October 9, 2009 -- CARLSBAD, Calif. -- Patriot Scientific Corporation (OTC BB:PTSC) today reported the filing of its report on Form 10-Q for its fiscal 2010 quarter ended August 31, 2009.
The Company's results included $0.1 million in revenues, compared to $1.4 million in revenues for the same quarter of the prior year, the decrease attributable to the May 2009 deconsolidation of Holocom, Inc., and its exclusion from the consolidated operating results. Results from its investment in affiliated companies which primarily represents Phoenix Digital Solutions, LLC (PDS), Patriot Scientific's joint venture with The TPL Group, who are co-owners of the MMP™ Portfolio and responsible for its management and commercialization, were a $0.3 million loss as compared to $6.6 million in earnings for the year earlier quarter.
The Company's net loss totaled $2.0 million for the first quarter of fiscal 2010 compared to net income of $3.2 million for the comparable period of fiscal 2009. Included in the current quarter's net loss are one time charges of $0.7 million associated with the write down of the Company's investment in Talis Data Systems. The Company's cash, cash equivalents and marketable securities increased by $1.4 million to $18.3 million during the current quarter.
No conference call is scheduled at this time.
The Company also filed today its report on Form 8-K announcing a major restructuring of executive personnel which is more fully described in a separate news release.
Patriot Scientific is the joint owner, with The TPL Group, of the Moore Microprocessor Patent, or MMP™ Portfolio, key patents covering the design of microprocessor chips which are used throughout the world in products ranging from computers and cameras to printers, automobiles and industrial devices. Microprocessor chips are the "brain" of nearly every electronic and electrical device including home appliances, televisions, video game players and cell phones.
About Patriot Scientific Corporation
Headquartered in Carlsbad, California, Patriot Scientific Corporation provides data sharing and secure data solutions for a connected world. Patriot Scientific addresses the expanding market opportunities in the healthcare, justice and public safety industries through its wholly owned subsidiary Patriot Data Solutions Group, Inc. These growth activities are funded with revenues generated, in a large part, from the continuing successful Moore Microprocessor Patent™ Portfolio licensing partnership with The TPL Group. Patriot Scientific's integrated core intelligence solution addresses the critical data/information sharing needs of the healthcare industry, the Department of Homeland Security, the Department of Justice, and federal, state, and local public safety and law enforcement agencies. For more information on Patriot Scientific Corporation, visit: www.ptsc.com.