scooby5,
I don't know what virus program you are using, or if you are able to edit what types of files are being filtered. But it really shouldn't be filtering out harmless file types (like the .PDF file type of the attached report).
If you can't change the filter, I recommend getting another virus program {g} or signing up for a free web based e-mail account. With this second method, you can disable the program (or shut it down) before you download the attached file from the web-based mail site (like hotmail.com or yahoo.com).
Anyway, a lot of the info in the report is similar to TC's reports. Here are some highlights and points of interest from this report:
* IDCC’s earnings should grow rapidly. Ericsson is settled and its impact on the income statement should be fairly certain. Samsung and Nokia should be settled in a few months, in our view. Given these events, we see normalized earnings rising from $0.04 in 2002 to $1.72 in 2003 (this is normalized for the one-time benefits—EPS is $4.59 including the one-timers)and $2.03 in 2004.
* IDCC should generate significant streams of cash for the foreseeable future. By our estimates, IDCC will add over $282 million to cash in 2003 and about $140 million to its cash balance in 2004. By our estimates, IDCC will close out 2003 and 2004 with $6.32 and $8.52, respectively, of cash per share.
* IDCC’s focus and specialty appears complementary to that of Qualcomm—could IDCC be interesting to Qualcomm? While we are not predicting that QCOM will seek to buy IDCC, we point out that IDCC’s 3G focus rests in the world of WCDMA, while QCOM’s remains the evolution of its “brand” of CDMA (1XRTT to 1XEV). We believe QCOM could broaden its patent portfolio in WCDMA by acquiring IDCC, which would solidify QCOM’s participation in the 3G technology that will dominate throughout the world.
* Some equipment suppliers and carriers may not agree with IDCC’s opinion regarding certain of its IPR. IDCC relies on a combination of its patent portfolio and technical know-how to maintain and enhance its competitive position. The company believes that licenses under a number of its patents and patents arising from patent applications are required to manufacture and sell 2G and 3G products. However, numerous companies also claim that they hold essential 3G patents. According to the company, manufacturers generally recognize the financial and market risks of making and selling products without first obtaining licenses, but sometimes elect to do so because of their financial condition and the burdens of having to secure an indeterminate number of licenses at a perceived high cumulative cost. In response, certain leading manufacturers have sought antitrust exemptions to act collectively, on a voluntary basis, and impose agreed aggregate 3G licensing fees or rates for essential patents among the collaborating parties.
* The company’s cash balance at the end of 2003 should be approximately $370 million (about $6.32 per fully diluted share), with the addition of about $282 million of free cash flow. We forecast cash per share of $8.52 at the end of 2004.
