CARLSBAD, Calif., April 11, 2011 /PRNewswire/ -- Patriot Scientific Corporation (OTCBB: PTSC) today reported the filing of its report on Form 10-Q for its third fiscal 2011 quarter ended February 28, 2011.
For the three month periods ended February 28, 2011 and 2010, the Company's revenues were $0.1 and $0.2 million, respectively. The Company earned pre-tax income of $2.5 million during the February 2011 quarter, and incurred a pre-tax loss of $1.9 million for the same period of the prior fiscal year. For the nine month periods ended February 28, 2011 and 2010, the Company's revenues were $0.3 million, with pre-tax losses totaling $2.9 and $9.3 million, respectively. The Company's cash, cash equivalents and marketable securities at February 28, 2011 total $11.5 million.
Included in the Company's pre-tax results for the quarter ended February 28, 2011 is $2.3 million from its equity investment in Phoenix Digital Solutions, the joint venture owned by the Company and the privately-held TPL Group, as well as $1.0 million resulting from the settlement of an action filed by the Company in San Diego Superior Court in April 2010.
The Company's after-tax net loss of $5.6 million for the February 2011 quarter includes a provision for income taxes of $8.1 million as a result of recording a valuation allowance against the Company's deferred tax assets. This write-down of the deferred tax assets via a valuation allowance was based on authoritative financial accounting guidance, and represents a non-cash charge to the statement of operations.
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.
Patriot Investor Relations
SOURCE Patriot Scientific Corporation