1 Pro forma figures have been prepared to illustrate the exclusion of the impact of the expense relating to the Federal Insurance arbitration. Refer to the pro forma income statement at the end of this release for further disclosures surrounding the company’s presentation of pro forma net income and earnings per share.
2 InterDigital defines “free cash flow” as operating cash flow less purchases of property and equipment and investments in patents. A detailed reconciliation of free cash flow to GAAP results is provided at the end of this release.
|
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS |
||||||||||||||||
| For the Periods Ended June 30 | ||||||||||||||||
|
(Dollars in thousands except per share data)
(unaudited) |
||||||||||||||||
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| REVENUES | $ | 58,706 | $ | 55,006 | $ | 114,733 | $ | 122,824 | ||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Sales and marketing | 2,049 | 1,879 | 4,437 | 3,975 | ||||||||||||
| General and administrative | 5,705 | 6,126 | 11,380 | 12,670 | ||||||||||||
| Patents administration and licensing | 20,436 | 18,075 | 35,487 | 31,280 | ||||||||||||
| Development | 22,677 | 21,193 | 45,879 | 42,977 | ||||||||||||
| Arbitration & litigation contingencies | — | 16,612 | (1,200 | ) | 16,612 | |||||||||||
| 50,867 | 63,885 | 95,983 | 107,514 | |||||||||||||
| Income (Loss) from operations | 7,839 | (8,879 | ) | 18,750 | 15,310 | |||||||||||
| NET INTEREST & OTHER INVESTMENT INCOME | 1,231 | 2,272 | 1,669 | 4,905 | ||||||||||||
| Income (Loss) before income taxes | 9,070 | (6,607 | ) | 20,419 | 20,215 | |||||||||||
| INCOME TAX (PROVISION) BENEFIT | (3,218 | ) | 2,201 | (7,250 | ) | (6,952 | ) | |||||||||
| NET INCOME (LOSS) APPLICABLE TO COMMON SHAREHOLDERS |
$ |
5,852 |
$ |
(4,406 |
) |
$ |
13,169 |
$ |
13,263 |
|||||||
| NET INCOME (LOSS) PER COMMON SHARE – BASIC |
$ |
0.13 |
$ | (0.09 | ) | $ | 0.29 |
$ |
0.27 |
|||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC | 45,358 |
46,957 |
45,892 |
48,362 |
||||||||||||
| NET INCOME (LOSS) PER COMMON SHARE – DILUTED |
$ |
0.13 |
$ |
(0.09 |
) |
$ |
0.28 |
$ |
0.26 |
|||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED | 46,450 | 46,957 |
46,886 |
50,379 | ||||||||||||
