vg: The problem is that they are being very conservative in their forecasting. Against recurring royalty revenues of $32.4 million in the first quarter, which included the NEC catchup, they are only projecting $27 - $30 million per quarter for the balance of the year. While this could lead to some nice upside surprises, they apparently are leaving it up to the analysts to try and determine how the anticipated increases in handset sales by the various companies will affect IDCC.
<<2004 Outlook
Rich Fagan, Chief Financial Officer commented, "Assuming our key licensees continue to perform well, we expect recurring royalties from our existing licensees to be in the range of $27 million to $30 million per quarter over the remainder of 2004.>>
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