MOSAID chief executive John Lindgren. (Photo by Darren Brown, OBJ)

MOSAID Technologies Inc. posted lower revenues and profits in its fiscal 2008 year, but fourth-quarter sales were up compared to a year earlier and the company reported its fourth consecutive year of profitability.

The Ottawa-based company said fiscal 2008 revenues fell to $55.1 million from $60 million a year earlier, while net income declined 25.1 per cent to $18.5 million or $1.67 per diluted share.

While revenues were in line with MOSAID's previous guidance, net income trailed the company's profit expectations of between $19 million and $20 million.

However, the picture was brighter for the fourth quarter alone, for while profits for the period decreased to $5.4 million or 50 cents per share, from $9 million or 81 cents per share a year earlier, fourth-quarter revenues rose by roughly 39 per cent to $17 million. The numbers also hit the company's targets, with MOSAID having previously predicted profits of $5.1 million to $5.8 million, on revenues of $16 million to $17 million.

"Although a strong Canadian dollar exerted downward pressure on revenues, we uccessfully met or surpassed our financial and operational objectives, including signing our first wireless patent licence, relicensing our first term licensee, and further diversifying our semiconductor patent portfolio through an exclusive sublicensing agreement with LSI Corp.," said MOSAID chief executive John Lindgren in a statement.

The company noted that the $9 million in profits for the fourth period included $7.8 million in net profit from discontinued operations, and that pro forma income of $6.1 million was actually up from the $3.8 million recorded a year earlier.

MOSAID is expecting first-quarter revenues of $12 million to $13 million, and pro forma income of between $3.2 million to $4 million, or 29 cents to 36 cents per diluted share. Full-year revenues are anticipated to between $59 million and $61 million, while pro forma earnings are predicted to be between $20 million and $21 million, or $1.90 to $2 per share.