I agree with your post, and I'll add that I think they feel they don't have to play the wall street game.

In hindsite, they should have issued an earnings warning for the quarter when they knew they would miss the analysts estimates. Problem here is they act like they don't want the analysts estimates to stick to them.

I'm not sure there was anything they could have done to better control the downward price pressure. I do know that they act like they do not want to play the game that the analyst have been playing for years. I understand the difficulty involved in projecting revenues and timetables but that is what ranges are for.

Corp_Buyer,

Let me just say one thing before I debate you on this topic. I dislike the fact that some people who have positions attack you on this board. I've been reading your posts for years and I have the utmost respect for your opinions. I wish people would just stick to debating posts and stock attacking posters.

That being said we have a growth company that has not approached the potential of its revenue stream. Most longs who beleive the Nokia story (myself included) feel that Year over Year revenue increases from 2004 to 2005 will be 100% or greater. I fully expect our licenses to grow in the next 21 months and Nokia/Samsung to contribute what we expect $100 million per year.

So I think when you are looking at a company with growth potential in the triple digits (100%) you should focus more on revenue growth and how it is achieved than expenses unless they spiral out into cash burn. Right now we are not in a cash burn situation so I think our focus should be on revenue growth and getting institutions to beleive the story.

From what I see the D & O expense increases is not IDCC specific. A number of other companies have had insurance expense increases.

CMNT

"The company said its first-quarter outlook reflects "the lower first-quarter revenues and higher first-quarter expenses relating to employment taxes, sales conferences, Sarbanes-Oxley compliance and year-end audit and reporting expenses."

Sarbanes-Oxley is putting executives in the hot seat. They are now criminally liable if they produce fraudulent numbers. Insurance costs have increased because of this.

Corp_Buyer,

You mentioned in your previous posts that they had increased cost due to trade shows.

I beleive the company needs to focus right now on visability. Attending these trades shows helps industry people know who IDCC is. I also want to run into LU, NT, MOTOROLA, LG, KYROCERA & SAMSUNG at every chance I get. Out of sight out of mind. How about in your face until you start paying UP.

Seasoned wall street executives leave themselves "outs" and always try to come out looking better. Lets tae the basic question of what is 2 + 2. An IDCC answer maybe that we feel very strongly that the answer is 4. A seasoned wall street executive would say the range we are comfortable with is 4. When the results come out everyone generates a BUZZ from the seasoned executive because the number came in at the high end of his range.

Look at our 2 major falls i the last 2 years. First the Nokia arbitration itself. I've read every single item ad listened to every CC and from March till July Howard made everyone feel like Nokia was done. Same thing with this latest fall. The message the company gave the investment community was one year.
They did not provide enough caution to the investment community and people got hurt once again. If I were managing a mutual fund why would I ever hold this stock above $25 again?

As far as the areas of cost increases lets say we agree to disagree. My focus is PALMONE right now. I want these deals done. I drivemy wife crazy all the time by telling her she could either tell me what to do or how to do it.

Well I want IDCC to ink PALMONE NOW. Should I tell them how to do it by not going to trade shows?

Lastly, earnings growth. My investment model focuses on revenues. IMO, attaining quality revenues in business is one of the hardest aspects. I beleive that companies are valued based on revenue streams. If I'm CISCO and I want to buy IDCC I'd pay a multiple of revenues and gut out all the costs when I buy the company. I beleive if revenues grow we will grow. The only problem with the earnings last quarter was that all the analysts had higher numbers. Again a vauge unclear message last quarter about spending increases caused these analysts to be wrong.

If I could pick one POINT that I'd like to see the company understand right now if THAT if the analysts are WRONG the company is WRONG. Once they understand that premise they will do whatever it takes to make sure that the analysts are right both in dollars and time tables.

I will try to attend this years ASM. Maybe if we can come to some uniform message we can approach management about this topic.

I must say I was very happy with the progress that they made from last years ASM.

1. Insider selling. We have had virtually no insider show up during this last run up. Now I'd hate to start seeing form 4's show up now with sells in the 27's but if we don't this was a major step in the right direction for this team. These guys all lost large sums of money by holding. They are more aligned with our interests and have more insentive to get the stock price back to previous levels.

2. More outside directors. We have seen them add some key individuals to this board. Hopefully these appointments will bear fruit (Motorola?).

3. Aggressive licensing of 3G. We have seen 3 new deals since last ASM and 1 law suit. I see this as very encouraging. They went after the data device manufactures and have captured 2 of the 3 big names in this field RIMM and HTC. If they land PALMONE that would be a nice score. The fact that they decided to get the ball rolling and sue LU shows that they heard what Tom Carpenter had to say and are acting on it.

Now how can we convince Management this year that the delivery of their message needs to be "improved"?

Corp_Buyer,

I'd really wish you could somehow look at the expenses increasing as a positive at this point in time.

I'm at the total opposite end on this point at this time.

I think one of the main reasons that our share price suffers so much is because of the lack of spending.

This team needs wall street translators. We need people added to the payroll that can instruct Howard, Rick and Bill on the proper methods of communication when dealing with institutional investors and analysts.

This company needs to be able to get the message accross to strong hands.

We all beleive in the message, why did the holders of 20 million shares in the last couple of weeks sell?

What I see is a company that did most things very, very well. NEC, Ericsson, Sharp, RIMM, HTC, IFX, Sierra, all of these deals bod very well for the future. The revenue stream has stabilize and the $2 million dollar miss because of handset problems should not have been that big a factor.

The fact is some company have the ability to convince institutions what the BIG PICTURE IS. This is the biggest problem facing IDCC. They have continued to flounder in this area and we continue to bounce back down.

So at this point I think it is time to bring in some seasoned veterans to coach Howard and Rick into how these questions should be answered and what the main message should be.

5 Billon dollar Market CAP

Sounds nice doesn't it. I'm still trying to figure out how we get there. I've got the revenue stream lined up for $2.5 billion ($60 million per quarter after 2G Nokia and Samsung). Looking for another $65 million a quarter(LG, MOT, SIEMENS, LU, KYROCERA, etc).

We were at $27.27 two weeks ago today.

8-Mar-04 27.27 27.49 26.12 26.29 513,500 26.29

Now we lost $11.32 IN 10 trading days. What else has fundamentally changed?

The Nokia hearing is pushed back 6 months?

After reviewing the notes that our crack legal team delivered on the December Nokia hearing is this really a big surprise. The only problem was that again it was handled badly by management. They need a crash course in Wall Street communications 101 and fast.

The only difference between this stock now and 10 trading days ago is the price and a new license. The LU law suit will cause enough people to respect our IPR. Now I lost a small fortune in the last 2 weeks and I'm holding my ground. I lost a large fortune during 2001 and made it all back and thensome by being patient. This is a marathon and not a sprint.

The only problem that I see that the company should be taken to the woodshed for is the Nokia time frame. They did not allow themselves the wiggle room neccesary by expanding the time horizon from 12 months to 12 to 24 months. Now these guys can say all they want about normally takes a year but they should have known this arbitration was complex and should have told the analyst and the investment community that.

Missing the quarter? They did not have a problem with software NEC did.

Bigger expenses? I'm in this equity for a home run. If I strike out it is my fault. No one twisted my arm and told me to load up the boat. That being said I do not want expenses curtailed. I want $500 million dollars per year in revenue. I don't care if they spend an extra $5 or $10 million a quarter now if they are shooting for that figure.

So while waking up every morning and seeing red is no fun, my gut and 4 1/2 years of research tells me that this is very temporary.

Lastly, I have no doubt that by the next CC in May we will be trading at least 2 points higher and most likely 4 points higher. I also have no doubt that after the Nokia issue is resolved we will be trading above $30 probably around $50.

So why worry about the game when we still got a lot of innings to play.

What is the rush?

I don't think it is about deals right now. I think that in the long term the price will reflect the revenue that will come in on a recurring basis.

Look at the Sierra deal. I think this deal would have not been signed without a LU suit. Why would a company with limited resources risk a law suit when the patents are clear and vast.

If one has the proper time horizon for this investment it will be fine. Nokia is coming to ahead. I waited 4 1/2 years I can wait 1 more year for my windfall.

The way I see it the newer 3G patents are much stronger than the older 2G. The latest 3 signings RIMM, HTC & Sierra all are data device manufacturers. As companies roll out more intergrated products (voice & data) they will become more liable to face patent infringment suits from IDCC.

So with 3G just beginning why should we panic from a market correction and an oversold position.

In my opinion, it appears IDCC has yet again become a short target. Shorts like stocks that can easily be forced down. The lack of price support is frustrating. Since we do not have major buying going on selling continues to take us to new lows. The NASDAQ continues it downward spiral. We currently are going down 3x faster than the NASDAQ (2% vs 6%).

Hard to maintain a positive attitude when all we see is red. I am still strongly in favor of increasing spending at this time. We need to lobby major funds to take positions. Not only do we need bodies to continue to aggressively pursue license talks (PALM, NT, NOVATEL), but we need key executives or new executives to convince major institutions that IDCC is a must hold stock for 2004 and 2005.

Maybe we add seasoned wall street veterans who have hooks into these technology funds. The analyst base is strong and no one has jumped ship. The drop from $20 to $15.80 is unwarrented. Company now can be bought out for $870 million and they can use the $100 million in cash so its current value is $770 million.

Bottomline, I think it would help the situation if we hired one or two key executives that can help Howard and Rip formulate the message so that the institutions decide to take substantial positions.

Corp_buyer,

While I agree with most your other points I am in strong disagreement on the cost containment issue.

I want this company to spend money.

The $100 mil does nothing for us in the bank. Increasing sales, marketing and R&D are ways in which a company grows. They are not in a cash burn situation so I don't want them not making sales trips or doing tech shows because they are worrying about EPS numbers now.

Let them spend whatever they need within reason so that more HTC's and Sierra Wireless sign. In a year no one will care about these spending percentages if Nokia is settled and Panasonic is paying and the LU suit is won and LG comes to the table.

Penny wise and pound foolish is the first thing that comes to into my head.

I don't think it is fair of us to demand that they sign new clients without letting the company use the financial resources they need to get the job done.

Corp,

I don't think we should be concerned with EPS numbers or growth in expenses.

We need licensing and revenue streams. Cutting costs is easy. Getting revenue in the door is not.

If IDCC would have had $29 million in revenue and a break even quarter how do you think the market would have reacted?

I say spend what they need to spend now. Do whatever it takes to get as many signitures on contracts.

One day when our ducks are in a row someone very well make a buyout offer and that offer will be based on how much revenue is being generated. Say MSFT or INTEL wanted to buy IDCC because they wanted the patents and the revenue stream. They would just cut the SG&A down and move the R&D into their labs and the revenue becomes profitable.

Basically at this stage we need to either expect the company to grow revenue or expect the company to curtail expenses. I don't think it is fair to ask them to do both.

My vote is let them spend what they want and do whatever it takes to bring quality deals in the door.

It is all about numbers nothing more nothing less.

At $17+ down $10 a share it is hard to be positive.

But after 4 1/2 years of research and 10 years of heavy investing experiance my calcualtions say that $50.00 a share will happen.

I don't think that any shareholder beleives IDCC will lose this arbitration to Nokia. The ones that do sold or should sell.

So regardless of Panasonic, LG, Siemans, Motorola one needs to focus on a Nokia/Samsung win.

Let us say that this is a given that we win Nokia and get our rate. We start collecting from both Nokia and Sam and we get $25 million per quarter. I'll even throw in concessions of dollars owed and cut it in half.

My basic question is with Nokia resolved positively will we be over $27?

My answer is yes. Numbers will eventually drive this stock to its proper valuation.

In the mean time keep plenty of Alka Selzer on hand.

Put me down for a sausage and mushroom pie. Are you in the NY area?

I do expect to see two more licenses soon. Palmone and Novatel. Looks like IDCC is having very good sucess licenses the mobile data device companies, RIMM, HTC, SIERA.

Palmone and the treo would again revalidate IDCC's IPR. These guys may be a tough sell but with HTC and RIMM in fold, they should be next.

Novatel was one of the would of, could of, should of investments for me(.82 cents to $18). Worked with these guys when I was developing my wireless suite software. First rate company, in my opinion. Not much in terms of revenue but they got links to major vendors.

Good chance we go to or over $20 after May's CC.

Some of our share price problem can stem from poor wall street communication skills but most of the current price problem is based on the arbitrage situation from Nokia. I firmly beleive a Nokia/Sam resolution will add $20 a share to the stock price.
When the time table was move the Nokia/Sam revenue was removed from the price. If you look at some of the takeover situations where there is doubt then you will see a large difference is price of buyout vs. trading price. (HAND/PLMO).

IMO, The $27 share price represented $21 a share ($110 mil yearly revenues) for last quarters revenue stream and $6 a share for the Nokia settlement.

At $100 million a year in revs $20 a share is fair market value. By May's CC our revenues should be back in the range of $26 to $28 million which would justify a $20+ price tag.

This stock is currently being punished. It currently has $0 dollars for Nokia and $0 dollars for Samsung priced in.

The rolling 12 month arbitration comments hurt us. I think they still need to shift from thinking like lawyers to thinking like public company leaders.

Lawyers need to be right. They get paid to argue their points and must always appear that what they say is correct. This technique doesn't work so well on the street. The analyst need room. By giving the standard 12 month answer they put the analyst at risk because they were forced to include Nokia revenue in 2004. What IDCC should have done was give a 12 to 18 or a 12 to 24 month range. That would leave the projection of revenues at the discretion of the analyst. Then they could decide whether they would put the Nokia revs in 2004 or 2005.

So now we got a bunch of analyst that need to change all of their 2004 projections. We also have a management team not sorry for bad guidance. This is a very sore point.

The way the game is played is using wide ranges both in revenue recognition and time tables. By using wide ranges the analyst gets to pick the high or low end based on what they feel will happen. If the estimate falls within the company range (12 to 24 months for arb) they the company has guided the analyst properly and the analyst is at fault for being too aggressive.

I'm extremely bullish and confident that by this time next year this stock will be $50+. I beleive that these guys are learning (no insider sales is a big plus) and that these mistakes are correctable. The mistakes cause a short term price drops but in the long term contracts and 3G revenue streams will cause the stock to rise based on fundamentals.

The trades.

03/17/04 15:59:38 17.460 17.410 17.440 8,000
03/17/04 15:58:02 17.460 17.350 17.460 25,500
03/17/04 15:56:38 17.470 17.400 17.420 48,900
03/17/04 15:55:07 17.470 17.330 17.430 32,700
03/17/04 15:53:37 17.490 17.280 17.380 29,000
03/17/04 15:52:09 17.540 17.270 17.370 53,700
03/17/04 15:50:00 17.988 17.250 17.450 56,500
03/17/04 15:49:00 17.590 17.410 17.440 50,900
03/17/04 15:47:38 17.670 17.350 17.470 86,100
03/17/04 15:45:59 17.740 17.600 17.640 28,300
03/17/04 15:44:00 17.860 17.650 17.700 34,700
03/17/04 15:42:55 17.910 17.830 17.830 8,200
03/17/04 15:41:39 17.940 17.900 17.900 16,100

PLEASE DON'T RUIN THIS BOARD

The members of have diverse talents in all aspects of business, engineering, law, accounting, etc...etc..

When someone post something negative. Please try to address the message and not the purpose of the message.

Having a patent lawyer give us his opinion FOR FREE is the essence of what this board is about. Now if we start attacking him and calling him a short seller, he will stop posting and this board will lose a valuable asset.

Let us not let this board become Yahooized.

I really do not think it is a good idea to sell here with the idea of buying back later (maybe cheaper). If you have to sell that is one thing but if you do not have to sell don't.

I've spent 4 1/2 years researching this company. I firmly beleive that they will be collecting substantial royalties for 3G. Selling into fear and uncertainty is not the way to build wealth.

I've lost a similar amount on paper during the last 8 days. All things are pointing to a better quarter. If you want to sell wait until May and see if we do not get a boost from 1st quarter sales. Otherwise just hold on tight and hope the NASDAQ starts turning NORTH.

With 62,000 plus posts on this board it is very hard to read and keep up with all the topics. Many questions were asked by Ge_Jim and they were answered by well seasoned posters. No big deal.

Ge_Jim was shifting his views from a trader mentality to an investor mentality. I take this as a very good thing. It means one more investor beleives in this story. At this point we need all the investors we can get.

The "fear and uncertainty" that exists today has nothing to do with this board. I'll bet that most of the posters here supported the stock price by either holding or buying more. This is not the audience that is causing the stock price to drift downward.

When one loses 35% of his investment in a 7 day trading span one begins to question their decisions.

Where is the bottom?

Should I hold?

Should I buy more?

When will the bleeding stop?

The questions are directly related to the share price. I choose not to sell during the CC in the 21's because I beleived in the story. Just being critical of managements actions does not mean I'm short or fed up. If I or anyone else on this board did not beleive the story we would sell and move on.

As far as mass selling this was the institutions that caused it. Here is a small sample of trades during 3/10/04 that caused us to lose 1 point.

03/10/04 13:25:10 18.660 18.460 18.570 40,600
03/10/04 13:23:38 18.660 18.410 18.650 51,100
03/10/04 13:22:00 18.810 18.500 18.500 63,200
03/10/04 13:20:42 18.820 18.690 18.770 66,400
03/10/04 13:19:00 18.880 18.640 18.700 70,100
03/10/04 13:17:42 19.100 18.810 18.830 72,600
03/10/04 13:16:00 19.280 18.880 18.880 49,600
03/10/04 13:14:00 19.310 19.150 19.260 56,900
03/10/04 13:13:10 19.580 19.290 19.290 32,100
03/10/04 13:11:40 19.590 19.410 19.540 64,400

I kind of doubt any poster here was involved in any of these trades.

I am not interested in fighting posts. Right now my only concern is this down turn and what steps can be taken to reverse this trend.

"Datarox have you taken over Once's job now that he doesn't hang around here anymore?"

I've been reading Data_rox for years. He is one of the best informed posters on this board and is very much long IDCC. To compare him to Once is insulting.

Can we all please be tolerant of negative views without labeling people as shorts?

"What he are taking here that we shouldn't be, is the fact that our board has been taken over in the last few days by new posters who hold short positions and are just trying to create a panic while we are way down and vulnerable."

Where are these NEW POSTERS ?

I've only read one poster who was rubbing salt in our wounds talking about a Houston 17 party.

We are all talking about hindsite and what would of, should of and could been done and what could be done now. I'm losing a lot of money everyday but I also have many good close friends and family members invested here.

Many discussions involed timing of press releases, dates and times of earnings releases, communication with analysts, getting support from institutions. etc.. etc..

This should not be a RAH-RAH go IDCC board. This board is the most intelligent and informative stock message board on the internet and we post questions for other members give us better insites.

With the stock price approaching pre-ericson levels it is in the best interest of this board to come up with scenarios where this company can preserve the stock price in the near term. Stock buybacks, new analysts, road shows, new agreements.

The last thing that I want to see is the DEER IN HEADLIGHT syndrome. The stock price gets killed and management has no clue how to stop the bleeding. We drift lower and lower with shorts eating away at the stock price.

Basically I hope we have some type of attempt before the next CC to help keep the stock price from drifting further.

We've got RED.

I just hope that this team regroups and figures out how to stop this stock price erosion. Nasdaq is now up 12 points and we have just traded in the red.

It just seems right now the market is not buying IDCC's story. We have NO Nokia/Sam monies factored in. We are trading like we will be losing money all year.

Bottomline, we need this team to throw us a life preserver because we are sinking.

Thanks Danny,

Good to see you are still here. Very frustrating week followed by a very frustrating day. Never expected it to hit $17 and certainly didn't expect it to lose 6.25% when NASDAQ loses 2.29%.

I look at RIMM and the $92+ price tag and can't understand why we have had this huge haircut. Even NT with its restatements and CFO firing didn't take as big a hit as us.It looks like major holders just ran away quickly.

11-Mar-04 18.85 19.22 17.54 17.70 2,442,100 17.70
10-Mar-04 20.20 21.68 18.41 19.05 8,017,200 19.05
9-Mar-04 26.25 26.29 24.03 24.60 1,946,100 24.60
8-Mar-04 27.27 27.49 26.12 26.29 513,500 26.29
5-Mar-04 27.31 27.45 26.69 27.26 383,000 27.26

So how do you get the big guys to stay the course?

So if you know so much tell me why we just lost 10 points and over 500 million dollars in market cap? Because we missed revenues by $2 million bucks.

As shareholders management has to be held accountable for the stock price performance. We know all the answers when it comes to Nokia/Samsung and LU.

I want to know why institutions will not hold this equity?

My feeling is that they have had too many "Howard" moments.

Let us talk about Credibility.

In my opinion IDCC management does not have much when it comes to the institutional investors. This stock has NO SUPPORT LEVEL. And the funds just bailed out before and after the earnings release.

I think all of the individual investors (ihub posters) beleive the story by why not the big guys?

I take RIMM for instance. They are down about 9% off their high. IDCC is down like 35%. I know we should have never hit $27 but why are we trading at $17+ with no support level holding?

Management needs a lesson in Wall Street communication 101. They can not get the institutonal investor to hold on to shares and they can't drum up enough interest for new funds to agressively buy shares.

Something is not working here. I know they try with all the presentations but with 3G rolling out and the potential incomes streams that this company has it appears wall street does not beleive in this company.

I'm not talking about execution or lack of in licensing issues, I'm talking about the fact that the only people who beleive IDCC's story is members of this board.

Now the NAZ is red yet again and the blood continues to flow but no one is looking at IDCC and saying "Great price lets buy".

Bottomline, Somehow they need to convince the institutions that they have the goods.

Put me in the column that the jury is still out.

The arrogance of never being wrong rubs me and I'm sure many other people the wrong way.

Case in points.

1. Ericson signing. They were high fiving, ringing bells, declaring watershed events. Note, this was not a financial windfall for the company or anything near what we all expected.

2. Nokia trigger. After the Ericson signing they outright declared Nokia would be paying them hundreds of millions of dollars. The infamous "fill in the blanks" comment comes to mind as the attitude that ruled the day.

3. Nokia arbitration day. Something that was possible and the 1 year time frame set.

4. Merritt believe my record I'll get 2 licensees by Jan 1st.

The excuses always seem to flow and they start telling a different story. They always want to seem that they were 100% correct even when they were wrong. We need some humble pie and some admissions that they have made mistakes. Good leaders know how to do this.

Case in point.

1. Ericsson signing. Instead of focusing on the actual Ericson/Sony deal they went on and on about the Nokia affect. Well this deal was what they fought 10 years for and it should have been about what the Ericsson affect was. A 2G deal with .4% rate and no 3G deal in place.

2. Instead declaring watershed events and running out to cash in their options they should painted a clearer picture of the possibility of a Nokia arbitration. It was very much down played and my feeling was that it was a remote possiblity at the time.

3. Nokia arbitration. The generalities of the 1 year time frame (which caused this latest 8 point haircut) could have been avoided if they pointed out the complexities of the Ericson law suit in this arbitration case. Nokia strategy was clear. Make this arbitration as difficult as possible by taking this case back to court. IDCC's response was that basically arbitration takes 1 year. Well this is and was not a basic arbitration case.

4. Merritts 2nd license. I did not like the fact that Merritt just vanished aka Guy Hicks. He made a mistake. His boasts may have caused the company that he was after to include more concessions because they knew of his boasting. This could have even been a minor cause in the Nokia arb because of IDCC gloating. He should have been a man and stood up and admitted he was wrong. Instead they decided to hide him under the covers thinking that everyone would forget.

Now these guys should learn how to honestly communicate with the investment community and start to actually admit that things do not work out like they the way they had hoped. Credibility works. It is OK to miss earnings. It is OK to be wrong about time table projections. It is OK lose license deals. But my problem is that they never will just admit that they were wrong.

GE_Jim, You got taken by the story.

I remember the first day Microsoft went IPO at $20.00 back in 1986. It rose $7 before I could by any shares and decided to past at $27.00 because it was over priced.

13-Mar-86 25.50 29.25 25.50 28.00 3,584,100 0.10

Sounds like you have joined the IDCC Team. We all love the story. A little KOP company taking on the Nokias and the Motorolas of the world. How could you not root for this stock and this company. I bet if a $50 a share offer came in today most of the members here (myself included) would vote to TURN IT DOWN.

So welcome to the wonderful world of DIE HARD investing. It can be quite lucrative.

Four years ago I bought some shares in a company called Primus Telecom. It went from $51 to .29 cents. At .60 cents I decided it was do or die. I bought as many shares as I could afford. Recently sold my last batch of shares at $9.90 after selling some in the $11.00 range.

The point is that sometimes when you set your sites high ($100+ a share) the rewards can become LIFE CHANGING. That is what I feel about my investment here. I strongly believe that it will be a story stock in the next 5 years.

I also use margin but always leave myself lots and lots of room for calls. Got close but unloaded NT and others to make sure I still had room.

I made a decision (greedy one at that) to hold on to my shares until after the Nokia arbitration case is settle. I will not be concerned with bad earnings because my purchase was not based on who was signed, it is based on who isn't paying. If the company is correct there are a lot more revenue streams that can be addressed.

Potential was a four letter word this week. I got out all my frustration via posts and found my portfolio significantly less valuable. The Tom carpenter report really helped me this morning. I actually bought more at $18.40 after reading it. I thought for sure after listening to the call he would be killing the company right now. I found it quite surprizing and uplifting that he would upgrade to a buy.

I use a market cap analysis method when I invest long term in a company. I value future revenues based on what they would be worth if the company was sold. I beleive IDCC revenues are of great quality and the company is worth 10 times yearly sales.

Lastly I think we all forgot to blame someone this week.

OURSELVES.

Before the last CC we were trading at $19 and after about $20.

14-Nov-03 20.75 20.85 19.78 19.86 1,108,700 19.86
13-Nov-03 20.83 21.00 19.81 20.55 2,416,700 20.55
12-Nov-03 19.55 19.59 18.81 19.46 972,800 19.46

What material event happened from last CC to this one to cause the stock to go to $27.25?

The answer is NONE. The rise to $27 was caused by speculation and greed. Maybe Merritt boasts got everyone worked up about a new licence but even so they did not claim that the license would be a SIGNIFICANT revenue contributor.

So the euphoric atmosphere of RIMM shots caused this stock to be trading at an artificial level. We all were greedy and would not sell because we want that $100 RIMM price. So instead of taking a 35% gain in 4 months we all rolled the dice and hoped for good news. Guess what we go craps and we are all partly to blame.

Linedrivehitter,

I think we are back on track to $50 plus. $30 was never in the equation for me otherwise I would have sold out at $27. I still think 10x revs is what fair market value will be in this stock. None of the Nokia or Samsung numbers have changed. We are still on track for $25 mil per quarter after arbitration or IMO an extra $20 a share.

So if we get a couple of deals and experiance some growth from our existing base maybe we get to $35 mil quarterly plus $25 Nok/Sam nets $60 quarterly and $240 yearly. Put the fair market cap value of $2.4 billion and with a little over 50 million shares outstanding we get a little under $50 a share.

JimLur,

Thank you for your continued access to these reports. Let me also add a thanks to Tom Carpenter for letting you allow board members access to his proprietary report. He does not have to allow us to view this because these are for his clients. He should certainly be commended for this action.

OT: Loophole73

After reading you post yesterday about your condition it put IDCC share price thoughts in perspective, health and well being is always first. I have been reading your posts here and on RB for the last few years I've come to both admire and respect you for your knowledge and wisdom.

I hope and pray that everything works out for you.

IMO, this story is no longer about the Nokias and the Samsungs of the world. The story here and now is about companies like LG, NT, Benwai, Palmone, etc, etc.

I reread the CC transcript last night. I decided that my frustration over managements communication pratices will not affect the share price in the long run. Howard is a lawyer and lawyers have an "always right" mentality. This stock price will move based on the companies ability to sign licenses. The lawyer "twists" just doesn't sit well with me and I beleive that some of the analysts are getting frustrated by it. Nevertheless new licenses will make everyone forget their frustrations in a hurry.

This team will and should be judged on their ability to delivery additional licenses and revenue streams in 2004. I do not care if costs go up. These expences are not relevant in the long run view of this situation. I don;t care about EPS misses either. In growth technology companies the focus should be about recurring revenue and not cost cutting.

So Howards "more economic level discussions then ever" comments is what I think we need to be focused on. Nokia and Samsung and LU as well as Panasonic are beyond the immediate control of the company and sit in the lawyers hands. I still maintain I like to see more talent added to this team. They maintain things are moving along quite well (hopefully not more lawyer talk, Marthas lawyers still think things are going well). We do not know that Merritts second license was LU. They have stated that Nokia is not a road block and the second company is still in discussions.

Basically, they need a deal. The street just murdered the share price and we may have lost some very important institutional ownership. We have no near term catalyst to the upside (May's numbers perhaps) so we need an event that will cause the Marsala's of the world to not think in terms of "overvalued" IPR and start thinking in terms of the company being positioned well for the beginning of the 3G roll out.

This was a fund dumping at 2:35 way too many 10K or more blocks went off for this to be individual investors dumping.


03/11/04 17:27:53 19.120 17.660 19.060 2,200
03/11/04 17:25:37 17.680 17.680 17.680 1,000
03/11/04 16:51:23 17.700 17.700 17.700 105,500
03/11/04 16:46:41 17.570 17.560 17.560 600
03/11/04 16:43:00 17.872 17.872 17.872 4,500
03/11/04 16:29:38 17.610 17.600 17.600 800
03/11/04 16:23:46 17.700 17.700 17.700 100
03/11/04 16:23:06 17.700 17.700 17.700 100
03/11/04 16:19:52 17.590 17.590 17.590 100
03/11/04 16:17:58 17.610 17.600 17.610 500
03/11/04 16:16:19 17.690 17.690 17.690 100
03/11/04 16:10:27 18.432 18.432 18.432 200
03/11/04 16:08:00 17.700 17.700 17.700 300
03/11/04 16:03:16 17.700 17.690 17.700 500
03/11/04 16:02:24 17.700 17.530 17.530 3,700
03/11/04 16:00:54 17.777 17.630 17.630 91,100
03/11/04 15:59:37 17.770 17.660 17.700 12,600
03/11/04 15:58:02 17.700 17.620 17.700 11,200
03/11/04 15:56:36 17.630 17.540 17.630 24,400
03/11/04 15:55:08 17.690 17.560 17.600 21,000
03/11/04 15:53:35 17.700 17.650 17.660 12,500
03/11/04 15:52:00 17.710 17.670 17.690 12,400
03/11/04 15:50:31 17.710 17.660 17.660 21,400
03/11/04 15:49:06 17.760 17.670 17.720 16,100
03/11/04 15:47:00 18.807 17.680 17.680 17,000
03/11/04 15:46:08 17.740 17.660 17.740 10,000
03/11/04 15:44:00 17.800 17.650 17.710 15,500
03/11/04 15:42:58 17.800 17.710 17.710 16,600
03/11/04 15:41:00 17.810 17.780 17.790 6,900
03/11/04 15:40:06 18.832 17.780 17.800 37,400
03/11/04 15:38:08 17.840 17.770 17.810 14,800
03/11/04 15:37:04 17.870 17.830 17.840 10,800
03/11/04 15:35:39 17.870 17.790 17.860 10,300
03/11/04 15:34:07 17.830 17.770 17.790 4,300
03/11/04 15:32:39 17.810 17.760 17.780 6,100
03/11/04 15:31:06 17.800 17.700 17.760 24,100
03/11/04 15:29:00 17.840 17.740 17.780 14,600
03/11/04 15:28:05 17.860 17.690 17.850 17,600
03/11/04 15:26:00 17.760 17.590 17.760 32,700
03/11/04 15:25:00 17.900 17.700 17.700 36,000
03/11/04 15:23:37 17.900 17.720 17.900 27,500
03/11/04 15:22:00 18.000 17.600 17.900 66,800
03/11/04 15:20:39 18.170 17.970 17.970 48,500
03/11/04 15:19:00 18.350 18.120 18.120 18,900
03/11/04 15:17:39 18.450 18.330 18.340 16,900
03/11/04 15:16:00 18.490 18.390 18.400 15,300
03/11/04 15:14:39 18.560 18.430 18.440 14,800
03/11/04 15:13:10 18.580 18.570 18.570 10,500
03/11/04 15:11:22 18.580 18.570 18.570 6,500
03/11/04 15:10:07 18.620 18.570 18.620 4,000
03/11/04 15:07:57 18.590 18.580 18.590 2,900
03/11/04 15:07:00 18.630 18.590 18.600 4,700
03/11/04 15:05:40 18.650 18.600 18.630 9,500
03/11/04 15:04:08 18.670 18.660 18.660 1,200
03/11/04 15:02:35 18.680 18.660 18.680 5,000
03/11/04 15:00:56 18.670 18.620 18.660 2,100
03/11/04 14:58:36 18.670 18.600 18.600 400
03/11/04 14:57:17 18.660 18.650 18.660 1,700
03/11/04 14:56:00 18.670 18.650 18.650 1,800
03/11/04 14:54:29 18.740 18.660 18.660 1,700
03/11/04 14:53:00 18.750 18.620 18.680 12,600
03/11/04 14:52:00 18.700 18.590 18.650 10,000
03/11/04 14:50:39 18.770 18.600 18.610 14,100
03/11/04 14:48:16 18.770 18.770 18.770 1,100
03/11/04 14:47:39 18.770 18.760 18.770 4,000
03/11/04 14:45:59 18.800 18.760 18.760 4,600
03/11/04 14:44:39 18.820 18.770 18.800 9,200
03/11/04 14:43:00 18.850 18.770 18.770 6,100
03/11/04 14:41:37 18.790 18.760 18.790 1,500
03/11/04 14:40:03 18.790 18.730 18.740 1,800
03/11/04 14:38:02 18.840 18.700 18.730 18,100
03/11/04 14:36:56 18.900 18.830 18.830 5,900
03/11/04 14:35:25 18.920 18.910 18.920 2,400

"again, nok/sam is a crapshoot compared to our current licensee base."

goblue. If you look at all the analyst reports for IDCC's expected earnings for 2004 you will see numbers related to the Nokia settlement. Management had to guide them to these numbers. If you read last years annual report you will see a projection of Nokia and Samsungs revenues in 2004. I beleive everyone thought that Nokia/Samsung would be resolved in this year. Some were hedging saying 4th quarter but all had to include a resolution in their guidance because that is what was communicated to them by IDCC.

Now my point is do you actually think the .04 cent miss this quarter has the same affect as the huge earnings per share and revenue amounts that these analysts have to factor in to IDCC's numbers?

Avg. Estimate 0.07 -0.01 0.63 4.11
No. of Analysts 6 2 6 3
Low Estimate 0.05 -0.03 0.62 2.70
High Estimate 0.08 0.01 0.64 5.58
Year Ago EPS 0.10 N/A 0.04 0.63

Historically, IDCC has had trouble predicting and guiding analyst. Their revenue stream is totally at the hands of outside forces (other companies) and from what I've seen they always resist getting nailed down to a range of numbers.

The existing license base is what it is. If NEC and SHARP do well IDCC does well. The events that can change this are the Nokia arb and new license signings. We can not fault the company for the Nokia arb only the manor in which they communicate it to us. We can and will slam them for not producing new licenses. That is what should be the main focus right now.

But I do have a hard time being critical of a revenue miss based on how their licensees ship. The amount of product shipped by NEC, SHARP & SONY/ERIC is totally beyond the control of the company. They get the number from NEC and fill in the blanks in their revenue reports. This is not a cell phone manufacturing company missing a deadline for shipments. This is an IPR company whose customer (NEC) had a problem.

I respectfully disagree. IDCC's revenue stream has been somewhat unpredictable. The NEC delay is not a cancelation. It is a very justifiable reason for a revenue miss. This isn't about lost revenue, it is about revenue pushed out to another quarter which in turn will eventually come back to the company.
Actually the revenue miss doesn't really look that bad. We had $2 million quarter to quarter decline from $26.7 mil to $24.7 mil.

Now as far as costs go, this should be no big deal either. Nobody here is invested based on a $24 mil quarterly revenue stream. This is a growth investment and some of these costs (tantivy) will draw future revenues down the road (LU suit). Also the Sharp/Vodaphone rollout should have negated the minor revenue hicup.

I do agree that market conditions are about as bad as I've seen in a long time. Nasdaq and communication companies are in freefall but these do not justify an 8 1/4 point drop.

I take IDCC's share price like an arbitraze situation (sorry about the spelling). Everyone expected a Nokia resolution in July. As we got closer to that date the price rose. Now that a resolution is at least 6 to 8 months out the price falls back.

Whatever.

If I own 1 share or 500,000 shares I still have a voice.

Why don't you stick to attacking the message instead of trying to belittle the messenger.

If you do not like what I have to say, use your ignore feature.

xx,xxx

Desert dweller, let me correct myself for stating IDCC management is bad.

I should have stated that they can and need to be better. It was not fair of me to take out my frustration on them by condeming all of their actions because I'm frustrated by the areas that I think they need to improve.

So, I take back the BAD management post and I'll replace it with the statement, IMO they need to improve.

No I will not sell.

I firmly beleive that investors can make a difference when it comes to the way companies work.

I think this was proven last year when the 5 million options were voted down. I am an owner of this company with everyone else on this board.

As an owner, I can blindly take every aspect that management does and accept it as Gospel or I can voice my objections in areas where I feel they MUST improve. I paid for the right to this opinion with my money.

One can beleive that IDCC management is doing everything possible to enhance shareholder value. That is every investors right.

My take is these guys need to bring in more experianced wireless executives in high level positions and they need to do a better job in communicating this story to the street. My shares are very substantial to my portfolio but in reality they are probably insignifcant to the company.

So put me in the camp that states that I still beleive in this investment but I want management to do a better job in investor confidence via better communication as well as business development via creative ways to increase revenue. AKA adding value to companies and convincing them that licensing with IDCC with help them sell products.

IMO, Nokia made this arbitration a complex issue by requesting all court documents from the Ericson law suit. With all the information that arbitrators must review it is not surprizing that they picked the Jan. 2005 date. Looks like Nokia accomplished what they set out to do in July 2003, delay, delay and delay.