Wi-LAN Inc. (TSX:WIN) cut its first-quarter loss to less than half compared with a year ago when the patent licensing firm was hit by foreign exchange losses and a charge related to a refinancing.
© Mark Holleron
WiLAN CEO Jim Skippen.
The local patent licensing company, which reports in U.S. dollars, said Wednesday the loss for the quarter ended March 31 was US$6.4 million or five cents per share, an improvement over a loss of $14.4 million or 12 cents per share a year ago.
However, revenue from royalties declined to US$18.4 million from US$24.7 million.
Adjusted earnings were $1.3 million or a penny per share, down from $15.4 million, or 13 cents per share, in the comparative period, due to lower revenue and higher litigation expenses.
"Our revenues, expenses and adjusted earnings all came in better than our guidance for the quarter,” said WiLAN president and CEO Jim Skippen in a statement.
During the quarter, WiLAN record a unrealized foreign exchange gain of US$944,000 compared with a loss of US$5.4 million in the year-earlier period. As well, in the 2012 first quarter, the company incurred $31.1 million in expenses related to a debenture financing, partly offset by an income tax recovery of $4.3-million.
The company also announced Wednesday that it has initiated litigation against BlackBerry (formerly Research in Motion) for patent infringement in Florida. The suit claims infringement on a patent relating to LTE-compliant mobile handsets.