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Patriot Scientific Declares First Quarterly Profit in 18-year History
April 6, 2005 |Estimated reading time: 1 minute
SAN DIEGO — Patriot Scientific Corp. (PTSC), in its first quarterly Webcast on March 31, announced its first quarterly profit, which they reportedly attribute to having recently signed a major licensing agreement with AMD. Also, the Embedded Microprocessor Benchmark Consortium (EEMBC), an independent microprocessor testing, benchmarking and evaluation organization, has awarded PTSC a high ConsumerMark performance rating on its IGNITE microprocessor.
Revenue for PTSC's third quarter, which ended February 28, was approximately $2.9 million, up from $3,384 reported on February 29, 2004. Net income for the third quarter was approximately $600,000, compared to a net loss of $975,894 for the third quarter of fiscal 2004.
"For several years, the board and management team have been aggressively pursuing a carefully crafted two-pronged strategy; first, to license the IGNITE technology, and second, to enforce its patent portfolio. Both strategies are designed to increase revenue and add shareholder value," according to Jeff Wallin, president and CEO of PTSC.
"This first-ever profit was the direct result of our entering into several licensing agreements with AMD," says Wallin. "We are pursuing licensing for both our core technology, IGNITE, and for our patent portfolio of seven issued patents, and our license agreement with AMD covers both IGNITE and our patent portfolio."
"On behalf of our 5,809,336 patent," Wallin explains, "we are aggressively pursuing licensing revenue from companies that have been using our design without a license. We have begun licensing and promoting our newly evaluated, world-class IGNITE microprocessor. AMD's endorsement of PTSC through its licensing of both our IGNITE and patent portfolio earmarks a positive inauguration of our long-term growth strategy."