SYS-CON MEDIA Authors: Eric Brown, Bob Gourley, Sandi Mappic, RealWire News Distribution, Kevin Benedict

News Feed Item

WiLAN Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Company reports adjusted earnings of $17.2 million in the fourth quarter

OTTAWA, CANADA -- (Marketwired) -- 01/30/14 -- Wi-LAN Inc. ("WiLAN" or the "Company") (TSX:WIN) (NASDAQ:WILN) today announced financial results for the fourth quarter and fiscal year 2013 ended December 31, 2013. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.


Fourth Quarter 2013 Highlights                                              

--  Revenues of $29.2 million, exceeding guidance. 
--  Adjusted earnings(i) of $ 17.2 million, or 14 cents per share, exceeding
    guidance. 
--  Signed license agreements with BlackBerry, HTC, Novatel and Sierra
    Wireless. 
--  WiLAN subsidiary, Gladios, signed license agreement with Turbine, Inc. 
--  Acquired portfolio of semiconductor patents from IXYS CH GmbH. 
--  Signed agreement with Panasonic to license over 900 semiconductor
    patents. 
--  Returned $5.7 million to shareholders in dividend and share buyback
    payments. 

Fiscal Year 2013 Highlights                                                 

--  Revenues of $88.2 million. 
--  Adjusted earnings(i) of $17.6 million, or 15 cents per share. 
--  Signed licenses with 17 companies, bringing the total number of
    companies licensed to 279. 
--  Signed seven licensing partnerships, bringing the total number to 17. 
--  Returned $25.5 million to shareholders in dividend and share buyback
    payments. 
--  Held cash and cash equivalents and short-term investments of $131.9
    million at December 31, 2013. 

"We are very pleased to have ended fiscal 2013 with a very strong fourth quarter," said Jim Skippen, President & CEO. "During the quarter, WiLAN and global technology leader, Panasonic Corporation, entered into a strategic partnership to monetize over 900 semiconductor patents. This agreement anchors our new core semiconductor licensing program and establishes a model for further collaboration with existing and potential partners."

Added Skippen, "Our determined effort overcame litigation setbacks to sign license agreements with many defendants including BlackBerry, HTC and Sierra Wireless. These agreements contributed to our strong revenues and adjusted earnings in the fourth quarter."

"Over the fiscal year, WiLAN signed license agreements with 17 companies, including Panasonic which signed a broad license to our digital TV and display patent portfolio. These license agreements generated our second highest annual bookings," commented Skippen.

Eligible Dividend

The Board of Directors has declared an eligible dividend of CDN $0.04 per common share to be paid on April 4, 2014 to shareholders of record on March 21, 2014.

WiLAN has stated previously that the Company's Board of Directors would normally consider and, if deemed appropriate, increase the quarterly dividend with the release of fourth quarter and annual financial results. As changes to the dividend policy are under consideration in the Company's ongoing strategic review, WiLAN will not be making any changes to the quarterly dividend at this time.

Fourth Quarter and Fiscal Year 2013 Revenue Review

In the three month period ended December 31, 2013, WiLAN generated revenues of $29.2 million, as compared to $21.2 million in the three month period ended December 31, 2012. In the twelve month period ended December 31, 2013, WiLAN generated revenues of $88.2 million, as compared to $88.0 million in the twelve month period ended December 31, 2012.

For the twelve month period ended December 31, 2013, the top 10 licensees accounted for 79 percent of revenues, whereas the top 10 accounted for 83 percent of revenues in the twelve month period ended December 31, 2012.

Fourth Quarter and Fiscal Year 2013 Operating Expense Review

In the three month period ended December 31, 2013, cost of revenue totaled $16.1 million as compared to $16.6 million in the three month period ended December 31, 2012.

For the twelve month period ended December 31, 2013, cost of revenues totaled $82.2 million as compared to $55.9 million in the same period last year. The increase in expenses is primarily attributable to an increase in litigation expense, patent licensing expense as a result of an increase in staffing levels and an increased level of technical consulting services in support of litigation and patent acquisition evaluation, and amortization expense as a result of patent acquisitions completed during fiscal 2012 and 2013.


                                      Three months ended      Year ended    
                                     ---------------------------------------
                                      December  December  December  December
                                      31, 2013  31, 2012  31, 2013  31, 2012
                                     ---------------------------------------
                                     ---------------------------------------
                                                                            
Patent licensing                      $  2,411  $  1,064  $  6,320  $  4,640
Litigation                               4,746     8,772    45,911    25,564
Amortization of patents                  8,562     6,531    28,854    24,794
Stock-based compensation                   341       256     1,128       940
                                     ---------------------------------------
                                      $ 16,060  $ 16,623  $ 82,213  $ 55,938
                                     ---------------------------------------
                                     ---------------------------------------

For the three months ended December 31, 2013, litigation expenses amounted to $4.7 million compared to $8.8 million for the same period last year. The decrease in litigation for the three months ended December 31, 2013 is attributable to the conclusion of two trials and the dismissal of seven litigations as a result of licenses signed during the third and fourth quarters. For the twelve months ended December 31, 2013, litigation expenses amounted to $45.9 million compared to $25.6 million for the same period last year. The increase in litigation expenses is attributable to an increase in the level of litigation activities in comparison to the same period last year, including preparation for three claims construction hearings, and preparation for two trials which took place in July 2013 and October 2013. Litigation expenses are expected to vary from period to period due to the variability of litigation activities. We expect a reduction in litigation expenses in fiscal 2014 as a result of the license agreements signed during the third and fourth quarter of fiscal 2013 and the completion of the related trials.

In the fourth quarter ended December 31, 2013, MG&A expenses amounted to $2.9 million as compared to $3.0 million in the fourth quarter ended December 31, 2012. The decrease in spending for the three months ended December 31, 2013 is primarily attributable to a decrease in stock-based compensation. For the fiscal year ended December 31, 2013, MG&A totaled $13.1 million as compared to $12.3 million in the same period last year. The increase in spending for the twelve months ended December 31, 2013 is primarily attributable to an increase in salary costs and third party costs related to the increase in staffing levels, as well as an increase in consulting costs in support of the strategic alternatives review announced on October 30, 2013.


                                      Three months ended      Year ended    
                                     ---------------------------------------
                                      December  December  December  December
                                      31, 2013  31, 2012  31, 2013  31, 2012
                                     ---------------------------------------
                                     ---------------------------------------
                                                                            
Marketing, general and administration                                       
 costs                                $  2,094  $  2,172  $ 10,083  $  9,007
Asset write-off related to                                                  
 restructuring                               -         -         -       209
Depreciation                               164       114       529       489
Stock-based compensation                   595       744     2,453     2,595
                                     ---------------------------------------
                                      $  2,853  $  3,030  $ 13,065  $ 12,300
                                     ---------------------------------------
                                     ---------------------------------------

In the fourth quarter ended December 31, 2013, R&D expenses were $2.8 million as compared to $2.3 million for the three months ended December 31, 2012. The increase in spending for the three months ended December 31, 2013 is primarily attributable to an increase in patent management costs, principally patent prosecution and maintenance costs, as a result of the increased size and breadth of our patent portfolio and an increase in stock-based compensation expense. For the fiscal year ended December 31, 2013, R&D totaled $9.3 million as compared to $9.0 million in the same period last year. The increase in spending for the twelve months ended December 31, 2013 is primarily attributable to an increase in patent management costs, principally patent prosecution and maintenance costs, partially offset by a decrease in staffing costs related to the research function resulting from the workforce reduction undertaken in fiscal 2012.


                                      Three months ended      Year ended    
                                     ---------------------------------------
                                      December  December  December  December
                                      31, 2013  31, 2012  31, 2013  31, 2012
                                     ---------------------------------------
                                     ---------------------------------------
                                                                            
Research                              $    584  $    488  $  1,947  $  3,195
Patent management                        2,030     1,748     6,436     5,046
Depreciation                                75        90       299       410
Stock-based compensation                   138       (62)      611       359
                                     ---------------------------------------
                                      $  2,827  $  2,264  $  9,293  $  9,010
                                     ---------------------------------------
                                     ---------------------------------------

In the quarter ended December 31, 2013, the Company incurred a foreign exchange loss of $1.1 million, of which $0.8 million was an unrealized foreign exchange loss, a non-cash expense. For the fiscal year ended December 31, 2013, the Company incurred a foreign exchange loss of $2.5 million, of which $1.7 million was an unrealized foreign exchange loss, a non-cash expense. The unrealized foreign exchange loss recognized in the three months and fiscal year ended December 31, 2013 results from the translation of monetary accounts denominated in Canadian dollars to U.S. dollars at year end as well as the revaluation of foreign exchange contracts held at year end. At December 31, 2013, WiLAN held foreign exchange forward contracts totaling approximately $32 million which mature at various dates through to January 2015.

Fourth Quarter and Fiscal Year 2013 Earnings Review

In the fourth quarter ended December 31, 2013, WiLAN generated adjusted earnings of $17.2 million or 14 cents per basic share as compared to $7.0 million or 6 cents per basic share, in the comparative period. The increase in adjusted earnings for the three months ended December 31, 2013 is primarily attributable to increased revenues. In the fiscal year ended December 31, 2013, WiLAN generated adjusted earnings of $17.6 million or 15 cents per basic share as compared to $41.8 million or 34 cents per basic share, in the comparative period. The decrease in adjusted earnings for the fiscal year ended December 31, 2013 is primarily attributable to higher investment in litigation and to a lesser extent, increased staff costs.

The Company's GAAP earnings amounted to earnings of $2.4 million, or 2 cents per share on a basic level, in the three month period ended December 31, 2013, as compared to a GAAP loss of $2.1 million, or 2 cents per share on a basic level, in the same period last year.

In the twelve month period ended December 31, 2013, the Company generated a GAAP loss of $18.1 million, or 15 cents per share on a basic level as compared to a GAAP loss of $14.5 million or 12 cents per share on a basic level, in the same period last year.

Fourth Quarter and Fiscal Year 2013 Balance Sheet and Cash Flow Review

At December 31, 2013, the Company's cash, comprised of cash and cash equivalents and short-term investments, totaled $131.9 million, representing a decrease of $45 million from the cash position at December 31, 2012. The decrease is primarily attributable to the returning of $25.5 million to shareholders in dividend and share buyback payments, the acquisition of patents totaling $10.3 million and $9.5 million used by operations. The Company's cash equivalents and short-term investments include T-bills, term deposits and GICs.

During the fourth quarter ended December 31, 2013, the Company generated $1.5 million of cash from operations and returned $5.7 million to shareholders in dividend and share buyback payments.

At December 31, 2013, approximately 11% of the Company's cash and cash equivalents and short term investments were denominated in Canadian dollars.

First Quarter 2014 Financial Guidance

For the first quarter 2014 ending March 31, 2014, the Company expects revenue to be at least $22.6 million. This revenue guidance does not include the potential impact of any additional reports yet to be received, new agreements that may be signed during the balance of the first quarter of 2014 or the potential impact of any royalties identified in audits conducted by the Company. This guidance is provided prior to the completion of the first month of this fiscal quarter and as such, a number of reports that normally are submitted at or shortly after the month end have yet to be received by the Company. Quarterly revenues based on signed contracts only for the balance of fiscal 2014 are expected to be moderately below the guidance given for the first quarter of fiscal 2014.

Operating expenses for the first quarter are expected to be in the range of $10.2 million to $12.2 million of which $3.0 million to $5.0 million is expected to be litigation expense. For the first quarter of 2014, and assuming no additional agreements are signed, adjusted earnings are expected to be in the range of $10.6 million to $12.6 million.

The above statements are forward-looking and actual results may differ materially. The "Forward- looking Information" section at the end of this press release provides information on various risks and uncertainties that the Company faces. Additional information identifying risks and uncertainties relating to the Company's business are discussed in greater detail in the "Risk Factors" section of WiLAN's annual information form for the 2012 fiscal year dated March 7, 2013 (copies of which may be obtained at www.sedar.com or www.sec.gov). Financial guidance is provided to assist investors and other interested parties in understanding WiLAN's performance. The reader is cautioned that using this information for any other purpose may be inappropriate.

The Company's revenues result primarily from the licensing of intellectual property which, by its very nature, is directly affected by the timing of the closure of license agreements, the nature and extent of specific licenses including actual rates, product sales by licensees which can be subject to seasonality as well as overall market demands and the timeliness of the receipt of licensee royalty reports. In addition, certain revenues may be of a one-time nature.

The above targets for the three month period ending March 31, 2014 reflect our current business indicators and expectations and are subject to fluctuations in foreign currency exchange rates. Due to their nature, certain income and expense items, such as significant license agreements with companies involved in current enforcement actions, brokerage opportunities, new significant litigation or defense actions that could arise during the quarter, losses on asset impairments or realized foreign exchange losses cannot be accurately forecast. Accordingly, we exclude forecasts of such items from our guidance. Actual revenues reported may exceed the revenue guidance provided due to the receipt of royalty reports, signing of new license agreements and completion of licensee audits, all after the guidance is provided.

WiLAN's imperative is to negotiate the best possible license as measured over the long-term and accordingly, the timing of actual license signings may vary from that forecasted. Actual results may vary materially from the guidance provided as a consequence of the above noted factors.

Conference Call Information - January 30, 2014 - 10:00 AM ET

WiLAN will conduct a conference call to discuss its financial results today at 10:00 AM Eastern Time (ET). WiLAN CEO, Jim Skippen and CFO, Shaun McEwan will be on the call.

Calling Information

A live audio webcast will be available at http://www.investorcalendar.com/IC/CEPage.asp?ID=172143


--  To access the call from Canada and U.S., dial 1.877.407.0782 (Toll Free)
--  To access the call from other locations, dial 1.201.689.8567
    (International) 

Replay Information

The call will be available at http://www.investorcalendar.com/IC/CEPage.asp?ID=172143 and accessible by telephone until 11:59 PM ET on April 30, 2014.

Replay Number (Toll Free): 1.877.660.6853

Replay Number (International): 1.201.612.7415

Conference ID #: 13574777

About WiLAN

WiLAN, founded in 1992, is a leading technology innovation and licensing company. WiLAN has licensed its intellectual property to over 275 companies worldwide. Inventions in our portfolio have been licensed by companies that manufacture or sell a wide range of communication and consumer electronics products including 3G and 4G handsets, Wi-Fi-enabled laptops, Wi-Fi and broadband routers, xDSL infrastructure equipment, cellular base stations and digital TV receivers. WiLAN has a large and growing portfolio of more than 4,000 issued or pending patents. For more information: www.wilan.com.

Note

(i) WiLAN follows GAAP in preparing its interim and annual financial statements. Adjusted Earnings are earnings from continuing operations before stock-based compensation expense, depreciation and amortization expense, interest expense, unrealized foreign exchange gains or losses, provision for income taxes and certain other non-cash, one-time, or non-recurring charges.

Forward-looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws. The phrases "to monetize", "establishes a model for further collaboration", "to be paid", "expects revenue to be", "potential impact", "may be signed", "conducted by", "expected to be", "are signed", "may differ", "may be", "can be", "expectations", "subject to", "cannot be accurately forecast", " may exceed", "the receipt", " signing of new license agreements", "completion of", "to negotiate", "may vary", "will be", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements and forward-looking information are based on estimates and assumptions made by WiLAN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that WiLAN believes are appropriate in the circumstances. Many factors could cause WiLAN's actual performance or achievements to differ materially from those expressed or implied by the forward-looking statements or forward-looking information. Such factors include, without limitation, the risks described in WiLAN's March 7, 2013 annual information form for the year ended December 31, 2012 (the "AIF"). Copies of the AIF may be obtained at www.sedar.com or www.sec.gov. WiLAN recommends that readers review and consider all of these risk factors and notes that readers should not place undue reliance on any of WiLAN's forward-looking statements. WiLAN has no intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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


Wi-LAN Inc.                                                                 
Consolidated Statements of Operations                                       
(in thousands of United States dollars, except share and per share amounts) 
                                                                            
                     Three months  Three months                             
                            ended         ended    Year ended    Year ended 
                     December 31,  December 31,  December 31,  December 31, 
                             2013          2012          2013          2012 
                    --------------------------------------------------------
                                                                            
Revenue                                                                     
  Royalties          $     29,175  $     21,183  $     88,209  $     87,960 
                                                                            
Operating expenses                                                          
  Cost of revenue          16,060        16,623        82,213        55,938 
  Research and                                                              
   development              2,827         2,264         9,293         9,010 
  Marketing, general                                                        
   and                                                                      
   administration           2,853         3,030        13,065        12,300 
  Foreign exchange                                                          
   loss (gain)              1,064           361         2,538        (5,191)
  Restructuring                                                             
   charges                      -             -             -           418 
                    --------------------------------------------------------
  Total operating                                                           
   expenses                22,804        22,278       107,109        72,475 
                    --------------------------------------------------------
Earnings (loss) from                                                        
 operations                 6,371        (1,095)      (18,900)       15,485 
  Investment income           175           212           728         1,277 
  Interest expense              -          (121)            -        (1,247)
  Debenture                                                                 
   financing, net               -             -             -       (31,138)
                    --------------------------------------------------------
Earnings (loss)                                                             
 before income taxes        6,546        (1,004)      (18,172)      (15,623)
                                                                            
Provision for                                                               
 (recovery of)                                                              
 income tax expense                                                         
  Current                   2,093           420         5,980         3,480 
  Deferred                  2,021           695        (6,059)       (4,583)
                    --------------------------------------------------------
                            4,114         1,115           (79)       (1,103)
                    --------------------------------------------------------
Net and                                                                     
 comprehensive       $             $             $             $            
 earnings (loss)            2,432        (2,119)      (18,093)      (14,520)
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
Earnings (loss) per                                                         
 share                                                                      
  Basic              $       0.02  $      (0.02) $      (0.15) $      (0.12)
  Diluted            $       0.02  $      (0.02) $      (0.15) $      (0.12)
                                                                            
Weighted average                                                            
 number of common                                                           
 shares                                                                     
  Basic               119,972,775   121,429,318   120,856,511   121,451,967 
  Diluted             120,350,286   121,429,318   120,856,511   121,451,967 
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
Wi-LAN Inc.                                                                 
Consolidated Balance Sheets                                                 
(in thousands of United States dollars)                                     
                                                                            
As at                                           December 31,   December 31, 
                                                        2013           2012 
                                              ------------------------------
                                              ------------------------------
Current assets                                                              
  Cash and cash equivalents                    $     130,394  $     175,246 
  Short-term investments                               1,457          1,617 
  Accounts receivable                                 11,999          1,139 
  Prepaid expenses and deposits                          593            314 
                                              ------------------------------
                                                     144,443        178,316 
                                                                            
Loan receivable                                        1,075            911 
Furniture and equipment, net                           2,159          1,272 
Patents, net                                         150,025        116,846 
Deferred tax asset                                    26,876         20,817 
Goodwill                                              12,623         12,623 
                                              ------------------------------
                                               $     337,201  $     330,785 
                                              ------------------------------
                                              ------------------------------
                                                                            
Current liabilities                                                         
  Accounts payable and accrued liabilities     $      25,012  $      22,406 
  Current portion of patent finance                                         
   obligations                                        19,480          2,547 
                                              ------------------------------
                                                      44,492         24,953 
                                                                            
Patent finance obligations                            32,552          2,670 
Success fee obligation                                 7,048         10,900 
                                              ------------------------------
                                                      84,092         38,523 
                                              ------------------------------
                                                                            
Commitments and contingencies                                               
                                                                            
Shareholders' equity                                                        
  Capital stock                                      425,238        431,067 
  Additional paid-in capital                          14,635         11,074 
  Accumulated other comprehensive income              16,225         16,225 
  Deficit                                           (202,989)      (166,104)
                                              ------------------------------
                                                     253,109        292,262 
                                              ------------------------------
                                               $     337,201  $     330,785 
                                              ------------------------------
                                              ------------------------------
                                                                            
Wi-LAN Inc.                                                                 
Consolidated Statements of Cash Flow                                        
(in thousands of United States dollars)                                     
                                                                            
                                       Three     Three                      
                                      months    months      Year            
                                       ended     ended     ended Year ended 
                                    December  December  December   December 
                                    31, 2013  31, 2012  31, 2013   31, 2012 
                                   -----------------------------------------
                                   -----------------------------------------
Cash generated from (used in)                                               
Operations                                                                  
Net earnings (loss)                 $  2,432  $ (2,119) $(18,093) $ (14,520)
  Non-cash items                                                            
    Stock-based compensation           1,074       939     4,192      3,894 
    Depreciation and amortization      8,801     6,734    29,682     25,693 
    Foreign exchange gain (loss)        (449)    7,780    (1,350)     7,910 
    Deferred financing costs               -         -         -      1,746 
    Accretion of debt discount             -         -         -     25,175 
    Discount on loan receivable            -       121         -        121 
    Disposal of assets                     -         -        80          - 
    Disposal of patents                    -      (209)       43          - 
    Deferred income tax recovery       2,021       695    (6,059)    (4,583)
    Accrued investment income            (38)      (32)     (156)       (32)
                                   -----------------------------------------
                                      13,841    13,909     8,339     45,404 
  Change in non-cash working                                                
   capital balances                                                         
    Accounts receivable                  239     1,517   (10,860)     1,014 
    Prepaid expenses and deposits        637       255      (279)      (475)
    Payments associated with                                                
     success fee obligation             (736)   (1,331)   (3,897)   (12,685)
    Due to related party                   -         -         -      7,831 
    Accounts payable and accrued                                            
     liabilities                     (12,487)    2,845    (2,779)    (7,102)
                                   -----------------------------------------
Cash (used in) generated from                                               
 operations                            1,494    17,195    (9,476)    33,987 
                                   -----------------------------------------
Financing                                                                   
  Dividends paid                      (4,421)   (4,234)  (18,370)   (14,617)
  Repayment of convertible                                                  
   debentures                              -         -         -   (233,247)
  Common shares repurchased under                                           
   normal course issuer bid           (1,288)        -    (7,134)   (15,729)
  Common shares issued for cash on                                          
   the exercise of options                 -       516       478      3,078 
  Common shares issued for cash                                             
   from Employee Share Purchase                                             
   Plan                                   94       115       196        231 
                                   -----------------------------------------
Cash used in financing                (5,615)   (3,603)  (24,830)  (260,284)
                                   -----------------------------------------
Investing                                                                   
  Sale (purchase) of short-term                                             
   investments                            47         -       160        (93)
  Loan receivable                          -    (1,000)        -     (1,000)
  Purchase of furniture and                                                 
   equipment                            (185)      (34)   (1,795)      (403)
  Purchase of patents                 (6,559)   (1,085)  (10,261)   (25,425)
                                   -----------------------------------------
Cash used in investing                (6,697)   (2,119)  (11,896)   (26,921)
                                   -----------------------------------------
Foreign exchange (gain) loss on                                             
 cash held in foreign currency           449    (7,780)    1,350     (3,722)
                                   -----------------------------------------
                                                                            
Net cash and cash equivalents used                                          
 in the period                       (10,369)    3,693   (44,852)  (256,940)
Cash and cash equivalents,                                                  
 beginning of period                 140,763   171,553   175,246    432,186 
                                   -----------------------------------------
Cash and cash equivalents, end of                                           
 period                             $130,394  $175,246  $130,394  $ 175,246 
                                   -----------------------------------------
                                   -----------------------------------------
                                                                            
Wi-LAN Inc.                                                                 
Reconciliation of GAAP Net Earnings to Adjusted Earnings                    
(in thousands of United States dollars, except share and per share amounts) 
                                                                            
                     Three months  Three months Twelve months Twelve months 
                            ended         ended         ended         ended 
                     December 31,  December 31,  December 31,  December 31, 
                             2013          2012          2013          2012 
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
Net earnings (loss)                                                         
 under GAAP          $      2,432  $     (2,119) $    (18,093) $    (14,520)
                                                                            
Adjusted for:                                                               
  Unrealized foreign                                                        
   exchange loss                                                            
   (gain)                     806           247         1,730        (5,213)
  Depreciation and                                                          
   amortization             8,801         6,621        29,682        25,693 
  Stock based                                                               
   compensation             1,074         1,024         4,192         3,894 
  Restructuring and                                                         
   other one time                                                           
   charges                      -             -             -           418 
  Gain of disposal                                                          
   of assets                    -             -           123             - 
  Asset write-off                                                           
   related to                                                               
   restructuring                -             -             -           209 
  Interest expense              -           121             -         1,247 
  Debenture                                                                 
   financing, net               -             -             -        31,138 
  Income tax expense                                                        
   (recovery)               4,114         1,115           (79)       (1,103)
                    --------------------------------------------------------
Adjusted earnings    $     17,227  $      7,009  $     17,555  $     41,763 
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
                                                                            
Adjusted earnings                                                           
 per basic share     $       0.14  $       0.06  $       0.15  $       0.34 
                                                                            
Weighted average                                                            
 number of common                                                           
 shares                                                                     
Basic                 119,972,775   121,429,318   120,856,511   121,451,967 

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.