News Release Details

Wi-LAN announces 2003 annual audited consolidated results

12/23/2003


Revenue, Cash Flow and Earnings Show Major Improvement Over 2002

Wi-LAN Inc. (TSX:WIN), a global provider of broadband wireless communications products and technologies, today announced financial results for the three months and fiscal year ended October 31, 2003. In the fiscal year ended October 31, 2003 the Company achieved revenue of $26,811, which is 15% growth over the 2002 fiscal year, and generated cash flow from operations of $(260), a $4,574 improvement over the 2002 fiscal year.  Product gross margin was 48.2% in 2003, a major advance from 14.2% in fiscal year 2002 and this, along with significant reductions in all expense categories contributed to greatly improved earnings from continuing operations of $(4,606), compared to $(33,207) in the 2002 fiscal year.  Consolidated cash on October 31, 2003 was $27,553 compared with consolidated cash of $5,586 on October 31, 2002, an improvement of $21,967. Wi-LAN's October 31, 2003 cash balance is expected to provide adequate working capital to sustain the Company's expected growth in existing operations. All financial amounts are expressed in thousands of Canadian dollars unless otherwise noted.

"Every facet of Wi-LAN's financial results showed significant improvement in our 2003 fiscal year," said Dr. Sayed-Amr El-Hamamsy, President and Chief Executive Officer, Wi-LAN Inc.  "It was a record year for revenue, cash flow and earnings, and I am particularly proud of the fact that Wi-LAN generated cash flow from operations of  $ 2.6 million in the last half or the year.  The market rewarded us in the fourth quarter, allowing us to raise over $23 million in equity.  We are now poised for a very successful 2004 with expectations of sales of $32 to $37 million, expected cash flow from operations in excess of $2 million, and expected net income of more than $0.5 million.  And this guidance does not incorporate potential upside from prospective acquisitions that may be contemplated."

Financial Highlights ($000's)

Consolidated revenue

Consolidated revenue for fiscal year 2003 was $26,811, which met the Company's guidance of $25,000 to $30,000 and is $3,488 or 15.0% greater than fiscal year 2002 revenue of $23,323. This increase is due to a $3,514 or 19.0% increase in the Company's broadband wireless product revenue, from $18,471 in fiscal year 2002 to $21,985 in fiscal year 2003, and growth in license and technology revenue from $nil in fiscal year 2002 to $235 in fiscal year 2003.  This growth was partly offset by a $261 or 5.4% reduction of sales from the Company's antenna business, from $4,852 in fiscal year 2002 to $4,591 in fiscal year 2003.

Consolidated revenue for the three months ended October 31, 2003 was $7,928, which is $1,639 or 26% more than the $6,289 reported for the same period in fiscal year 2002, and $431 or 6% more than the $7,497 revenue for the prior three months ended July 31, 2003.

Product gross margin

Product gross margin showed significant improvement in fiscal year 2003 as Wi-LAN's cost-reduced broadband fixed wireless access products, Ultima3, Libra 3000 and VIP 110-24, dominated the sales mix. Wi-LAN currently targets a consolidated product gross margin of 50%. Product gross margin for fiscal year 2003 was 48.2% or $12,809, an improvement of 34.0 percentage points or $9,499 compared with 14.2% or $3,310 for  fiscal year 2002.

Product gross margin for the three months ended October 31, 2003 was 45.5% compared with 22.9% for the same period in fiscal year 2002, and compared with 49.7% for the prior three months ended July 31, 2003.

Cash flow management

Cash flow from operations in fiscal year 2003, including changes in non-cash operating working capital, was $(260), compared to $(4,834) in fiscal year 2002, an improvement of $4,574.  Cash flow from operations was $2,599 in the second half of fiscal year 2003, largely offsetting cash flow from operations in the first six months of $(2,859). 

Cash flow from operations for the three months ended October 31, 2003 was $755, which is $1,466 more than the $(711) reported for the same period in fiscal year 2002, and $(1,089) less than the $1,844 cash flow from operations for the prior three months ended July 31, 2003.  Cash flow from operations excluding payments from Technology Partnerships Canada (TPC), which are recorded as a reduction to research and development expenses, was $449 in the three months ended October 31, 2003, and $424 in the third quarter ended July 31, 2003.  No payments from TPC were received prior to the third quarter of 2003.

Cash flow from financing in fiscal year 2003 was $22,222, an increase of $17,739 over fiscal year 2002 cash from financing of $4,483, due to an increase in common share capital issuances. 

Consolidated cash on October 31, 2003 was $27,553 compared with consolidated cash of $5,586 on October 31, 2002, an improvement of $21,967. Wi-LAN's October 31, 2003 cash balance is expected to provide adequate working capital to sustain the Company's expected growth in existing operations.

Net income

Net income (loss)for fiscal year 2003 was $(4,606), compared with $(5,798) for fiscal year 2002, an improvement of $1,192. Net incomefor fiscal year 2002 included a gain on sale of discontinued operations of $27,409, compared to $nil in fiscal year 2003.  Net incomefrom continuing operations for fiscal year 2003 was $(4,606), compared with $(33,207) for fiscal year 2002, an improvement of $28,601.

Net income (loss) for the three months ended October 31, 2003 was $(866), which is $13,250 more than the $(14,116) reported for the same period in fiscal year 2002, and $(903) less than the $37 net income reported for the prior three months ended July 31, 2003.

Financial guidance

The Company continues to expect consolidated revenue for fiscal year 2004 to be in the range of $32,000 to $37,000, which represents a growth rate of 19% to 38% over the $26,811 revenue achieved in fiscal year 2003. This guidance does not incorporate potential upside from prospective acquisitions that may be contemplated.

Ongoing improvements in revenue, gross margin and working capital are expected to continue to generate positive cash flow from operations in fiscal year 2004.  Cash flow from operations is expected to be more than $2 million in fiscal year 2004.

Net income is expected to be more than $0.5 million in fiscal year 2004.

The Company has revised its revenue and cash flow guidance for the three months ended January 31, 2004.  Revenue for the three months ended January 31, 2004 is still expected to be seasonally lower than the prior quarter ended October 31, 2003, but more than $6,500.  This is a $500 improvement over previous guidance, which was for first quarter revenue of more than $6,000, and is a minimum $1,044 or 19.1% increase over revenue of $5,456 for the three months ended January 31, 2003.  Cash flow from operations for the three months ended January 31, 2004 is expected to be no less than $(700).  This is a $300 improvement over previous first quarter cash flow from operations guidance, which was for no less than $(1,000) in the three months ended January 31, 2004, and is a minimum $1,349 improvement over cash flow from operations of $(2,049) for the three months ended January 31, 2003.

Financial summary ($000's)

(In thousands of $Canadian)

12 months ended

3 months ended

Statement of Operations Info.

Oct. 31, 2003

Oct. 31, 2003

Oct. 31, 2003

July 31, 2003

Oct. 31, 2002

Product revenue

         

North America

$     11,123

$     10,879

$     2,977

$     3,271

$     3,035

Europe

3,297

2,870

1,149

775

464

Asia & other international

12,156

9,574

3,659

3,451

2,790

       Subtotal

26,576

23,323

7,785

7,497

6,289

License, technology & engineering

235

0

143

0

0

Total revenue

26,811

23,323

7,928

7,497

6,289

Product gross margin

12,809

3,310

3,542

3,722

1,442

 % of product revenue

48.2%

14.2%

45.5%

49.7%

22.9%

EBITDA (1)

    (1,350)

    (10,684)

    (756)

    2,283

(3,292)

Operating income (loss)

(3,956)

(16,081)

(620)

198

(4,246)

Net income (loss) from continuing

          operations

(4,606)

(33,207)

(866)

37

(14,116)

Net income (loss)

(4,606)

(5,798)

(866)

37

(14,116)

Earnings (loss) per share ($ / share)

$      (0.15)

$     (0.19)

$     (0.03)

$      0.00

$      (0.47)

Cash Flow Information

Oct. 31, 2003

Oct. 31, 2003

Oct. 31, 2003

July 31, 2003

Oct. 31, 2002

Cash flow from operations

$       (260)

$    (4,834)

$        755

$    1,844

$   (711)

Financing

22,222

(4,483)

22,302

25

(79)

Investments

5

238

28

(8)

(36)

Discontinued operations

0

166

0

0

0

Change in cash

21,967

53

23,085

1,861

(826)

Cash, beginning of period

5,586

5,533

4,468

2,607

6,412

Cash, end of period

27,553

5,586

27,553

4,468

5,586

Balance Sheet Information

Oct. 31, 2003

July 31, 2003

Apr. 30, 2003

Jan. 31, 2004

Oct. 31, 2002

Working capital

$     28,383

$     5,926

$     3,932

$   4,845

$     7,303

Long term debt

0

0

0

0

0

Shareholders' equity

34,880

12,891

10,928

11,887

14,640

Total assets

44,683

21,554

19,566

21,700

25,119

Notes: (1)   EBITDA is calculated by adding back Inventory valuation adjustment, Depreciation and amortization, and Accrual of warrant obligation to Operating income (loss).  EBITDA is not a recognized measure under Canadian generally accepted accounting principles (GAAP).  Management believes in addition to net income, EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company's principle business activities prior to consideration of how those activities are financed or how the results are taxed in various jurisdictions.  Investors should be cautioned, however, that EBITDA should not be construed as an alternative to net income determined in accordance with GAAP as an indicator of the Company's performance.  The Company's method of calculating EBITDA may differ from other companies and, accordingly, EBITDA may not be comparable to measures used by other companies.

Other Financial Details ($000's)

Revenue from the Company's broadband wireless products for fiscal year 2003 was $21,985, which is $3,514 or 19.0% more than the $18,471 reported for fiscal year 2002. Sales of Wi-LAN's Ultima3, Libra 3000 and VIP 110-24 product lines were strong, and older inventoried products also contributed, as evidenced by the reduction in inventory in fiscal year 2003 of $1,654 or 40.3%, from $4,101 on October 31, 2002 to $2,447 on October 31, 2003.  Revenue growth for broadband wireless products in fiscal year 2004 is expected from the following sources:

  • Several national, provincial and state regulators are moving to license 3.5 GHz spectrum, further improving sales prospects for Wi-LAN's W-OFDM-based LIBRA 3000 Series.   For example:
  • In the first quarter of fiscal year 2003 the Chinese Ministry of Information Industry initiated the process to issue licenses for the 3.5 GHz frequencies in an additional 32 major Chinese cities.  In February the licenses were awarded to Chinese service providers. In April 2003 Wi-LAN and Wi-Comm Communications Equipment Co. Ltd. , a Chinese joint venture company based in Beijing, China, announced a Cooperative Product Development Agreement to support further development of a full duplex, carrier class, versatile, redundant, W-ODFM based 3.5 GHz access point. The Company expects that this upgraded LIBRA 3000 access point will enable Wi-LAN to win significant 3.5 GHz equipment tenders in China, but the development of the new access point may delay Wi-LAN's receipt of these tenders until the second quarter of 2004.  Meanwhile, Wi-LAN's recently launched and certified 5.8 GHz LIBRA 5800 is expected to generate significant business in China, as operators that did not receive 3.5 GHz licenses in various cities turn to the 5.8 GHz band for deployment of broadband wireless systems. 
  • In the first quarter of fiscal year 2003 Wi-LAN announced the sale of $1.1 million of Wi-LAN's LIBRA 3000 Series products to Cameroon Telecommunications B.P. (Camtel), the national telecommunications carrier for the Republic of Cameroon. 
  • In the second quarter of fiscal year 2003 Wi-LAN announced its LIBRA 3000 Series is being deployed in Lagos, Nigeria's most populous state and biggest telecommunications services market, by Swift Networks Limited of Nigeria, (Swift) a multi-service telecommunications service provider in the licensed 3.5 GHz spectrum.
  • In the fourth quarter of fiscal year 2003 Wi-LAN announced that Altitude Telecom (Altitude), a French nation-wide telecommunications service provider, is deploying Wi-LAN's LIBRA 3000 Series in the regions of Normandy and Paris, France.
  • In December 2003 Wi-LAN announced that Vantaa Energy, a full-service energy company based in Vantaa, Finland, is deploying Wi-LAN's LIBRA 3000 Series for deployment of city-wide broadband wireless networks in the cities of Vantaa, Espoo and Helsinki in Finland.
  • Also in December 2003 Wi-LAN announced that Iskon Internet, a leading Internet service rovider in Croatia, is deploying Wi-LAN's LIBRA 3000 Series in Zagreb, Croatia's capital city.
  • Additional sales of Wi-LAN's 3.5 GHz licensed spectrum products are expected to follow as Camtel, Swift, Altitude, Iskon and others move into further phases of their network build-outs.·         The IEEE 802.16 WirelessMAN Standard*, announced on January 30, 2003 and supported by the WiMAX* Forum, is generating growing interest for the broadband wireless industry and is expected to result in a growing revenue stream for Wi-LAN for the following reasons:
  • This standard incorporates Wi-LAN's patented W-OFDM (Wide-band Orthogonal Frequency Division Multiplexing) technology. 
  • Wi-LAN is first to market with products that utilize the same OFDM technology that WiMAX* intends to certify (Wi-LAN's LIBRA series products) and is dedicated to advancing the implementation of WiMAX* certifiable products.
  • Wi-LAN has a non-exclusive agreement with Fujitsu Microelectronics America (FMA) to develop and market IEEE 802.16 WirelessMAN Standard* System-on-Chip solutions.
  • Wi-LAN has joined with fellow members of the WiMAX* Forum to help promote and certify the compatibility and interoperability of IEEE 802.16 WirelessMAN Standard* broadband wireless access equipment. Other WiMAX Forum members include Fujitsu, Intel and Nokia.
  • Wi-LAN has agreed to co-develop semiconductor intellectual property (SIP) cores for IEEE 802.16 WirelessMAN Standard* broadband wireless systems-on-chips (SoCs) with a leading SIP provider.  This is intended to allow Wi-LAN to accelerate the development work for its IEEE 802.16 WirelessMAN Standard* SoC's and broadband wireless systems and to broaden the market for its intellectual property. Wi-LAN expects to license the SIP cores to semiconductor companies, and to incorporate resulting SoC's into its LIBRA products to produce the first WiMAX* compliant systems.
  • Equipment sales for the license-exempt 2.4 GHz and 5.8 GHz frequencies are gaining momentum worldwide. For example:
  • In the third quarter Wi-LAN announced the sale of its 5.8 GHz Ultima3 fixed wireless access products for Guangdong Province Unicom's 5.8 GHz Project.  Guangdong Province Unicom is a provincial subsidiary of China Unicom Limited (NYSE:CHU), a fully integrated telecommunications operator with services throughout the People's Republic of China.
  • Also in the third quarter Wi-LAN announced its 2.4 GHz VINE-based VIP 110-24 fixed wireless access products and accessories will be deployed in India's Gujarat State Wide Area Network (GSWAN). 
  • In the fourth quarter Wi-LAN announced the receipt of several purchase orders totaling $2 Million from its distributors in the Middle East and Central Asia for its VIP 110-24 and Ultima3 products and for its new W-OFDM-based 5.8 GHz LIBRA 5800 series.
  • Recent new product launches are opening up new markets and improving sales:
  • In the fourth quarter Wi-LAN launched its new LIBRA 5800 series products.  These products are the license-exempt 5.8 GHz version of Wi-LAN's third generation series of non-line-of-sight fixed wireless access products. LIBRA 5800 became generally available in October 2003 and customer demand has been strong.  This is Wi-LAN's first commercial W-OFDM product that is available for sale in the United States.
  • In November 2003 Wi-LAN launched its new Wireless Voice-over-Internet-Protocol (VoIP) Solution, which allows transmission of voice communications over Wi-LAN's broadband wireless access systems with carrier-grade Quality of Service (QoS). The Wireless VoIP Solution provides an extremely competitive economic alternative to traditional wired service for voice traffic, particularly in underserved areas and developing countries, and is an excellent solution to allow competitive local exchange carriers to avoid leased line charges to incumbent carriers.
  • New broadband wireless global sales prospects are growing both in size and quality, and existing distributor, value-added reseller (VAR) and original equipment manufacturer (OEM) relationships are gaining additional traction.

Revenue from the Company's antenna products for fiscal year 2003 was $4,591, which is $261 or 5.4% less than the $4,852 recorded for fiscal year 2002. The previously declining demand for cellular and broadcast antennas appears to have leveled out and there are signs of increasing demand as some customers appear to be moving forward with expenditure plans that they had deferred in prior years. The third and fourth quarters showed early indications that the antenna market may be improving.

License, technology and engineering services revenue for fiscal year 2003 was $235 compared to $nil reported for fiscal year 2002.  This revenue was generated as the Company partnered with third parties to develop new applications for its W-OFDM (Wide-Band Orthogonal Frequency Division Multiplexing) technology.  Wi-LAN's license, technology and engineering services revenue strategy is designed to ensure that this business becomes a significant component of future revenue growth.  The strategy has two key components:

  • The Company focuses on licensing its technology and patents to major semiconductor companies because a small number of major semiconductor companies account for most of the market. This strategy helps to ensure Wi-LAN's intellectual property will not act as a deterrent against market acceptance of W-OFDM technology, since device manufacturers can develop applications with the licensed semiconductor companies without having to negotiate a license agreement directly with Wi-LAN.  The Company's has signed non-exclusive licensing agreements with Philips Semiconductor (Philips) and Fujitsu Microelectronics America (Fujitsu):
  • Wi-LAN signed an Application Specific Integrated Circuit (ASIC) development and technology licensing agreement with Philips in 1999. The Philips agreement obligates Philips to pay Wi-LAN royalties for all integrated circuit products incorporating Wi-LAN's W-OFDM technology. This agreement generated initial fees of $1.4 million over the 2000 to 2001 period, but has not generated any royalties to date because Philips has not produced any W-OFDM-based ASICs.  However, in September 2003 Royal Philips Electronics (NYSE: PHG, AEX: PHI), Philips' parent company, announced that two-chip solutions for IEEE 802.11a/g and 802.11g wireless local area network applications would be available in production quantities in the fourth quarter of 2003.  Wi-LAN believes both IEEE 802.11a and 802.11g use its W-OFDM technology, and Philips supports this belief in material published on their website, so
  • Wi-LAN expects the Philips agreement to generate royalties in the second fiscal quarter of 2004.
  • Wi-LAN signed an agreement with Fujitsu in the fourth quarter of fiscal year 2002. The Fujitsu agreement is to develop, market and license IEEE 802.16 WirelessMAN Standard* (WirelessMAN) System-on-Chip solutions. The WirelessMAN Standard was announced on January 30, 2003. This is yet another broadband wireless standard that incorporates Wi-LAN's patented W-OFDM technology. Wi-LAN has joined with fellow members of the WiMAX* Forum, a non-profit corporation, to help promote and certify the compatibility and interoperability of WirelessMAN equipment. Other WiMAX* Forum members include Fujitsu, Intel and Nokia.  The Fujitsu agreement is expected to generate royalty revenue in fiscal year 2005.
  • Wi-LAN has agreed to co-develop semiconductor intellectual property (SIP) cores for IEEE 802.16 WirelessMAN Standard* broadband wireless systems-on-chips (SoCs) with a leading SIP provider.  This is intended to allow Wi-LAN to accelerate the development work for its IEEE 802.16 WirelessMAN Standard* SoC's and broadband wireless systems and to broaden the market for its intellectual property. Wi-LAN expects to license the SIP cores to semiconductor companies, and to incorporate resulting SoC's into its LIBRA products to produce the first IEEE 802.16 WirelessMAN* compliant systems.
  • In addition, Wi-LAN partners with interested parties to develop new applications of its W-OFDM technology.  In 2003 Wi-LAN signed two technology development agreements, which generated $235 during the 2003 fiscal year.  Both of these agreements are ongoing: 
  • Wi-LAN is partnering with Wellink, a leading provider of high-speed telecommunication systems based in South Korea, to develop mobile wireless products based on W-OFDM. These mobile wireless systems are initially intended for Intelligent Transportation Systems (ITS) field trials in the Asia-Pacific region. ITS applications may include real-time video security, advertising and Internet. Wellink and Wi-LAN also intend to pursue other business opportunities related to the development and use of W-OFDM-based products.
  • Wi-LAN is also partnering with Wi-Comm Communications Equipment Co. Ltd., a Chinese joint venture company based in Beijing, China, to support further development of Wi-LAN's LIBRA Series commercial W-OFDM products.
Geographic product revenue

Wi-LAN's North American revenue for fiscal year 2003 was $11,123, which is $244 or 2.2% more than the $10,879 reported for fiscal year 2002.  The fiscal year 2003 amount was composed of $7,211 or 64.8% from the sale of broadband wireless products, and $3,912 or 35.2% from the sale of antenna products.

Wi-LAN's European revenue for fiscal year 2003 was $3,297, which is $427 or 14.9% more than the $2,870 reported for fiscal year 2002.  The fiscal year 2003 amount was composed of $2,972 or 90.1% from the sale of broadband wireless products, and $325 or 9.9% from the sale of antenna products.

 

Wi-LAN's Asian and other international revenue for fiscal year 2003 was $12,391, which is $2,817 or 29.4% more than the $9,574 reported for fiscal year 2002.  The fiscal year 2003 amount was composed of $11,802 or 95.2% from the sale of broadband wireless products, $354 or 2.9% from the sale of antenna products, and $235 or 1.9% was license, technology and engineering services revenue.

Product gross margin

Product gross margin showed significant improvement in fiscal year 2003 as Wi-LAN's cost-reduced broadband fixed wireless access products, Ultima3, Libra 3000 and VIP 110-24, dominated the sales mix. Wi-LAN currently targets a consolidated product gross margin of 50%. Product gross margin for fiscal year 2003 was 48.2% or $12,809, an improvement of 34.0 percentage points or $9,499 compared with 14.2% or $3,310 for  fiscal year 2002.  In fiscal year 2002, a non-cash inventory valuation adjustment reduced Wi-LAN's product gross margin by $3,972 and in fiscal year 2003 the effect of the adjustment was to increase Wi-LAN's product gross margin by $898.  The inventory valuation adjustments resulted from application of the Company's accounting policy that provides for an inventory valuation allowance based on a quarterly review of the composition, quantity, and expected future usage or sales of inventory. In fiscal year 2003, sales of inventory were higher than expected in fiscal year 2002 and some products that had been written off in 2002 were sold in 2003.  Reduction of the 2002 inventory valuation adjustment to remove the 2003 inventory valuation adjustment yields a fiscal year 2002 valuation adjustment of $3,074 and a fiscal year 2002 product gross margin of 18.0%, compared to an adjusted fiscal year 2003 product gross margin of 44.8%.

Fourth Quarter Operations Highlights

Major sales agreements

On August 7, 2003 Wi-LAN announced it received several purchase orders totaling $2 Million from its gold partners and distributor in the Middle East and Central Asia region.  The purchase orders were for Wi-LAN's VIP 110-24 and Ultima3 products and for its new W-OFDM-based Libra 5800 system.

On October 23, 2003 Wi-LAN and Altitude Telecom, a multi-service telecommunications service provider, announced Wi-LAN's W-OFDM-based LIBRA fixed wireless access products will be deployed in the regions of Normandy and Paris, France. Altitude's initial purchase order of Wi-LAN's industry-leading LIBRA products had been filled, and additional sales of Wi-LAN products are expected to follow as Altitude moves into further phases of its fixed wireless network deployment. Altitude Telecom, established in 1995, is a French nation-wide multi-service telecommunications service provider that invests in broadband technologies to provide data/image/voice solutions - namely internet access, web hosting, security engineering solutions and network engineering - to its market.

Equity financings

On October 13, 2003 Wi-LAN announced the closing of a public offering of 3.91 million units at a price of $2.65 per unit, including 510,000 units issued upon the exercise of the underwriters' overallotment option, for aggregate gross proceeds of $10.36 million. The underwriters were Orion Securities Inc. and First Associates Investments Inc. The net proceeds of the offering will be used to provide additional working capital to support sales growth. Each unit consists of one common share and one-half of one common share purchase warrant. Each purchase warrant will entitle the holder to acquire one Wi-LAN common share at an exercise price of $3.10 at any time on or before August 13, 2005.

On October 29, 2003 Wi-LAN announced the closing of a public offering of 3.33 million units at a price of $4.15 per unit, including 435,000 units issued pursuant to the exercise of the underwriters' overallotment option, for aggregate gross proceeds of $13.8 million. The underwriters of the offering were Orion Securities Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. The net proceeds of the offering are intended to provide additional working capital to support sales growth, for general corporate purposes and to finance potential future acquisition opportunities. Each unit consists of one common share and one-half of one common share purchase warrant. Each purchase warrant will entitle the holder to acquire one Wi-LAN common share at an exercise price of $5.25 at any time on or before April 29, 2005. 

Technology licensing progress

On October 1, 2003 Wi-LAN announced it has agreed to co-develop semiconductor intellectual property (SIP) cores for IEEE (Institute of Electrical and Electronics Engineers) 802.16 WirelessMAN (Wireless Metropolitan Area Network) Standard* broadband wireless systems-on-chips (SoCs) with a leading SIP provider.  The WiMAX Forum intends to certify equipment built to this standard. Wi-LAN and the SIP provider have entered into two agreements: a consulting agreement and a licensing agreement. These agreements are intended to allow Wi-LAN to accelerate the development work for its IEEE 802.16 WirelessMAN Standard* SoC's and broadband wireless systems and to broaden the market for its intellectual property. Wi-LAN and the SIP provider intend to develop SIP cores, based on Wi-LAN's patented W-OFDM technology, incorporating the physical layer of the IEEE 802.16 WirelessMAN Standard*. Wi-LAN expects to license the SIP cores to semiconductor companies, and to incorporate resulting SoC's into its LIBRA products to produce the first IEEE 802.16 WirelessMAN Standard* compliant systems. These agreements are a key component in Wi-LAN's ongoing strategy of licensing its intellectual property, developing the first

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