KING OF PRUSSIA, Pa.-InterDigital Communications Corp. posted a slight rise in revenues but reversed its profits from a year ago with a $900,000 loss in its first quarter. The company’s stock was down slightly after the news to $14.77 per share.
“I am pleased with the company’s performance during first-quarter 2005. We continued to see the beneficial effect of a larger licensee and customer base, as a decline in the royalties from NEC was offset by both increased royalties from other licensees, including Sharp, and revenues associated with our strong performance under our contract with General Dynamics,” said William Merritt, the company’s president and chief executive officer. “As we move through the year, my focus as CEO will be to grow revenues through the addition of new patent and technology licensees, and to scrutinize our cost structure and investment decisions, making changes as appropriate to enhance the financial performance of the company.”
In its first quarter. InterDigital posted revenues of $35.5 million, up 8 percent over the same quarter a year ago. The company’s net loss contrasts with its $5.8 million in net income in the year-ago quarter.
