OTC Bulletin Board

S & P Company Insight for PATRIOT SCIENTIFIC
 
 Profile

 
Business Summary: Patriot Scientific Corporation, an intellectual-property licensing company, engages in the design, development, and sale of technologies for microprocessor chips in the United States. The company's technologies are used in computers, cameras, printers, automotive, and industrial devices.
 
Address
  6183 Paseo Del Norte, Suite 180
  Carlsbad , CA 92011-1153
  Phone: 760-547-2700
  Fax: 760-547-2705
  Website: http://www.ptsc.com
Auditor
  KMJ Corbin & Company
  Irvine
Transfer Agent
  Interwest Transfer Co. Inc.
Employees:  31
ShareHolders:  748
Founded:  1987
Domicile:  Delaware
 
  
 
 Background

 
Patriot Scientific Corporation, an intellectual-property licensing company, engages in the design, development, and sale of technologies for microprocessor chips in the United States. The company's technologies are used in computers, cameras, printers, automotive, and industrial devices. It also provides data sharing and secure data solutions for the critical data/information sharing needs of the healthcare industry, the Department of Homeland Security, and the Department of Justice, as well as of federal, state, and local public safety and law enforcement agencies. The company was founded in 1987 and is based in Carlsbad, California.
History:  INCORPORATED in Delaware Mar. 24, 1992, to merge Patriot Financial Corp. (incorporated in Colorado June 10, 1987) on the basis of one Common share for every three shares of Patriot Financial Corp. May 12, 1992. September 1, 2008, acquired all of the outstanding shares of Crossflo Systems, Inc. The aggregate purchase price was $10,225,800, including $2,818,986 of cash, $824,600 of convertible notes and Common stock valued at $6,582,214 (26,988,455 shares).
 
Subsidiaries:
Patriot Data Solutions Group, Inc.
Plasma Scientific Corporation
 
Backlog
YearCurrencyAmount
2009US Dollars0(thousand)
2008US Dollars0(thousand)
2007US Dollars0(thousand)
 
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2009  58
  2008  28
  2007  6
 
Research and Development Expenditures, thousand. US Dollars
  Year  Amount
  2009  511
  2008  0
  2007  0
 
  
 
 Management

 

Management
OfficersPosition
 Clifford L. FlowersSecretary, Chief Financial Officer, Chief Accounting Officer & Chief Executive Officer
 Otto E. SorensonGeneral Counsel
 Angela  HartleyInvestor Relations Contact

Directors
 Helmut  Falk
 Helmut  Falk, Jr.
 Gloria H. Felcyn
 Carlton M. Johnson, Jr.
 Dharmesh  Mistry
 Donald E. Schrock
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  200920082007
REVENUES
Product Sales and Other4,761,2713,708,218638,784
License and Service Revenue593,451--
Total Revenues5,354,7223,708,218638,784
EXPENSES
License and Service Revenue(287,911)--
Product Sales and Other(2,136,264)(1,510,450)(319,374)
Selling, General and Administrative(8,561,938)(6,964,861)(7,558,712)
Research, Development and Engineering Costs(510,848)--
Amortization of Purchased Intangibles(661,761)--
Impairment of Goodwill(235,897)--
Interest Expense(66,933)(389)(355)
Equity in Earnings (Loss) of Affiliated Company9,704,66919,917,76848,965,084
Impairment of Investment in Affiliated Company(866,667)-(126,746)
Interest and Other Income346,7551,470,008714,790
Loss on Sale of Assets(1,733)(4,139)(3,163)
Gain on Sale of Subsidiary Interest-150,000-
Settlement and License Expense-(836,400)(7,524,537)
Impairment of Notes Receivable--(339,551)
Earnings before Taxes2,076,19415,929,75634,446,220
TAXES AND OTHER EXPENSES
Provision for Income Tax(964,129)(6,426,029)(10,755,033)
Minority Interest (After Tax)(230,556)(115,406)-
Net Income (Loss)881,5099,388,32123,691,188
SUPPLEMENTARY INFO
Gross Profit/loss2,268,7862,197,768319,410
Operating Income (Loss)(7,039,897)(5,603,493)(14,763,839)
Basic EPS - Continuing OperationsNil0.020.06
Diluted EPS - Continuing OperationsNil0.020.06
 
Balance Sheet
  20092008
ASSETS
Cash and Cash Equivalents6,206,8686,424,015
Marketable Securities58,292298,243
Work-in-process27,279-
Accounts Receivables168,402538,500
Receivables from Affiliated Company5,4677,501
Notes Receivable447,810450,115
Inventories-388,141
Deferred Tax Assets285,4721,390,832
Prepaid Expenses and Other Current Assets306,45779,840
Restricted: Cash and Cash Equivalents52,16351,122
Prepaid Income Taxes506,526222,311
Total Current Assets8,064,7369,850,620
NON CURRENT ASSETS
Property and Equipment, net85,47568,504
Marketable Securities10,598,38912,527,675
Investments in Affiliated Company4,540,2802,913,614
Deferred Tax Assets2,843,677-
Goodwill1,739,249-
Other Intangible Asset, Net5,803,63963,299
Other Assets51,5078,190
Total Assets33,726,95225,431,902
LIABILITIES
Accounts Payable414,843555,690
Accrued Expenses and Other593,330373,848
Deferred Revenue26,311-
Total Current Liabilities1,034,484929,538
NON CURRENT LIABILITIES
Long-term Debt Including Accrued Interest3,041,577-
Deferred Tax Liabilities-1,085,181
Minority Interest-115,406
SHAREHOLDERS' EQUITY
Common Stock - Par Value4,3804,109
Additional Paid in Capital77,008,33670,004,816
Treasury Stock - Common(13,850,659)(12,723,172)
Accumulated Deficit(32,881,848)(33,763,356)
Accumulated Other Comprehensive Loss(629,314)(220,617)
Total Shareholders Equity29,650,89223,301,776
Total Liabilities & Shareholders Equity33,726,95225,431,902
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2010   1100,000
  2010   270,000
  2010   3180,000
  2009   11,360,000
  2009   21,880,000
  2009   31,410,000
  2009   4710,000
  2009   Full Year 5,350,000
  2008   1520,000
  2008   2950,000
  2008   3800,000
  2008   41,440,000
  2008   Full Year 3,710,000
  2007   130,000
  2007   220,000
  2007   320,000
  2007   4570,000
  2007   Full Year 640,000
  2006   110,010,000
  2006   210,000
  2006   360,280,000
  2006   4(59,990,000)
  2006   Full Year 10,310,000
  2005   1Nil
  2005   220,000
  2005   32,950,000
  2005   4Nil
  2005   Full Year 2,980,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1(1,990,000)
  2010   2(2,750,000)
  2010   3(940,000)
  2009   13,210,000
  2009   2(930,000)
  2009   3(1,490,000)
  2009   490,000
  2009   Full Year 880,000
  2008   1(1,960,000)
  2008   22,420,000
  2008   36,290,000
  2008   42,640,000
  2008   Full Year 9,390,000
  2007   15,990,000
  2007   2(1,880,000)
  2007   39,620,000
  2007   49,970,000
  2007   Full Year 23,690,000
  2006   14,440,000
  2006   2(1,270,000)
  2006   324,890,000
  2006   Full Year 28,672,700
  2005   1(1,110,000)
  2005   2(1,070,000)
  2005   3660,000
  2005   4(1,170,000)
  2005   Full Year (2,693,600)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1Nil
  2010   2(.01)
  2010   3Nil
  2009   1.01
  2009   2Nil
  2009   3Nil
  2009   4Nil
  2009   Full Year Nil
  2008   1(.01)
  2008   2.01
  2008   3.02
  2008   4.01
  2008   Full Year .02
  2007   1.01
  2007   2Nil
  2007   3.02
  2007   4.02
  2007   Full Year .06
  2006   1.01
  2006   2Nil
  2006   3.06
  2006   4Nil
  2006   Full Year .07
  2005   1(.01)
  2005   2(.01)
  2005   3Nil
  2005   4Nil
  2005   Full Year (.01)
 
  
 
 Stock Data

 
 
Capitalization as of 05/31/2009:
 
 Authorized SharesOutstanding Shares
Preferred $0.00001 par5,000,000None
Common $0.00001 par600,000,000410,354,054so2
 
LONG TERM DEBT: $3,041,577.
 
Common $0.00001 par
 
Stockholders:  07/31/2009, 748.
Transfer Agent:  Interwest Transfer Co. Inc.   Salt Lake City , UT
 
OTC Bulletin Board( Primary): PTSC
 
ExchangeYearHighLow
OTC Bulletin Board20090.42000.0700
OTC Bulletin Board20080.65000.1000
OTC Bulletin Board20070.94000.3400
OTC Bulletin Board20062.25000.0090
OTC Bulletin Board20050.29000.0260
OTC Bulletin Board20040.19500.0270
OTC Bulletin Board20030.10500.0045
OTC Bulletin Board20020.16000.0300
OTC Bulletin Board20011.12000.1000
OTC Bulletin Board20007.37500.4800
 
DIVIDENDS: Common $0.00001 par: 2006, $0.06; 2007, $0.02; 2008, None; 2009, None.
 
 
  so2Excl. 27,713,564 in treas.