WordLogic Reports First Quarter Results
Record March Quarter License Sales of Patents
Net Profit Increases 668% Year-Over-Year
VANCOUVER, BRITISH COLUMBIA--(Korea Newswire) May 22, 2012 -- WordLogic® (OTCQB: WLGC) today announced financial results for its fiscal 2012 first quarter ended March 31, 2012. The Company posted quarterly revenue of $5 million and quarterly net profit of $3.8 million, or $.05, basic net income per share and $.04 diluted net income per share. These results compare to revenue of $10 and net loss of $.67 million, or $.10 basic and diluted net loss per share, in the year-ago quarter. Licensed patent sales accounted for 99 percent of the quarter's revenue.
“For the first time in the history of WordLogic, we achieved a significant licensing deal which leveraged our substantial intellectual property portfolio,” said CEO Frank Evanshen, “and to generate a $.05 per share earnings for this first quarter is tremendous and only the beginning of our expected success this coming year.”
Mr. Evanshen continued, “As we look ahead to the remainder of 2012 and beyond, we are well prepared and positioned to continue improving our operating results by controlling costs and capitalizing on new licensing opportunities as well as launching WordLogic patented predictive products for the mobile and tablet marketplace globally.”
WordLogic demonstrated the new WordLogic Android Mobile App at CTIA Wireless 2012 May 8-10, 2012 in New Orleans, La.
WordLogic Corporation (OTCQB: WLGC) develops, markets, licenses and sells advanced predictive platform software designed to accelerate information discovery and text input. The Company‘s innovations operate on a wide variety of devices, including smartphones, PCs, cell phones, Smart TV, media players, automotive navigational systems, infotainment and game consoles. The Company’s intellectual property portfolio includes six issued U.S. and European patents and three pending U.S. patent applications.
For more information about WordLogic Corporation, visit www.wordlogic.com. To send a message via Twitter, contact us at www.twitter.com/wordlogiccorp, or visit us on Facebook, www.facebook.com/wordlogiccorp. WordLogic headquarters are located at 1130 West Pender Street, Suite 230, Vancouver, BC, Canada.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements and are subject to risks and uncertainties. See WordLogic's filings with the US Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.