Tom Reese/Paul Rubillo, Dividend.com
InterDigital, Inc. (IDCC) said Monday that it swung to a fiscal fourth quarter profit, but still missed analysts' earnings-per-share (EPS) estimates.
The Pennsylvania-based company, which designs and develops digital wireless technologies, reported fiscal fourth quarter profits of $3.83 million, or $0.09 per share, compared to a net loss of $1.98 million, or $0.04 per share, in the same period a year ago. Revenues rose nearly 7% to $58.68 million, compared to $54.86 million in the year-ago period.
On average, Wall Street analysts were expecting fourth quarter profits of 16 cents per share on revenues of $57.36 million.
As for the full-year 2008, InterDigital reported a profit of $26.21 million, or 57 cents per share, compared with a profit of $20.00 million, 40 cents per share, in 2007. Revenues for 2008 totaled $228.47 million, down from $234.23 million in 2007.
The company said it expects recurring revenues from existing agreements in the range of $69 million to $71 million for the fiscal first quarter 2009.
Shares of InterDigital were down over 10% in late morning trading on Tuesday.
The Bottom Line
Share of IDCC are way off all-time highs of $75 hit in Dec.1999. The stock has technical support in the $24-26 price level, but this stock can be extremely streaky and volatile as well. If the stock can continue its recent strength, we see overhead resistance at the $33 level. We do not currently rate this non-dividend paying stock, but we do cover the stock's news closely.
InterDigital, Inc. (IDCC) does not currently pay a dividend.
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