Ottawa-based WiLAN closed out 2014 with fourth-quarter revenues of $22.1 million, exceeding guidance by seven per cent, the company announced Thursday.
The intellectual property licensing company posted adjusted earnings of $12.2 million, or 10 cents per share, which also exceeded the high end of guidance by 32 per cent.
While fourth-quarter revenues were lower than in the previous year, they still contributed to 2014 year-end revenues of $98.3 million, which were up 11 per cent over 2013.
Adjusted earnings for the year were $58.7 million, or 49 cents per share, compared with $17.6 million, or 15 cents per share, in 2013.
“We are pleased with the operational and financial performance that our business delivered in 2014,” CEO Jim Skippen said in a statement, adding the the company’s 17 new partnerships in a wide range of industries “generated millions of dollars” for the company and its partners.
As of Dec. 31, 2014, WiLAN (TSX:WIN) (NASDAQ:WILN), had cash, cash equivalents and short-term investments worth $127.6 million.
In the fourth quarter, the company increased its dividend five percent, returning $5.4 million to investors in the quarter. Over the course of the year, WiLAN shareholders received $19.2 million in dividends and share buyback payments.
Looking ahead to the first quarter of 2015, WiLAN expects revenues to be at least $17.5 million, with adjusted earnings of between $2.2 million and $3.2 million.