CARLSBAD, Calif. -- Aug. 15, 2007 -- Patriot Scientific Corporation today filed its 10-K annual report for its fiscal year ending May 31, 2007. The company reported net income of $23.7 million, or $0.06 per diluted share, for the fiscal year 2007, as compared to net income of $28.7 million and $0.07 per diluted share for the previous fiscal year.
"I'm extremely pleased with the results," said Jim Turley, CEO of Patriot Scientific. "Our equity earnings through our affiliate company grew dramatically to $49 million, up from $27.8 million in fiscal 2006. Our cash position improved dramatically -- up 5 times from the previous year -- and stockholders' equity has nearly doubled, to more than $20 million. Our IP portfolio is proving enormously valuable, our cash position is stronger than ever, we have no debt, and we're ready to continue building on this success."
About Patriot Scientific
Patriot Scientific is a leading intellectual property licensing company that develops, markets, and enables innovative technologies to address the demands in fast-growing markets such as wireless devices, smart cards, home appliances and gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices and industrial controllers. Headquartered in Carlsbad, Calif., information about the company can be found at http://www.ptsc.com.
An investment profile on Patriot Scientific may be found at http://www.hawkassociates.com/ptscprofile.aspx.
About the Patent Portfolio
The patent portfolio, marketed as the Moore Microprocessor Patent Portfolio, contains intellectual property that is jointly owned by the publicly held Patriot Scientific Corporation and the privately held TPL Group. The portfolio encompasses seven U.S. patents as well as their European and Japanese counterparts. Both TPL and Patriot assert that their jointly owned patents protect techniques used in designing microprocessors, microcontrollers, Digital Signal Processors (DSPs), embedded processors and System-on-Chip (SoC) implementations. The MMP Portfolio is exclusively managed by Alliacense, a TPL Group Enterprise.