August 26, 2010 / 9:01 PM / in 7 years

UPDATE 1-Mosaid Technologies posts lower Q1 profit

* Q1 EPS C$0.44 vs C$0.63 yr-ago

* pro forma EPS C$0.73

* Rev up 14 pct

* Sees Q2 pro forma EPS C$0.59-0.63

* Sees Q2 rev C$18.5-20.0 mln

Aug 26 (Reuters) - Mosaid Technologies Inc MSD.TO reported lower first-quarter profit, hurt mainly by higher patent licensing and litigation expenses, and said it was on track to meet its FY11 targets as the intellectual property firm continues to see rising demand for its technologies.

For the second quarter, the company said it sees a pro forma net income in the range of C$7-7.5 million on a revenue of C$18.5-20.0 million. It expects to earn 59-63 Canadian cents a share for the said quarter.

Analysts on average expected the company to earn 60 Canadian cents a share, on a revenue of C$18.4 million for the second quarter, according to Thomson Reuters I/B/E/S.

For the first quarter ended July 31, Mosaid’s net income was C$5.2 million or 44 Canadian cents per share, compared with C$6.4 million, or 63 Canadian cents per share, a year ago.

It reported pro forma net income of 73 Canadian cents per share.

Revenue rose 14 percent to C$18.5 million.

Earlier this month, the intellectual property licensing firm with over 2,000 patents said Cisco Systems CSCO.O has filed a patent complaint in a U.S. court against it over royalties.

Shares of the Kanata, Ontario-based company, which have gained more than 8 percent in last three months, closed at C$21.60 Thursday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Vyas Mohan)

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