Despite what I see as good news in the following, the stock price has dropped nearly one dollar this morning. Anyone know why?
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Thursday April 29, 9:53 am Eastern Time
Interdigital Q1 profit vs loss
KING OF PRUSSIA, Pa., April 29 (Reuters) -
InterDigital Communications Corp.
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands except per share data)
(unaudited)
FOR THREE MONTHS ENDED
March 31,
1999 1998
REVENUES:
Product $ 1,097 $ 2,163
Licensing and strategic partner 34,045 7,914
35,142 10,077
OPERATING EXPENSES:
Cost of product 1,695 2,602
Sales and marketing 955 1,067
General and administrative 1,518 1,333
Patents administration and licensing
2,797 2,621
Development 5,598 3,883
12,563 11,506
Income (loss) from operations 22,579 (1,429)
NET INTEREST INCOME (EXPENSE) 742 273
Income (loss) before
income taxes 23,321 (1,156)
INCOME TAX PROVISION (2,096) (523)
Net income (loss) 21,225 (1,679)
PREFERRED STOCK DIVIDENDS (64) (64)
NET INCOME (LOSS) APPLICABLE
TO COMMON SHAREHOLDERS $ 21,161 $ (1,743)
NET INCOME (LOSS) PER COMMON SHARE
SHARE - DILUTED 0.43 (0.04)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING - DILUTED 48,855 48,237
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