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InterDigital, Inc. (NASDAQ: IDCC), a wireless research and development company, today announced results for the fourth quarter and full year ended December 31, 2012.
Highlights for fourth quarter 2012:
Revenue of $87.9 million;
Net income of $15.5 million, or $0.38 per diluted share; and
Ending cash and short-term investments totaling $577.3 million.
Highlights for full year 2012:
Record revenue of $663.1 million and net income of $271.8 million, or $6.26 per diluted share;
Free cash flow 1 of $145.7 million; and
$235.8 million returned to shareholders in share repurchases and regular and special dividend payments.
“By all measures we delivered a stand-out year, characterized by meeting the objectives we'd discussed at the start of 2012,” commented William J. Merritt, President and CEO. “We began the year by expanding our strategy to include patent sales, and then successfully executed on that strategy, concluding transactions that drove an additional $384 million in revenue. In the fall of 2012, we announced another enhancement of our strategy and the formation of InterDigital Solutions, a new group with the goal of commercializing our technologies through key industry partnerships. We followed this up by announcing, at the very start of 2013, the first such partnership with Sony involving the exciting area of wireless machine-to-machine communications and services, where InterDigital has been a long-term innovator. All of that came on top of exceptionally strong performance from our core terminal unit licensing team, which launched our LTE licensing efforts with nine new, renewed or expanded patent license agreements—including agreements with Sony and Blackberry—all of which aligned with our long-term licensing strategy.”
“As a result of executing on our enhanced strategy and fulfilling these commitments, we delivered our strongest financial year ever, with record revenue, cash flow and profit,” continued Mr. Merritt. “We have equally high hopes for this year. With our restructured Innovations Group, we expect to create a greater quantity and more diverse set of inventions, touching on a broader range of wireless devices and services, at a lower cost. We will look for our Solutions Group to extend its success with new partnerships involving some of our other exciting technologies, like our Smart Access technologies. And we expect our licensing teams to continue their success, driving new and renewed license agreements and expanding our revenue base. With a strong cash position, solid strategy and no shortage of opportunities to pursue, we look forward to delivering another banner year.”