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Patriot Scientific Corporation Releases Second Fiscal Quarter Report
Jan 14, 2011 (05:01 PM EST)
CARLSBAD, Calif., Jan. 14, 2011 /PRNewswire/ -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC) today reported the filing of its report on Form 10-Q for its second fiscal 2011 quarter ended November 30, 2010.
For the three month periods ended November 30, 2010 and 2009, the Company's revenues were $0.1 million, with net losses totaling $1.5 and $2.7 million, respectively. For the six month periods ended November 30, 2010 and 2009, the Company's revenues were $0.2 million, with net losses totaling $3.5 and $4.7 million, respectively. The Company's cash and cash equivalents at November 30, 2010 total $10.4 million.
The Company's net loss of $1.5 million during the current quarter includes losses of $0.3 million from its equity investment in Phoenix Digital Solutions, the joint venture owned by the Company and the privately-held TPL Group, and $0.6 million in non-cash charges associated with a write-off of goodwill.
As a reminder, the Company's annual stockholders meeting will be held on Wednesday, January 19, 2011, at 10:00 AM Pacific Time. The meeting will be held in a virtual forum via the Internet. To participate in the meeting stockholders will need to have their 12-Digit control number as supplied with their proxy materials when logging into https://virtualshareholdermeeting.com/PTSC . Stockholders who hold Patriot shares through their brokerage accounts and who have misplaced their control numbers will need to contact their broker prior to the meeting.
About Patriot Scientific Corporation
Headquartered in Carlsbad, California, Patriot Scientific Corporation ("PTSC") is the co-owner of the Moore Microprocessor Patent™ Portfolio licensing partnership with The TPL Group. For more information on Patriot Scientific Corporation, visit: www.ptsc.com.
Statements in this press release which are not purely historical, including statements regarding Patriot Scientific Corporation's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended May 31, 2010. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Patriot Scientific Corporation disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
SOURCE Patriot Scientific Corporation