 137% as compared to $11.6 million in the three month period ended June 30, 2010.
Second Quarter 2011 Highlights:

- Adjusted earnings* of $20.8 million, or 17 cents per share, as compared to adjusted earnings of $1.2 million, or 1 cent per share, in the three month period ended June 30, 2010.
- Net earnings of $10.3 million, or 8 cents per share, as compared to a net loss of $5.6 million, or 5 cents per share, in the three month period ended June 30, 2010.
- Signed a new license agreement with Cisco Systems Inc., representing the Company’s first license renewal.
- Signed licensing partnerships with 01 Communique Laboratory Inc. and Poynt Corporation.
- Acquired a portfolio of mobile communication patents from Glenayre Electronics, Inc. for $8.0 million.
- Generated $20.5 million in cash from operations; cash and short-term equivalents increased to $204.5 million at quarter end.

“WiLAN delivered very solid financial results in the second quarter of fiscal 2011,” said Jim Skippen, Chairman & CEO. “New license agreements signed earlier this year contributed to record revenues and significantly reduced litigation expenses in the second quarter. During the second quarter we took important steps to grow our future business with the acquisition of the Glenayre portfolio of mobile communication patents and the signing of licensing partnerships with 01 Communique Laboratories Inc and Poynt Corporation. We are quite excited about the partnerships with 01 Communique and Poynt as they bring WiLAN into the remote access and location-based advertising markets respectively. Both are large new markets for us that have significant licensing potential.”

Revenue Review

In the second quarter ended June 30, 2011, revenues were a record $27.4 million representing an increase of 137% over the comparable period last year. In the second quarter ended June 30, 2011, the top ten licensees accounted for 79% of royalty revenues as compared to more than 93% of royalty revenues for the three months ended June 30, 2010. Revenues for the six months ended June 30, 2011 were $53.8 million as compared to $26.3 million in the six months ended June 30, 2010, representing an increase of 96%.

Financial Guidance

The Company reconfirms its fiscal 2011 financial guidance. Revenues for the fiscal year ended December 31, 2011 are expected to be within the range of $110 million to $115 million. Operating expenses, excluding stock based compensation, depreciation & amortization and unrealized gains or losses on foreign exchange contracts, all non-cash charges, and certain one-time charges, are expected to be in the range of $33 million to $36 million. Adjusted earnings are expected to be within the range of $75 million to $80 million.

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