Today's updated earnings announcement w/ financial info formatted:
(BSNS WIRE) InterDigital Announces Revised Fourth Quarter and Full Year 2002 Financial Results; Revenue and Earnings Revised Upward Due to Updated Royalty Information
Business Editors/High-Tech Writers
KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--March 14,
2003--InterDigital Communications Corporation (Nasdaq: IDCC), a
leading architect, designer and provider of wireless technology and
product platforms, today announced revised revenue and earnings for
the fourth quarter and year-ended December 31, 2002. The revision
results from the recognition of higher royalties from certain
licensees whose royalty reports were received after the Company
released its financial results on February 11, 2003.
The Company reported revised fourth quarter 2002 revenue, net
income and earnings per share of $27.1 million, $5.7 million, and
$0.10 per share (diluted), respectively. The Company previously
reported fourth quarter 2002 revenue of $25.2 million, net income of
$4.0 million, and earnings per share of $0.07 (diluted). For the full
year 2002, the Company reported revised revenue, net income and
earnings per share of $87.9 million, $2.4 million, and $0.04 per share
(diluted), respectively. Previously, the Company reported revenue of
$86.0 million, net income of $0.7 million, and $0.01 per share
(diluted) for the full year 2002.
In accordance with the Company's revenue recognition policy,
royalty revenues are accrued when reasonable estimates can be made and
other revenue recognition requirements are met. When the Company's
licensees submit royalty reports for which the Company accrued
revenues based on estimates, the Company adjusts revenues in the
period in which the reports are received if the Company's 10-Q or 10-K
has already been filed with the SEC. The Company has not filed its
10-K for the year-end December 31, 2002 with the SEC and is therefore
revising previously disclosed results to include the most up-to-date
information regarding the Company's 2002 financial performance, taking
into account royalty reports received after the initial release of its
financial results.
About InterDigital
InterDigital architects, designs and provides advanced wireless
technologies and products that drive voice and data communications.
The Company offers technology and product solutions for mainstream
wireless applications that deliver cost and time-to-market advantages
for its customers. InterDigital has a strong portfolio of patented
technologies covering 2G, 2.5G and 3G standards, which it licenses
worldwide. For more information, please visit InterDigital's web site:
www.interdigital.com. InterDigital is a registered trademark of
InterDigital Communications Corporation.
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SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
For the Periods Ended December 31
(Dollars in thousands except per share data)
(unaudited)
For the Three For the Twelve
Months Ended Months Ended
December 31, December 31,
-------------------------------------------
2002 2001 2002 2001
-------------------------------------------
REVENUES: $ 27,091 $ 8,379 $ 87,895 $ 52,562
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Sales and marketing 883 1,212 4,330 4,698
General and administrative 3,466 3,995 14,477 14,898
Patents administration and
licensing 3,823 2,346 13,162 8,959
Development 10,614 10,765 46,686 44,500
---------- ---------- ---------- ----------
18,786 18,318 78,655 73,055
---------- ---------- ---------- ----------
Income (loss) from
operations 8,305 (9,939) 9,240 (20,493)
NET INTEREST INCOME 439 873 2,019 4,627
---------- ---------- ---------- ----------
Income (loss) before
income taxes 8,744 (9,066) 11,259 (15,866)
INCOME TAX PROVISION (2,963) (695) (8,748) (3,418)
---------- ---------- ---------- ----------
Net income (loss) 5,781 (9,761) 2,511 (19,284)
PREFERRED STOCK DIVIDENDS (33) (34) (136) (137)
---------- ---------- ---------- ----------
NET INCOME (LOSS) TO COMMON
SHAREHOLDERS $5,748 $(9,795) $2,375 $(19,421)
========== ========== ========== ==========
NET INCOME (LOSS) PER
COMMON SHARE - BASIC $0.11 $(0.18) $0.04 $(0.36)
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
- BASIC 53,630 53,589 52,981 53,446
========== ========== ========== ==========
NET INCOME (LOSS) PER
COMMON SHARE - DILUTED $0.10 $(0.18) $0.04 $(0.36)
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
- DILUTED 57,919 53,589 56,099 53,446
========== ========== ========== ==========
SUMMARY CASH FLOW
For the Periods Ended December 31
(Dollars in thousands)
(unaudited)
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
--------------------- ---------------------
2002 2001 2002 2001
--------------------- ---------------------
Net income (loss) before
pref. stock dividends $5,781 $(9,761) $2,511 $(19,284)
Depreciation & amortization 2,792 1,568 9,268 6,375
Increase in deferred
revenue 13,250 - 72,500 30,611
Deferred revenue recognized (19,003) (2,331) (54,738) (9,877)
Decrease (increase) in
operating working capital,
deferred charges and other (16,617) 6,305 (32,188) 1,963
Capital spending & patent
additions (3,962) (1,701) (11,994) (10,590)
---------- ---------- ---------- ----------
CASH FLOW BEFORE
FINANCING ACTIVITIES (17,759) (5,920) (14,641) (802)
Debt decrease & preferred
dividends (69) (49) (470) (428)
Net stock issued 8,812 1,373 12,314 2,606
---------- ---------- ---------- ----------
NET (DECREASE) INCREASE
IN CASH AND SHORT-TERM
INVESTMENTS $ (9,016) $ (4,596) $ (2,797) $ 1,376
========== ========== ========== ==========
CONDENSED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
December 31, December 31,
2002 2001
------------ -------------
Assets
------------------------------------------
Cash & short-term investments $87,566 $90,363
Accounts receivable 53,486 14,479
Other current assets 7,627 6,385
Property & equipment (net) 14,091 14,402
Patents (net) & other non-current assets 26,974 22,752
------------ -------------
TOTAL ASSETS $189,744 $148,381
============ =============
Liabilities and Shareholders' Equity
------------------------------------------
Current portion of long-term debt $189 $184
Accounts payable & accrued liabilities 14,124 11,950
Foreign & domestic taxes payable 5,434 907
Deferred revenue 90,670 72,908
Long-term debt & long-term liabilities 1,970 2,158
------------ -------------
TOTAL LIABILITIES 112,387 88,107
SHAREHOLDERS' EQUITY 77,357 60,274
------------ -------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $189,744 $148,381
============ =============
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--30--DES/ph*
CONTACT: InterDigital Communications Corporation
Media Contact:
Dawn Goldstein, 610/878-7800
dawn.goldstein@interdigital.com
or
Investor Contact:
Janet Point, 610/878-7800
janet.point@interdigital.com
SOURCE: InterDigital Communications Corporation
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