Patriot Scientific Reports First Quarterly Profit In Its 18-Year History
Credited With Dramatic Economic Turn-Around
PTSC has also recentlyalso recently received from The Embedded Microprocessor Benchmark Consortium (EEMBC) the) the highest-ever ConsumerMark(tm) performance rating on its IGNITEÔ microprocessor.). EEMBC is an independent microprocessor testing, benchmarking and evaluation organization.
Revenue for the third quarter, which ended February 28, 2005, was approximately $2.9 million. This is up dramatically from revenue of $3,384, the amount reported for the period which ended February 29, 2004. Net income for the third quarter was approximately $600,000, compared to a net loss for the third quarter of fiscal 2004 of $975,894.
"This first ever quarterly profit," according to Jeff Wallin, president and chief executive officer," is an important milestone for Patriot Scientific Corporation. "For several years, the board and management team have been aggressively pursuing a carefully-crafted two-pronged strategy, first, to license the IGNITE(tm) technology and ,and, second, to enforce its patent portfolio. Both strategies are designedare designed to increase revenue and add shareholder value."
"This first-ever profit was the direct result of our entering into several licensing agreements with AMD," Wallin said. . "We are pursuing licensing for both our core technology, IGNITEÔ, and for our patent portfolio of seven issued patents, and our license agreement with AMD covers both IGNITEÔ and our patent portfolio".
"On behalf of our 5,809,336 patent," Wallin explained, "we are aggressively pursuing licensing revenue from companies that have been using our design without a license. We have begun licensing and promoting our newly evaluated world-class IGNITE(tm) microprocessor. AMD's endorsement of PTSC through its licensing of both our IGNITE(tm) and patent portfolio earmarks a positive inauguration of our long term growth strategy."
IGNITE(tm), the revolutionary ultra-low-power array microprocessor, intended primarily for the hand-held battery-powered applications market, received what is essentially a "best-we've-ever-tested" ConsumerMark(tm) rating from EEMBC in December, 2004; and in March, 2005, Patriot successfully completed the GNU C/C++ compiler software that will pave the way for IGNITE's adoption by manufacturers.
"With those accomplishments, and with AMD's recent licensing of this technology, we look forward to significant gains in market share for our core technology," Wallin concluded.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
About Patriot Patriot Scientific
Patriot Scientific is an intellectual property company, developing and marketing innovative and proprietary semiconductor technologies into the fast-growing handheld wireless and smart card markets. The company's portfolio of patents encompasses what is believed to be fundamental microprocessor technology and includes additional patents pending to protect its technology and architecture.
Detailed information about Patriot Scientific can be found on the website www.ptsc.com. Copies of Patriot Scientific press releases, current price quotes, stock charts and other valuable information for investors may be found on the websites www.hawkassociates.com and www.hawkmicrocaps.com.