Fiscal 2007 Net Income $23.7M or $0.06Patriot Scientific Reports Fiscal 2007 Net Income $23.7M or $0.06 Diluted EPS
CARLSBAD, Calif., Aug 15, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
Patriot Scientific Corporation (OTC Bulletin Board: PTSC) 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 https://www.ptsc.com.
An investment profile on Patriot Scientific may be found at https://www.hawkassociates.com/ptscprofile.aspx.