MOSAID Technologies Inc. was on target in its second-quarter results released after Tuesday's market close and reaffirmed its expectations for the full fiscal year.

The company, which has been restructuring into a pure-play licensor or its intellectual property, reported net income of $4.7 million, or

43 cents a diluted share, compared to net income of $4.7 million, or 42 cents a diluted share, a year ago.

The results were almost four times what the company had forecast in August, but MOSAID attributed much of the spike to the weak U.S. dollar and the boost this provided to the bottom line due to the exchange rate on U.S. dollar-denominated liabilities.

The higher exchange rate did pinch revenues, which fell to $11.5 million from $14.8 million a year ago. Last year's Q2 was also boosted by a double payment from one licensee.

The company had forecast revenues of $11.3 million to $11.8 million for the quarter.

On a pro forma basis, profits slipped to $3.8 million, or 34 cents a diluted share, from $6.2 million, or 55 cents a diluted share, a year ago, thanks largely to the drop in revenues.

Company management, however, was upbeat on MOSAID's performance during the quarter in the face of a surging loonie.

"I am pleased that MOSAID delivered solid financial results for the second quarter, meeting revenue guidance and delivering the top end of the range on pro forma income guidance, despite challenges posed by the rapid appreciation of the Canadian dollar," chief executive John Lindgren said in a statement ahead of an evening conference call.

"Moving into the second half of fiscal 2008, we are on plan

and confident in achieving our guidance targets for the full year. We are making good progress in our wireless/wireline and semiconductor licensing programs, as we are in various stages of communication and negotiations with more than 50 companies."

For the third quarter, MOSAID is forecasting revenues of $11.5 million to $12.5 million, with pro forma income of $3.5 million to $4.5 million, or 31 to 40 cents a diluted share.

Guidance for the full year remains the same, with revenues pegged at around $55 million, with pro forma income of $20 million to $22 million, or $1.77 to $1.95 a diluted share.

MOSAID said it is also in "active discussions" with a potential buyer for its Ottawa head office campus, "on terms that would allow the company to remain as a tenant in part of the premises.

"MOSAID hopes to complete a transaction on these terms, and in the price range of $10 million to $12 million, before the end of fiscal 2008."

The latest news comes after a previous attempt to sell the campus for $14 million fell through last summer do to the would-be buyer's "internal business issues."

MOSAID's restructuring has reduced its workforce to less than 50, while its head office campus is large enough for a workforce of about 300.

The company also declared a dividend for the quarter, of 25 cents a share.