SAN JOSE, Calif. — Following a management shakeup, Mosaid Technologies Inc. has decided to divest the assets of its semiconductor intellectual property product business.
Mosaid also announced the sale of its Ottawa-based head office campus, consisting of a 77,000-square-foot office building and 11.3 acres of land, for $14.0 million.
"We have strengthened our patent portfolio by acquiring fundamental wireless patents, entering into partnerships that open up exciting licensing opportunities, and filing patents on internally developed memory technology," said John Lindgren, president and CEO of Mosaid, in a statement.
"Our immediate goal is to complete the current restructuring plan by divesting our Semi IP product business and our real estate. This will enable us to further concentrate our resources on the patent licensing and innovation strategy that will fuel the next stage of Mosaid's growth,'' he said.
Revenues for continuing operations for the fourth quarter of fiscal 2007 were $12.2 million, up 24 percent from $9.8 million in the fourth quarter of fiscal 2006.
Net income for the fiscal 2007 fourth quarter was $9.0 million or $0.81 per diluted share, compared with $3.1 million or $0.27 per diluted share reported in the fourth quarter of fiscal 2006.