March 3, 2011 / 9:34 PM / 7 years ago

UPDATE 1-Mosaid Tech Q3 profit triples; hikes FY11 outlook

* Q3 EPS C$0.61 vs C$0.21 last yr

* Rev up 14 pct

March 3 (Reuters) - Canadian patent-licensing firm Mosaid Technologies Inc’s quarterly profit more than tripled, helped by a rise in royalty payments, and the company hiked its full-year earnings outlook for the second time.

Mosaid, which signed a 5-year patent licensing deal with IBM in December, raised its full-year adjusted earnings forecast to C$2.79-C$2.85 per share from its prior view of C$2.62-C$2.74 per share.

The company also raised the lower end of its 2011 revenue forecast by C$1.9 million. It now expects full-year revenue of C$78.9-C$80 million.

For the third quarter, the company, whose largest competitor is Ottawa-based Wi-LAN Inc , earned C$7.4 million, or 61 Canadian cents per share, compared with C$2.2 million, or 21 Canadian cents per share, a year ago.

Pro-forma earnings were 78 Canadian cents per share.

Revenue rose 14 percent to C$20.2 million.

Ontario-based Mosaid’s shares closed at C$29.51 on Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal)

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