June 6, 2011 / 11:31 AM / 6 years ago

UPDATE 1-Wilan Q1 profit soars helped by license agreements

* Q1 EPS $0.17 vs $0.01 yr ago

* Q1 revenue up 65 pct to $26.3 mln (Follows alerts)

June 6 (Reuters) - Technology licensing firm Wi-LAN Inc’s first-quarter profit soared boosted by revenue from agreements with Intel Inc and also helped the Canadian company back its full-year outlook.

Net income for the January-March period was $19.8 million, or 17 cents a share, compared with $1.1 million, or one cent a share, a year ago. Adjusted earnings were 11 cents a share.

Wi-LAN, which develops and licenses intellectual property for products in the communications and consumer electronics markets, said revenue rose 65 percent to $26.3 million.

Wi-LAN said agreements signed with companies like Broadcom Corp and Motorola Mobility in the quarter not only helped boost revenue, but the end of the lawsuits with such companies would also cut its litigation costs in the future.

Litigation expenses in the quarter ballooned to $11.4 million from $3.8 million in the year-ago quarter.

The company, which also signed a patent licensing deal with Cisco Systems Inc in April, said it still expects fiscal 2011 revenue of about $110 million-$115 million.

Shares of the company closed at C$7.27 on Friday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Savio D‘Souza)

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