News Release Details

Wi-LAN ANNOUNCES 2005 FIRST QUARTER CONSOLIDATED RESULTS

02/24/2005

CALGARY, Canada - February 24, 2005 - Wi-LAN Inc. (TSX:WIN), a global provider of market-leading broadband wireless communications products and technologies and charter member of the WiMAX Forum(1), today announced financial results for the three months ended January 31, 2005. All financial amounts are expressed in thousands of Canadian dollars, except per share amounts or unless otherwise noted.

Income Statement: In the three months ended January 31, 2005 the Company achieved consolidated revenue of $5,505, compared with $6,556 for the three months ended January 31, 2004, and $6,148 for the preceding three months ended October 31, 2004. Gross margin for the first quarter was $2,440, compared with $3,610 in the 2004 first quarter, and a $2,895 in the preceding three months ended October 31, 2004. Net loss for the first quarter was $(2,448) or $(0.06) per share, compared with net loss of $(511) or $(0.01) per share in the 2004 first quarter, and a net loss of $(2,861) or $(0.07) per share in the preceding three months ended October 31, 2004.

Cash Flow: Cash used in operations before changes in non-cash working capital for the three months ended January 31, 2005 was $(1,459), compared with $173 for the 2004 first quarter, and $(2,025) in the preceding three months ended October 31, 2004. Cash used in operations, including changes in non-cash working capital, for the three months was $(4,829), compared with $(565) for the 2004 first quarter, and $(610) in the preceding three months ended October 31, 2004.

Balance sheet: Consolidated cash on January 31, 2005 was $8,791, excluding $775 of restricted cash, compared with $13,768 on October 31, 2004. Working capital on January 31, 2005 was $15,705 compared with $17,332 on October 31, 2004. Long-term debt (the mortgage on the Company’s Calgary head office building) on January 31, 2005 was $7,757 compared with $7,842 on October 31, 2004. Wi-LAN’s January 31, 2005 consolidated cash and working capital is expected to be adequate to sustain the Company’s growth in existing operations.

FIRST QUARTER FINANCIAL HIGHLIGHTS

Consolidated revenue ($000’s)

Consolidated revenue for the three months ended January 31, 2005 was $5,505, which is $(1,051) or 16.0% less than revenue of $6,556 for the 2004 first quarter, and $(643) or 10.5% less than revenue of $6,148 for the preceding three months ended October 31, 2004. First quarter sales of Wi-LAN’s Libra product series, based on Wi-LAN’s patented W-OFDM technology, were down $(485) compared to the 2004 first quarter as customers deferred purchases of the current generation of Libra systems in favor of the Libra MXTM product series, now scheduled for general availability in the second fiscal quarter of 2005, rather than the original target date of January 2005. Sales of other broadband wireless systems were down $(335) compared to the 2004 first quarter due to product supply issues, creating significant orders on hand for future delivery going into the second quarter. License, technology and engineering services revenues were nil compared to $291 in the first quarter of 2004, and antenna sales improved by $60 compared to the first quarter of 2004.

Wi-LAN received several large purchase orders that affected its sales of its broadband wireless products in the three months ended January 31, 2005. Wi-LAN is currently ramping up production at its contract manufacturers to meet the increased demand. The Company was unable to ship all of the orders scheduled for shipment in the first quarter, and this has created a backlog of approximately $2 million as part of the orders on hand for future delivery mentioned above. Wi-LAN expects to eliminate the backlog and ship most of the remaining orders on schedule and to book them as revenue over the next two quarters.

As well, competitive pricing pressure continued to impact sales as other broadband wireless equipment vendors are offering BWA equipment at steeply discounted pricing to establish market share.

Wi-LAN expects product sales to grow on several fronts during the remainder of fiscal 2005:

  • Sales of Wi-LAN’s new WiMAX platform, the Libra MX product series, are expected to gain Wi-LAN a foothold in the emerging WiMAX-standard equipment market. Wi-LAN now expects to have this equipment generally available in the second fiscal quarter of 2005, rather than the original target date of January 2005, and Wi-LAN’s Continuity Program guarantees its customers a seamless and economic transformation to WiMAX compliant networks when WiMAX compliant equipment comes online later in 2005.
  • Wi-LAN expects to begin to deploy WiMAX compliant Libra MX equipment once the WiMAX Forum completes conformance and interoperability testing, scheduled for completion in 2005.
  • Sales of Wi-LAN’s Ultima3, VIP and antenna product lines are expected to continue to grow as existing customers expand their networks and new customers capitalize on the extensive feature sets and favorable economics of these products. Orders for these products were particularly strong in the first quarter and this has created significant orders on hand for future delivery as of January 31, 2005.
  • Entry into the Intelligent Transportation Systems (ITS) market with Wi-LAN’s new Libra MobilisTM, the first commercially available two-way broadband wireless product designed for a high-speed mobile environment, is planned in 2005. The market for ITS mobile broadband wireless equipment is in its infancy, so limited trial sales of Libra Mobilis are expected in 2005. Wi-LAN recently completed a successful trial of Libra Mobilis in Seoul, South Korea, and other trials are ongoing.
  • License, technology and engineering services revenue is expected in 2005, but it is largely dependent on royalties from related sales of Wi-LAN’s licensees.

As reported in the prior quarter, Wi-LAN has undertaken a comprehensive review of its sales, marketing, operations and product development practices, including processes, product features, pricing, and personnel and is taking the actions required to meet today’s challenges. Actions taken include:

  • Wi-LAN has hired two new vice presidents to lead its sales and marketing departments.
  • The sales force is continuing to be restructured and upgraded. In addition to changes previously reported, the TIL-TEK Antennas division has recently hired a new director of sales to boost its sales effort.
  • The Company plans to establish regional return and repair centers in Europe and Asia.
  • The Company is providing webinars and regional marketing presentations explaining Wi-LAN's product strategy.The Company recently improved its sales opportunities by launching the Libra Mobilis product series in October 2004 and the Libra MX product series in November 2004, and has also added new competitively priced products to its VIP product line and provided bundled pricing for its Ultima3 and Libra 5800 products.
  • Several new marketing initiatives are being undertaken to drive sales growth, including intense targeting of key customer segments in which Wi-LAN has strong competitive advantage, including transit systems (Libra Mobilis) and competitive service providers (Libra MX); leveraging of Wi-LAN's Libra MX platform coupled with its Continuity Program; striking mutually beneficial OEM relationships with suppliers to target other key customer segments including tier one Telco’s; increasing prepackaged "application solution sets" such as integrated Hotzone solutions and VoIP solutions; and close collaboration with customers and key partners to design and develop the industry's best-in-class WiMAX products.
  • The Company is engaging in a Six Sigma initiative to radically improve its corporate performance and customer focus.
  • The TIL-TEK Antennas division is continuing to actively seek new market opportunities to increase its sales, and has recently signed an Original Equipment Manufacturer (OEM) agreement that is expected to increase future antenna sales.

Revenue from the Company’s broadband wireless products for the three months ended January 31, 2005 was $4,614, which is $(820) or 15.1% less than the $5,434 reported for the three months ended January 31, 2004 and $(529) or 10.3% less than the $5,143 reported for the prior three months ended October 31, 2004. The first quarter broadband wireless revenue consisted of:

  • $1,555 from the company’s Libra product series, based on Wi-LAN’s patented Wide-band Orthogonal Frequency Division Multiplexing (W-OFDM) technology. This amount is $(485) or 23.8% less than the $2,040 of Libra product series revenue reported for the three months ended January 31, 2004 and $153 or 10.9% more than the $1,402 reported for the prior three months ended October 31, 2004. In the first quarter the Company continued to experience a slow-down in its Libra series sales in anticipation of the Libra MX product series, with general availability now expected in the second quarter of 2005, rather than the original target of January 2005, and in anticipation of WiMAX compliant equipment in the second half of 2005.
  • $3,059 from Wi-LAN’s other broadband wireless products, which is $(335) or 9.9% less than the $3,394 of other broadband wireless revenue reported for the three months ended January 31, 2004 and $(682) or 18.2% less than the $3,741 reported for the prior three months ended October 31, 2004. Orders for these products were particularly strong in the first quarter and the Company has ramped up production at its contract manufacturers. There remain significant orders on hand for future delivery as of January 31, 2005.

Revenue from the Company’s antenna products for the three months ended January 31, 2005 was $891, which is $60 or 7.2% more than the $831 recorded for the three months ended January 31, 2004 and $(114) or 11.3% less than the $1,005 reported for the prior three months ended October 31, 2004.

License, technology and engineering services revenue for the three months ended January 31, 2005 was nil, compared to $291 reported for the three months ended January 31, 2004. This revenue was generated as the Company partnered with third parties to develop new applications for Wi-LAN’s W-OFDM technology, namely its Libra Mobilis products and its Libra MX system. These products were launched in October and November 2005, and development continues on value-added features and upgrades for Libra Mobilis and on WiMAX compliance of the Libra MX platform. Progress regarding license, technology and engineering services revenue for the 2005 the three months ended January 31, was as follows:

  • Wi-LAN’s joint development of the WiMAX SoC, with Fujitsu Microelectronics America (Fujitsu) is continuing on schedule. The SoC will be incorporated into Wi-LAN’s WiMAX compliant equipment once WiMAX conformance testing is available later in 2005, and Wi-LAN will collect royalties on Fujitsu’s sales of the WiMAX SoC once Fujitsu begins marketing this product.
  • Wi-LAN is currently testing the WiMAX MAC software and the Company is actively seeking opportunities to market this software.
  • Wi-LAN is continuing discussions with Philips Semiconductor regarding the licensing agreement that Wi-LAN signed with Philips in 1999. The agreement relates to Philips’ second-generation Wi-Fi (802.11a/g and 802.11g) chipsets, which became available in production quantities in Q4 2004. Wi-LAN and Philips have differing interpretations of the nature of the agreement and are actively working towards resolving their differences. Wi-LAN is still hopeful of an amicable resolution to this matter that will result in payment to Wi-LAN.
  • Wi-LAN’s patent infringement lawsuit against Cisco Systems and OCR Concepts Canada for sales of Cisco’s 802.11a/g based Linksys and Aironet products in Canada is progressing. A case management judge has been appointed and Cisco has filed its statement of defense.

Product Gross Margin ($000 and % of revenue)

Product gross margin for the three months ended January 31, 2005 was $2,440 or 44.3% of product revenue, which is $(879) or 8.7 percentage points less than the product gross margin of $3,319 or 53.0% of product revenue for the 2004 first quarter, and $(455) or 2.8 percentage points less than the product gross margin of $2,895 or 47.1% of product revenue for the prior three months ended October 31, 2004. Wi-LAN is continuing to cost-reduce its products to maintain margins. In the three months ended January 31, 2004, a non-cash inventory valuation adjustment increased Wi-LAN’s product gross margin by $125 and in the three months ended January 31, 2005 the effect of the adjustment was to increase Wi-LAN’s product gross margin by $466. The inventory valuation adjustments resulted from application of the Company’s accounting policy that provides for an inventory valuation allowance based on a continual review of the composition, quantity, and expected future usage or sales of inventory. In first quarters 2004 and 2005, sales of inventory were higher than expected and some products that had been written off in prior quarters were sold.

Operating expenses ($000’s)

Operating expenses for the three months ended January 31, 2005 were $5,084, an increase of $805 or 18.8% compared with $4,279 for the 2004 first quarter, and a decrease of $(468) or 8.4% compared with $5,552 for the prior quarter ended October 31, 2004.

Sales and marketing (S&M) expense for the quarter ended January 31, 2005 was $1,210, a decrease of $(172) or 12.5% compared with $1,382 for the 2004 first quarter, and a decrease of $(417) or 25.6% compared with $1,627 for the prior quarter ended October 31, 2004. Although Wi-LAN continued to strengthen its marketing effort in the first quarter, under the leadership of John Seliga, the new Vice President of Marketing, spending was more focused on activities and events that would be most effective in generating new sales leads. As well, because Wi-LAN’s sales staff have a large variable component to their compensation, the quarterly reduction in sales caused a reduction in sales expenditures.

Research and development (R&D) expense for the quarter ended January 31, 2005 was $1,794, an increase of $206 or 13.0% compared with $1,588 for the 2004 first quarter, and a decrease of $(239) or 11.8% compared with $2,033 for the prior quarter ended October 31, 2004. During the quarter Wi-LAN continued to develop its Libra MX system, its Libra Mobilis products, the WiMAX compliant SoC in collaboration with Fujitsu, and the WiMAX MAC software. Wi-LAN will continue to monitor its R&D expenses to support both short-term and long-term goals.

In prior periods the Company accounted for its obligation to issue warrants under the Technology Partnerships Canada (TPC) program as a charge (amortization of TPC warrants) to R&D expense and an accrual to shareholders’ equity. In accordance with revised Canadian standards for accounting for the settlement of financial obligations with the future issuance of equity instruments, effective November 1, 2004 the Company accounts for its obligation to TPC as a financial liability. R&D expense is reduced by received and accrued cash receipts from TPC, and increased by the non-cash amortization of future warrants owed to TPC, as detailed in the following table:

$000’s

Three months ended

Jan. 31, 2005

Oct. 31, 2004

Jan. 31, 2004

Total R&D expenditures

$ 2,184

$ 2,622

$ 1,508

Less: TPC contributions

600

800

400

% of expenditures

27.5%

30.5%

26.5%

Cash R&D expense

1,584

1,822

1,108

Add: Amortization of TPC warrants

210

211

480

Reported R&D expense

1,794

2,033

1,588

Wi-LAN intends to maintain key R&D expenditures in order to complete the development of products for potentially large opportunities for WiMAX and Intelligent Transportation Systems (ITS) products. Essential product development projects are as follows:

  • The WiMAX market is expected to reach the fully commercial stage once the WiMAX Forum makes conformance testing available in 2005, and to grow to a substantial size thereafter as mobile applications are addressed. Several projects are underway to further develop Wi-LAN’s Libra MX equipment. Wi-LAN expects to begin to deploy WiMAX compliant Libra MX equipment in 2005.
  • Wi-LAN is proceeding with lab tests of the WiMAX SoC. For further information refer to "License, Technology and Engineering Services Revenue" described above.
  • Wi-LAN is testing the WiMAX MAC software and is actively seeking opportunities to market this software.

Operations expense for the quarter ended January 31, 2005 was $483, an increase of $39 or 8.8% compared with $444 for the 2004 first quarter, and a decrease of $(193) or 28.6% compared with $676 for the prior quarter ended October 31, 2004. The decrease compared to the preceding quarter was largely due to a reduction in spending on the Company’s customer satisfaction program that began in Q2 2004 and fewer product refurbishment initiatives.

General and administration (G&A) expense for the quarter ended January 31, 2005 was $788, an increase of $107 or 15.7% compared with $681 for the 2004 first quarter, and an increase of $26 or 3.4% compared with $762 for the prior quarter ended October 31, 2004. G&A expenses vary from quarter to quarter due to variations in finance, legal, business development, investor relations and corporate communications activities.

Interest on long term debt was $108 for the quarter ended January 31, 2005, compared to $nil in the three months ended January 31, 2004, and an increase of $6 or 5.9% compared with $102 for the prior quarter ended October 31, 2004. This expense is due to the mortgage on the Company’s head office building, which the Company purchased in March 2004. The Company leased the building in 2003, so no interest on long-term debt was recorded in that quarter. The purchase of the building was an operating decision that has reduced cash operating costs by $0.3 million over the ten months since the purchase.

Net Loss ($000’s)

Net loss for the first quarter was $(2,448) or $(0.06) per share, compared with net loss of $(511) or $(0.01) per share in the 2004 first quarter, and a net loss of $(2,861) or $(0.07) per share in the preceding three months ended October 31, 2004. The changes in the net loss in the three months ended January 31, 2005 resulted partly from the changes in gross margin and operating expenses described previously. Excluding these, the net loss for the three months ended January 31, 2005 was improved by $38 over the three months ended January 31, 2004, and was improved by $400 over the three months ended October 31, 2004 by non-operating items including interest and bank charges, interest income earned on cash balances, gains on disposal (minor disposals of assets and equity investments), other income (largely rental revenue), and foreign exchange gains and losses (gains and losses on foreign exchange transactions and the translation of revenue and expense from US dollars to Canadian dollars) and income tax (large corporations tax).

Cash Management ($000’s)

Consolidated cash on January 31, 2005 was $8,791 ($9,566 including restricted cash of $775 provided as security on the mortgage on the Company’s head office building), a reduction of $(4,977) compared with $13,768 on October 31, 2004, and a reduction of $(18,155) compared with $26,946 on January 31, 2004. The three-month reduction of consolidated cash of $(4,977) consisted of $(4,829) used in operations (including changes in non-cash working capital balances), $(60) used in financing, and $(88) spent on investments.

Cash used in operations in the three months ended January 31, 2005, including changes in non-cash working capital balances, of $(4,829) was due to the cash net loss from continuing operations, which decreased cash from operations by $(1,459), and changes in non-cash operating working capital balances that reduced cash from operations by $(3,370) in the three months ended January 31, 2005 compared to the three months ended January 31, 2004. Changes in non-cash working capital balances were caused primarily by changes in accounts payable and accrued liabilities, which reduced cash by $(2,740).

Cash used in financing and cash used in investing accounted for a total cash reduction of $(148) in the three months ended January 31, 2005. Cash used in financing was due primarily to payments against long-term debt. Long-term debt in the amount of $8,000, of which $7,757 was outstanding at January 31, 2005, was assumed with regard to Wi-LAN’s purchase of its Calgary head office building in March 2004. Cash used in investing is attributable to the amount and timing of cash flow for the purchase and sale of capital and intangible assets, for equity interests in certain private companies, and from proceeds on disposal of equity interests in companies.

Quarterly Financial Summary

($000’s unless stated otherwise) 3 months ended
Statement of Operations Info. Jan. 31, 2005 Oct. 31, 2004 July 31, 2004 Apr. 30, 2004 Jan. 31, 2004 Oct. 31, 2003 July 31, 2003 Apr. 30, 2003
Revenue - geographic                
  Americas $2,803 $3,552 $3,292 $3,512 $3,052 $3,288 $3,462 $3,201
  Europe, Middle East & Africa 1,425 2,187 2,026 2,147 2,314 2,621 2,625 1,510
  Asia Pacific 1,277 409 826 829 1,190 2,022 1,416 1,261
Total revenue 5,505 6,148 6,144 6,488 6,556 7,931 7,503 5,972
Revenue by product category                
  OFDM radios 1,555 1,402 1,419 1,742 2,040 2,114 769 811
  Other radios 3,059 3,741 3,614 3,621 3,394 4,210 5,436 3,958
  Antennas 891 1,005 1,072 1,125 831 1,464 1,298 1,111
       Subtotal 5,505 6,148 6,105 6,488 6,265 7,788 7,503 5,880
License, tech.   & eng.   revenue - - 39 - 291 143 - 92
Total revenue 5,505 6,148 6,144 6,488 6,556 7,931 7,503 5,972
Product gross margin (1) 2,440 2,895 2,861 2,921 3,319 3,545 3,728 3,143
 % of product revenue 44.30% 47.10% 46.90% 45.00% 53.00% 45.50% 49.70% 51.90%
Operating income (loss) -2,644 -2,657 -2,239 -1,810 -669 -617 204 -808
Net income (loss) -2,448 -2,861 -2,168 -1,509 -511 -866 37 -989
Earnings (loss) per share ($/share) ($0.06) ($0.07) ($0.05) ($0.04) ($0.01) ($0.03) $0.00 ($0.03)
Cash Flow Information Jan. 31, 2005 Oct. 31, 2004 July 31, 2004 Apr. 30, 2004 Jan. 31, 2004 Oct. 31, 2003 July 31, 2003 Apr. 30, 2003
Cash from (used in) operations (2) ($4,829) ($610) ($4,002) ($794) ($565) $755 $1,844 ($810)
Financing -60 -874 -22 10,758 1,539 22,302 25 -54
Investments -88 -92 -5,507 -12,035 -1,581 28 -8 -18
Change in cash -4,977 -1,576 -9,531 -2,071 -607 23,085 1,861 -882
Cash, beginning of period 13,768 15,344 24,875 26,946 27,553 4,468 2,607 3,489
Cash, end of period 8,791 13,768 15,344 26,946 26,946 27,553 4,468 2,607
Balance Sheet Information Jan. 31, 2005 Oct. 31, 2004 July 31, 2004 Apr. 30, 2004 Jan. 31, 2004 Oct. 31, 2003 July 31, 2003 Apr. 30, 2003
Working capital $15,705 $17,332 $20,218 $27,332 $28,522 $28,607 $5,926 $3,932
Long term debt 7,757 7,842 7,932 8,000 0 0 0 0
Shareholders’ equity 33,851 36,731 41,881 38,715 36,504 34,880 12,891 10,928
Total assets 49,673 54,234 55,349 53,666 45,511 44,683 21,554 19,566
                   

(1) Excluding license, technology and engineering services revenue.
(2) Includes change in non-cash operating working capital balances.

FIRST QUARTER OPERATIONS HIGHLIGHTS

New Product Launch

On November 15, 2005 Wi-LAN announced the launch of Libra MX at the Wireless Broadband Forum in Cambridge, U.K. Libra MX is the industry’s first WiMAX platform that meets the performance and throughput requirements of today’s demanding point-to-point and point-to-multipoint broadband applications while providing a guaranteed, economic and straightforward migration path to WiMAX compliant networks. Based on Wi-LAN’s patented W-OFDM technology - the foundation for WiMAX Certified(1) products - Libra MX is a powerful and flexible solution, including both base stations and subscriber units, for a wide variety of broadband wireless applications. For additional information please refer to Wi-LAN’s website at www.wilan.com/news-releases/default.aspx.

Large Product Orders

On January 12, 2005 Wi-LAN announced receipt of a $6.0 million (US$5.0 million) order for Wi-LAN’s broadband wireless solutions to provide data and voice services to remote towns in a harsh arid environment. Wi-LAN expects to fill the order in the first half of 2005.

Extreme Product Deployment

On December 7, 2005, the northernmost city in the world (71 degrees north), Hammerfest, Norway, formally opened its broadband wireless education network. Hammerfest has deployed Wi-LAN's Libra system, giving 11 area schools broadband Internet access. This network features wireless links up to 36 km and speeds up to 16 megabits-per-second.

Product Trials

In January Wi-LAN successfully completed a trial of Libra Mobilis in Seoul, South Korea. The demonstration featured several access points backhauled with Libra 5800, creating a totally wireless infrastructure. Transmission speeds of 13 Mbps with seamless handoff were achieved. Other Asian and European trials are ongoing.

Executive Appointments

In December 2004, Wi-LAN’s TIL-TEK Antennas division appointed Paul Stevens as Director of Sales to drive sales growth. Mr. Stevens’ most recent position was Vice President, Sales and Marketing for Systems Resource Group, a systems integrator and value-added reseller based in the Bahamas. From 2000 to 2003 he was Director of Sales for Government and Corporate Accounts at Telus Communications, where he grew sales from $0 to $45 million annually and received the Presidents Award for National Sales Achievement in 2001 and 2002. Mr. Stevens holds a Bachelor of Business Administration degree from Bishops University and has completed executive sales management training at Queens University.

CONFERENCE CALL INFORMATION

Wi-LAN will hold a conference call to discuss the consolidated results on February 24, 2005 at 5:00 p.m. EST. The call-in number will be (866) 814-8449 (toll free North America), or 0-011 (800) 436-379-76 (toll free outside North America), or (703) 639-1368. The access code is 654236. Participants are advised to call in 10 minutes early. The call will be webcast from Wi-LAN’s website at www.wilan.com and will be archived there.

A replay of the call will be available until 11:59 p.m. EST on March 3, 2005 by calling (888) 266-2081 (toll free North America) or (703) 925-2533 (outside North America). The access code for the replay is 654236.

Wi-LAN participants will be:
Mr. Bill Hews - Chairman of the Corporate Governance Committee, Board of Directors
Mr. Bill Dunbar - President and Chief Executive Officer
Mr. Keith Bittner - Acting Chief Financial Officer
Mr. Ken Wetherell - Vice President, Corporate Communications & Investor Relations

Financial Statements [view] (PDF 46K)

About Wi-LAN Inc.
Wi-LAN is a global provider of broadband wireless communications products and technologies, offering businesses, including telecom service providers, and government enterprises effective, economic and secure wireless high-speed communications solutions. Wi-LAN specializes in high-speed Internet access, data network extension, wireless Voice-over-IP, and wireless data and telephony backhaul, utilizing its high quality products and industry-leading technologies. Wi-LAN’s broadband wireless solutions feature an all-inclusive 2-year parts and labor warranty and are supported by 24/7 customer service.

Wi-LAN believes its portfolio of patents, including its core W-OFDM patents and 17 patents and patent applications acquired from Ensemble Communications in May 2004, are necessary for the implementation of devices using the IEEE 802.16 WirelessMAN Standard (1) and the ETSI BRAN HiperMAN(1) standard (the WiMAX Forum(1) standards). As well, Wi-LAN’s W-OFDM patents are believed to be required for the implementation of devices using the IEEE standards 802.11a and 802.11g (the 2nd generation Wi-Fi Alliance(1) standards), and the ETSI BRAN HiperLAN/2(1) standard. Wi-LAN licenses its patented technology and has executed non-exclusive W-OFDM license agreements with semiconductor and broadband wireless equipment companies.

Wi-LAN is the chair company of the OFDM Forum and a charter member of the WiMAX Forum (www.wimaxforum.org). Wi-LAN's common shares trade on The Toronto Stock Exchange under the symbol "WIN." Detailed information on Wi-LAN can be found at www.wilan.com.

Forward Looking Information
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements based on current expectations involving a number of risks and uncertainties related to all aspects of the wireless communications industry. These risks and uncertainties include, but are not restricted to, continued increased demand for the Company's products, the Company's ability to maintain its technological leadership in the field of high-speed wireless communications, the Company's ability to attract and retain key employees, the enforceability of the Company's patents, and the availability of key components.

These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

(1) All trademarks and brands mentioned in this release are the property of their respective owners.

With our Interactive Analyst Center (IAC), historical financial data, both quarterly and annual, is available in an easy to access spreadsheet format. View and export our financial statements, non-GAAP reconciliations as well as share information.

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Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

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The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP.

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