MOSAID Announces Fourth Quarter and Year-End Results for Fiscal 2007 and Dividend



    
       Revenues up 56% year-over-year; income before discontinued
                              operations up 40%
           Quarterly dividend of $0.25 per share payable on July 26
           Ottawa real estate conditionally sold for $14.0 million
    

    OTTAWA, June 28 /CNW Telbec/ - MOSAID Technologies Incorporated (TSX:MSD)
today announced financial results for the fourth quarter and fiscal year ended
April 30, 2007.
    During the fourth quarter of fiscal 2007, MOSAID completed the sale of
certain assets of its Systems Division test equipment business to Teradyne,
Inc. and, as planned, exited the business. MOSAID also announced the focused
strategic review of its Semiconductor Intellectual Property (Semi IP) product
business and subsequently decided to divest the assets of this business.
Accordingly, the financial results for both the Systems and Semi IP businesses
have been reported as discontinued operations in the current and comparative
periods, leaving the patent licensing business, including memory technology
R&D, as the sole continuing operation.
    Revenues for continuing operations for the fourth quarter of fiscal 2007
were $12.2 million, up 24% from $9.8 million in the fourth quarter of fiscal
2006.
    Income from continuing operations for the fourth quarter of fiscal 2007
was $1.3 million compared to $3.0 million in the same period a year ago.
Operating expenses in the fourth quarter included $2.2 million in amortization
associated with acquired patents, $2.8 million in corporate restructuring
charges and Special Committee costs of $848,000 related to the Company's
strategic alternatives initiative. There were no such expenses in the fourth
quarter of fiscal 2006. As such, excluding these charges, income from
continuing operations for the fourth quarter of fiscal 2007 was $4.9 million
on an after tax basis.
    Discontinued operations contributed a net profit of $7.7 million in the
fourth quarter of fiscal 2007. Included in this result was a $17.8 million
gain on sale of assets to Teradyne and restructuring charges of $8.0 million
related to the Systems Division and the Semi IP product business.
    Net income for the fiscal 2007 fourth quarter was $9.0 million or
$0.81 per diluted share, compared with $3.1 million or $0.27 per diluted share
reported in the fourth quarter of fiscal 2006.
    Revenues from continuing operations for fiscal 2007 were $59.9 million,
up 56% from $38.5 million in fiscal 2006. Fiscal 2007 revenues included an
$8.9 million non-recurring payment from PortalPlayer, Inc. Net income from
continuing operations for fiscal 2007 was $20.5 million compared with
$14.6 million in the prior year. For the current year, operating expenses
included $3.3 million in amortization associated with acquired patents,
$2.8 million in restructuring charges and $2.8 million in Special Committee
costs. There were no such comparable costs in the prior year. As such,
excluding these charges from fiscal 2007, income from continuing operations
was $26.0 million on an after tax basis.
    During fiscal 2007, discontinued operations contributed $4.2 million to
net income compared with $851,000 in fiscal 2006.
    Net income for fiscal 2007 was $24.7 million or $2.18 per diluted share,
up 60% from net income of $15.5 million or $1.34 per diluted share in fiscal
2006.
    "I am very pleased to report that in fiscal 2007, MOSAID delivered the
best financial operating results in its 32 year history, which we achieved
during a year of substantial organizational restructuring," said John C.
Lindgren, President and Chief Executive Officer, MOSAID. "We are moving into
fiscal 2008 on solid financial ground, with a new senior management team, a
more robust patent portfolio, and a clear focus as a pure-play intellectual
property company."
    "We have strengthened our patent portfolio by acquiring fundamental
wireless patents, entering into partnerships that open up exciting licensing
opportunities, and filing patents on internally developed memory technology,"
said Lindgren. "Our immediate goal is to complete the current restructuring
plan by divesting our Semi IP product business and our real estate. This will
enable us to further concentrate our resources on the patent licensing and
innovation strategy that will fuel the next stage of MOSAID's growth, as
demonstrated by last week's announcement of a patent licensing agreement with
Etron Technology."
    The Company's cash balance and marketable securities at the end of fourth
quarter was $50.3 million, compared with $63.6 million at the end of the third
quarter of fiscal 2007. During the fourth quarter of fiscal 2007, the Company
made a US$25.0 million payment to Agere Systems in relation to the acquired
wireless patent portfolio.
    On June 28, 2007, MOSAID Technologies declared a quarterly dividend of
$0.25 per share. The dividend, which is an eligible dividend, is payable on
July 26, 2007 to shareholders of record as of July 12, 2007.
    Today MOSAID also announced the sale of its Ottawa head office campus,
consisting of a 77,000 square foot office building and 11.3 acres of land, for
$14.0 million. The building and land carry a book value of $5.4 million. As
part of the transaction, MOSAID has agreed to lease back 15,000 square feet of
office space for a five year period and has agreed to remain in the facility
as a lead tenant. Conditions of the sale include satisfactory completion of
due diligence.

    Fourth Quarter Business Highlights
    ----------------------------------

    Operating highlights during the fourth quarter of fiscal 2007 included:

    
    - The acquisition of 20 wireless patents and three applications from
      Agere Systems, now LSI Corporation. MOSAID has now notified 24
      companies of MOSAID's purchase and current ownership of this wireless
      patent portfolio;

    - Completion of the sale of certain assets of the Systems Division to
      Teradyne, Inc. for $20 million cash;

    - Stopped the development of one Semi IP product and announced an ongoing
      review of strategic alternatives for that business; and

    - The appointments of Carl Schlachte as Chairman of the Board, John
      Lindgren as President and Chief Executive Officer, and Joseph Brown as
      Vice President and Chief Financial Officer.

    Guidance
    --------

    As a result of the strategic alternatives process, the Company's
acquisition of patents from Agere Systems, and other non-cash items of income
and expense, the Company is changing the way it reports earnings on a
going-forward basis in order to more closely reflect the financial management
of the Company. As a result of this meaningful change in its financial model,
the Company will also reformat the income statement.
    Going forward, earnings will be reported using Generally Accepted
Accounting Principles and on a pro forma earnings per share basis. The
difference between pro forma earnings and GAAP earnings is due to stock-based
compensation expense, amortization of intangibles and non-recurring items, on
an after tax basis. There is no adjustment for changes in working capital
items.
    For the first quarter of fiscal 2008, MOSAID anticipates revenues of $12.0
million to $12.5 million, income from continuing operations of $2.2 million to
$2.5 million, and GAAP net income of $8.1 million to $8.4 million. The Company
expects pro forma earnings of $4.5 million to $4.8 million. For fiscal 2008,
MOSAID is guiding for revenues in the range of $55 million, income from
continuing operations of $11.0 million to $12.0 million and GAAP net income of
$16.0 million to $17.0 million. The Company anticipates pro forma earnings of
approximately $20.0 million to $22.0 million.
    On February 22, 2007, MOSAID issued guidance for revenues in the fourth
quarter of fiscal 2007 of $13.5 million to $14.0 million and net earnings of
$5.5 million to $6.5 million. As a result of reporting Semi IP as discontinued
operations for the fourth quarter and fiscal year, for comparison purposes,
the Company is tabling reformatted guidance for the fourth quarter.
Accordingly, for the fourth quarter, guidance for operating expenses would
have been $8.1 million.

    -------------------------------------------------------------------------
    Conference Call and Webcast

    Management will hold a conference call and webcast on Thursday, June 28,
    2007 at 5:00 p.m. (ET). Participants wishing to access the conference
    call should dial 1-800-926-5068. The webcast will be live at
    www.mosaid.com and will be available on MOSAID's web sit for 90 days
    following the event.
    -------------------------------------------------------------------------

    About MOSAID

    MOSAID Technologies Inc. is one of the world's leading intellectual
property companies. MOSAID develops semiconductor memory technology, and
licenses patented intellectual property in the areas of semiconductors, and
wired and wireless communications systems. MOSAID counts many of the world's
largest semiconductor companies among its customers. Founded in 1975, MOSAID
is based in Ottawa, Ontario. For more information, visit www.mosaid.com.

    Forward Looking Information

    This document and certain other public documents incorporated by reference
in this document, contain forward-looking statements to the extent they relate
to MOSAID or its management, including those identified by the expressions
"anticipate," "believe," "foresee," "estimate," "expect," "intend," "could,"
"may,", "plan," "will," "would" and similar expressions. Similarly, statements
in this document that describe MOSAID's business strategy, outlook,
objectives, plans, intentions or goals also are forward-looking statements.
These forward-looking statements are not historical facts, but rather reflect
MOSAID's current expectations regarding future events. These forward-looking
statements are subject to a number of risks and uncertainties that could cause
actual results, performance or achievements to differ materially from those in
such forward-looking statements. Assumptions made in preparing forward-looking
statements and financial guidance include, but are not limited to, the
following: MOSAID's continued expansion of its patent portfolio and of its
opportunities for future patent licensing revenue as a result of MOSAID's
acquisition of patents from third parties and from development of new
inventions; DRAM manufacturers continuing to infringe MOSAID's patents; the
timing and amount of MOSAID's litigation expenses; MOSAID's ability to sign
new patent licensees; the value proposition associated with MOSAID's products
relative to its competition in the market; the timing and amount of MOSAID's
Research & Development expenses; the timing of MOSAID's new product
introductions; MOSAID's ability to develop, manufacture, and market innovative
products in a rapidly changing technological environment; and MOSAID's ability
to maintain and enhance existing customer relationships.
    Factors that could cause actual results to differ materially from expected
results include, but are not limited to, the following: declines or unexpected
variations in market growth rates for MOSAID's products; the extent of
embedded DRAM proliferation in the System-on-a-Chip markets; variability in
customer deployment schedules from quarter to quarter; shifts in the mix of
MOSAID products sold; unfavorable legal rulings in MOSAID's patent
litigations; economic, social, and political conditions in the countries in
which MOSAID, its customers, suppliers, or patent licensees operate, including
security risks, health conditions, possible disruptions in transportation
networks and fluctuations in foreign currency exchange rates; non-payment or
delays in payment by customers/licensees; failure to maintain and enforce
MOSAID's existing patent portfolio, or failure to obtain valuable patents as a
result of research and development activities, or failure to acquire valuable
patents from third parties; MOSAID's ability to recruit and retain skilled
personnel; change in MOSAID's financial position; obsolescence of products or
inappropriate targeting to markets that fail to materialize; inability to
transition to new technologies to meet customer demand; variations in average
sales cycles; key component supply restrictions and/or cost increases;
critical industry transitions; consolidation of MOSAID's customers and/or
licensees; natural events, such as severe weather and earthquakes in the
locations in which MOSAID, its customers, suppliers, or patent licensees
operate; and changes in the tax rate applicable to MOSAID as the result of
changes in the tax law in the jurisdictions in which profits are determined to
be earned and taxed, the outcome of tax audits and the ability to realize
deferred tax assets.
    MOSAID assumes no obligation to update or revise any forward-looking
statements. Additional information identifying risks and uncertainties
affecting MOSAID's business and other factors that could cause MOSAID's
financial results to fluctuate are contained in MOSAID's Annual Information
Form, under the section entitled "Risk Factors," and in MOSAID's other public
filings available online at www.sedar.com.


                   FINANCIAL STATEMENTS AND NOTES TO FOLLOW


    MOSAID TECHNOLOGIES INCORPORATED
    (SUBJECT TO THE CANADA BUSINESS CORPORATIONS ACT)

    Consolidated Balance Sheets
    (in thousands of Canadian Dollars)

                                                     April 30,     April 30,
                                                          2007          2006
                                                     (audited)     (audited)
    -------------------------------------------------------------------------
    Current Assets
    Cash and cash equivalents                        $  23,396     $  15,542
    Marketable securities                               26,876        55,788
    Accounts receivable                                 12,626         7,113
    Income taxes receivable                                  -           381
    Inventories                                              -         1,779
    Prepaid expenses                                       618         1,700
    Future income taxes recoverable                     10,278        11,910
    -------------------------------------------------------------------------
                                                        73,794        94,213

    Capital assets                                       1,067         9,328
    Acquired intangibles                                76,823         5,385
    Long-term receivable                                 1,734             -
    Goodwill                                             1,786         1,786
    Long-term assets held for sale                       7,028             -
    Future income taxes recoverable                     24,468        27,439
    -------------------------------------------------------------------------
                                                     $ 186,700     $ 138,151
    -------------------------------------------------------------------------
    Current Liabilities
    Accounts payable and accrued liabilities         $  16,091     $   7,653
    Income taxes payable                                     -           381
    Deferred revenue                                       542        10,545
    Mortgage payable                                     4,346           244
    Current portion of other long-term liabilities       5,239             -
    -------------------------------------------------------------------------
                                                        26,218        18,823

    Mortgage payable                                         -         4,346
    Other long-term liabilities                         38,313             -
    -------------------------------------------------------------------------
                                                        64,531        23,169
    -------------------------------------------------------------------------
    Shareholders' Equity
    Share capital                                      102,276       102,476
    Contributed surplus                                  2,992         2,630
    Retained earnings                                   16,901         9,876
    -------------------------------------------------------------------------
                                                       122,169       114,982
    -------------------------------------------------------------------------
                                                     $ 186,700     $ 138,151
    -------------------------------------------------------------------------


    See accompanying Notes to the Consolidated Financial Statements.


    MOSAID TECHNOLOGIES INCORPORATED
    Consolidated Statements of Operations and Retained Earnings
    (in thousands of Canadian Dollars, except per share amounts)


                           Quarter       Quarter          Year          Year
                             ended         ended         ended         ended
                         April 30,     April 30,     April 30,     April 30,
                              2007          2006          2007          2006
                       (unaudited)   (unaudited)     (audited)     (audited)
    -------------------------------------------------------------------------

    Revenues             $  12,204      $  9,803     $  59,981     $  38,528

    Operating Expenses
    Research
     and development         1,549         1,201         7,335         4,169
    Selling and marketing    4,190         2,382         8,928         6,351
    General and
     administration          1,140         1,807         6,827         6,561
    Restructuring            2,764             -         2,764             -
    Special Committee          848             -         2,812             -
    -------------------------------------------------------------------------
                            10,491         5,390        28,666        17,081
    -------------------------------------------------------------------------

    Income from operations   1,713         4,413        31,315        21,447
    Net interest income
     (Note 2)                  559           421         2,399         1,422
    Write-down of long-term
     investment                  -            67             -            67
    -------------------------------------------------------------------------
    Income before income
     tax expense and
     discontinued
     operations              2,272         4,767        33,714        22,802
    Income tax expense       1,001         1,795        13,189         8,170
    -------------------------------------------------------------------------

    Income before
     discontinued
     operations              1,271         2,972        20,525        14,632
    Discontinued
     operations
     (net of tax)            7,772           163         4,184           851
    -------------------------------------------------------------------------
    Net income               9,043         3,135        24,709        15,483
    Dividends                2,757         2,267        11,102         7,450
    Normal course issuer bid     -         3,379         6,582         6,320
    Retained earnings,
     beginning of period    10,615        12,387         9,876         8,163
    -------------------------------------------------------------------------
    Retained earnings,
     end of period       $  16,901      $  9,876     $  16,901     $   9,876
    -------------------------------------------------------------------------

    Earnings per share
    Basic - before
     discontinued
     operations          $    0.12      $   0.26     $    1.85     $    1.28
    Diluted - before
     discontinued
     operations          $    0.11      $   0.26     $    1.81     $    1.26

    Basic -
     net earnings        $    0.82      $   0.28     $    2.23     $    1.35
    Diluted -
     net earnings        $    0.81      $   0.27     $    2.18     $    1.34
    -------------------------------------------------------------------------
    Weighted average
     number of shares
    Basic               11,023,860    11,317,302    11,103,185    11,441,201
    Diluted             11,216,133    11,508,277    11,321,298    11,572,706
    -------------------------------------------------------------------------

    See accompanying Notes to the Consolidated Financial Statements.


    MOSAID TECHNOLOGIES INCORPORATED
    Consolidated Statements of Cash Flows
    (in thousands of Canadian Dollars)


                           Quarter       Quarter          Year          Year
                             ended         ended         ended         ended
                         April 30,     April 30,     April 30,     April 30,
                              2007          2006          2007          2006
                       (unaudited)   (unaudited)     (audited)     (audited)
    -------------------------------------------------------------------------
    Operating
    Income before
     discontinued
     operations          $   1,271      $  2,972     $  20,525     $  14,632
    Items not
     affecting cash
      Amortization           1,772            89         3,025           372
      Stock-based
       compensation            765           396         1,831         1,347
      Writedown of
       capital assets        1,652            61         1,794            85
      Future income
       tax recoverable         474        (1,270)        4,603           764
      Write-down of
       investments               -            67             -            67
    -------------------------------------------------------------------------
                             5,934         2,315        31,778        17,267

    Change in non-cash
     working capital items
     from continuing
     operations             13,433        10,571        (1,837)        8,867
    -------------------------------------------------------------------------
                            19,367        12,886        29,941        26,134
    -------------------------------------------------------------------------
    Investing
    Acquisition of
     capital assets
     and acquired
     intangibles           (30,654)          (10)      (36,175)         (153)
    Acquisition of
     marketable
     securities            (10,656)      (20,094)      (88,638)     (192,508)
    Proceeds on maturity/
     disposal of marketable
     securities             35,876        23,457       117,550       195,434
    -------------------------------------------------------------------------
                            (5,434)        3,353        (7,263)        2,773
    -------------------------------------------------------------------------
    Financing
    Repayment of mortgage      (61)          (57)         (244)         (225)
    Repurchase of shares         -        (5,031)       (9,996)       (9,997)
    Dividends               (2,757)       (2,267)      (11,102)       (7,450)
    Issue of common shares     575         1,893         1,745         3,259
    -------------------------------------------------------------------------
                            (2,243)       (5,462)      (19,597)      (14,413)
    -------------------------------------------------------------------------

    Net cash inflow from
     continuing operations  11,690        10,777         3,081        14,494
    Net cash inflow
     (outflow)
     from discontinued
     operations                235        (2,152)        4,773        (6,035)
    -------------------------------------------------------------------------
    Net cash inflow         11,925         8,625         7,854         8,459
    Cash and cash
     equivalents,
     beginning
     of period              11,471         6,917        15,542         7,083
    -------------------------------------------------------------------------
    Cash and cash
     equivalents,
     end of period       $  23,396      $ 15,542     $  23,396     $  15,542
    -------------------------------------------------------------------------

    See accompanying Notes to the Consolidated Financial Statements.


    MOSAID TECHNOLOGIES INCORPORATED
    Discontinued Operations
    (in thousands of Canadian Dollars)


                               Quarter Ended                Year Ended
                          April 30      April 30      April 30     April 30
                              2007          2006          2007         2006
                       (unaudited)   (unaudited)     (audited)     (audited)


    Revenues             $   8,553      $  7,070     $  22,084     $  25,371

    Expenses
    Labour and materials     2,073         1,963         5,736         7,571
    Research and development 5,849         4,076        16,240        10,824
    Selling and marketing    2,868         1,727         7,899         6,624
    Bad debt                     -             -            88          (446)
    Restructuring            7,991             -         7,991             -
                            18,781         7,766        37,954        24,573

    Earnings (loss)
     from operations       (10,228)         (696)      (15,870)          798
    Gain on sale of assets  17,806             -        17,806             -
    -------------------------------------------------------------------------
    Earnings before tax      7,578          (696)        1,936           798
    Tax (recovery)            (194)         (859)       (2,248)          (53)
    -------------------------------------------------------------------------
    Discontinued operations
     (net of tax)         $  7,772      $    163     $   4,184     $     851
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    MOSAID TECHNOLOGIES INCORPORATED
    NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
    Quarter ended April 30, 2007

    (tabular dollar amounts in thousands of Canadian Dollars, except per
    share amounts)

    1.  Basis of Presentation

    The accompanying unaudited financial statements have been prepared in
accordance with Canadian generally accepted accounting principles for interim
financial information.  Accordingly, they do not include all of the
information and notes required by generally accepted accounting principles for
annual financial statements.
    In the opinion of management, all adjustments consisting of normal
recurring adjustments, considered necessary for a fair presentation of the
Company's financial position, results of operations and cash flows have been
included. Operating results for the interim period presented are not
necessarily indicative of the results to be expected for any subsequent
quarter or for the full fiscal year ending April 30, 2007.
    The accounting policies used in preparing these interim financial
statements are consistent with those used in preparing the annual financial
statements.

    2.  Net Interest Income

    Net interest income comprises the following:

                           Quarter       Quarter          Year          Year
                             ended         ended         ended         ended
                         April 30,     April 30,     April 30,     April 30,
                              2007          2006          2007          2006
                         ----------------------------------------------------

    Interest income           $647          $546        $2,760        $1,835
                         ----------------------------------------------------
    Interest expense            88           125           361           413
                         ----------------------------------------------------
                              $559          $421        $2,399        $1,422
                         ----------------------------------------------------

    3.  Stock-based Compensation

    The Company has an Employee Stock Purchase Plan (ESPP) whereby employees
may elect to designate up to 5% of their annual salary to purchase common
shares of the Company (Shares). For two six month periods commencing on the
second business day after the Company's second quarter or fiscal year end
financial results are publicly announced (each an "Offering Period"), eligible
employees are given an opportunity to request that a percentage of their
salary be deducted each pay period for the purpose of acquiring Shares. The
purchase price under the ESPP is the lesser of 90% of the fair market value of
the Shares, as determined by calculating the weighted average sale price for
board lots as posted on the TSX the ten trading days immediately preceding (i)
the first day of the Offering Period in which the purchase date falls or (ii)
the purchase date. The Shares are not considered to be issued by the Company
until the end of the six month period.
    Also, the Company has an Employee and Director Stock Option Plan. The
exercise price is no lower than the market price on the date of grant. Options
granted under the Plan expire within a period of six years of granting, with
vesting periods determined by the Human Resource Committee.

    The Company employs a fair value method of accounting for all options
issued to employees or directors on or after April 27, 2002. The fair value of
options issued in the quarter was calculated using the Black-Scholes option
pricing model and the following assumptions:

                                                       Quarter       Quarter
                                                         ended         ended
                                                     April 30,     April 30,
                                                          2007          2006
                                                   --------------------------

    Risk free interest rate                                4.1%          4.1%
    Expected life in years                                 5.5           5.5
    Expected dividend yield                                3.6%          3.1%
    Volatility                                           57.49%        78.69%


    4.   Business Segment Information

    Based upon the Company's internal reporting structure, the following
operating segments have been assigned:

    Intellectual Property (IP):    A developer and licensor of semiconductor
                                   intellectual property.

    Systems:                       A supplier of engineering memory test and
                                   analysis systems.

    The significant accounting policies of the above segments are the same as
those described in Note 1. Intersegment sales are recorded at cost.


    Segment information
    (in thousands of Canadian Dollars)


    Year ended
    April 30, 2007                            IP  Discontinued
    (audited)                           Division    Operations        Totals
                                                           and
                                                      Held for
                                                          Sale
    ------------------------------------------------------------------------
    Revenues from external customers    $ 59,981     $  22,084     $  82,065
    Segment profit                      $ 20,525     $   4,184     $  24,709
    Segment assets (*)                  $ 77,890     $   7,028     $  84,918
    Expenditure on segment assets (*)   $ 79,727     $     798     $  80,525
    Amortization and write-down of
     segment assets (*)                 $  3,170     $   7,150     $  10,320
    Goodwill                            $      -     $   1,786     $   1,786
    ------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Year ended
    April 30, 2006                            IP  Discontinued
    (audited)                           Division    Operations        Totals
    -------------------------------------------------------------------------
    Revenues from external customers    $ 38,528     $  25,371     $  63,899
    Segment profit                      $ 14,632     $     851     $  15,483
    Segment assets (*)                  $  1,333     $  13,380     $  14,713
    Expenditure on segment assets (*)   $    219     $   7,557     $   7,776
    Amortization and write-down of
     segment assets (*)                 $    457     $   2,024     $   2,481
    Goodwill                            $      -     $   1,786     $   1,786
    -------------------------------------------------------------------------


    Quarter ended
    April 30, 2007                            IP  Discontinued
    (unaudited)                         Division    Operations        Totals
    -------------------------------------------------------------------------
    Revenues from external customers    $ 12,204     $   8,553     $  20,757
    Segment profit                      $  1,271     $   7,772     $   9,043
    Segment assets (*)                  $ 77,890     $   7,028     $  84,918
    Expenditure on segment assets (*)   $ 62,528     $      14     $  62,542
    Amortization and write-down of
     segment assets (*)                 $  1,817     $   5,276     $   7,093
    Goodwill                            $      -     $   1,786     $   1,786
    -------------------------------------------------------------------------



    Quarter ended
    April 30, 2006                            IP  Discontinued
    (unaudited)                         Division    Operations        Totals
    -------------------------------------------------------------------------
    Revenues from external customers    $  9,803     $   7,070     $  16,873
    Segment profit                      $ 14,632     $     851     $  15,483
    Segment assets (*)                  $  1,333     $  13,380     $  14,713
    Expenditure on segment assets (*)   $     10     $     575     $     585
    Amortization and write-down of
     segment assets (*)                 $    150     $     653     $     803
    Goodwill                            $      -     $   1,786     $   1,786
    -------------------------------------------------------------------------
    

    (*) Segment assets includes acquired intangibles but not goodwill
    %SEDAR: 00002240E




For further information:

For further information: Investor Inquiries: Michael Salter, Director,
Investor Relations and Corporate Communications, (613) 599-9539 x1205,
salter@mosaid.com; Media Inquiries: Colleen McGuire, Communications
Specialist, (613) 599-9539 x1228, mcguire@mosaid.com

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