CALGARY—Wi-Lan Incorporated shares soared 20.9 percent after the Calgary-based maker of wireless data communications equipment said it will meet revenue targets for 2002. Its stock was up 42 Canadian cents to C$2.43 (US$1.55) a share on the Toronto Stock Exchange on Wednesday.
The company reported a jump in unaudited second-quarter revenues ended 30 April of C$6.2 million (US$3.9 million), up 29 percent compared with its first quarter revenues of C$4.8 million (US$3.1 million) and flat against the second quarter a year earlier.
The manufacturer also said sales to Asia showed “significant growth” in the second quarter and renewed strength is generally seen across all geographic markets. It expects to exceed its fiscal 2001 revenues of C$24.8 million (US$15.8 million) in the year ending 31 October.
Wi-Lan said its cash balance in April was C$8.4 million (US$5.4 million), compared with C$4.8 million on 31 January. This cash balance is expected to “be adequate to sustain the company’s current operations indefinitely,” according to the company release.
