No mas dividends ! lol BUY something of value that generates REVENUES and increases the value of the stock ! PTSC is on very SOLID footing going forward with 300 companies still being targeted...year one of this venture being a HUGE success. Next up, aside from more licensing deals, is management's business plan. What will they do? ************************************ Patriot Scientific Reports Fiscal Q1 Net Income of $5.99M, or $0.014 Diluted EPS Monday October 23, 4:25 pm ET Company Announces Share Buy Back Actions CARLSBAD, Calif., Oct. 23 /PRNewswire-FirstCall/ -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC - News) today reported net income of $5,990,000 after provision for taxes, or $0.014 per diluted share, for the first fiscal quarter ended August 31, 2006. A copy of the company's Form 10-Q, filed with the U.S. Securities and Exchange Commission, is available on the company's newly redesigned website, www.ptsc.com, where visitors can now sign up for e-mail alerts. The results included $12,070,198 recorded as the company's 50% share of the net income of Phoenix Digital Solutions, Patriot's joint venture with TPL that is responsible for marketing the jointly owned MMP portfolio license agreements. The company said it had $16,126,000 in current assets including short-term investments and over $9,600,000 in cash and cash equivalents at the end of the quarter. Current liabilities of $4,040,000 included a $3,500,000 provision for income taxes. The company has no long-term debt. In another matter, the company said it began to buy back stock in July with the repurchase of 2,075,003 shares at an aggregate cost of $1,839,000. In September, the company purchased 1,199,824 shares at an aggregate cost of $934,000. The company said it had 369,536,087 common shares outstanding on October 2, 2006. Patriot Scientific chairman and CEO David Pohl said, "These results reflect solid progress in pursuing our MMP portfolio licensing strategy through our partnership with TPL. We had a net increase in cash of $5,695,000 during the quarter as we continued to strengthen our balance sheet and our financial structure. We have subsequently used some of the cash for share buy backs in July and September. Shareholders' equity at the end of the quarter was $16,629,000, up from $10,827,000 on May 31, 2006." Patriot previously disclosed that from June 1, 2006 through October 3, 2006, Phoenix Digital Solutions entered into MMP portfolio license agreements with third parties, pursuant to which Phoenix Digital received aggregate proceeds totaling $32,699,000. The dollar amount for each licensing deal varies. Each amount is dependent on the relevance of the patents to each licensee's revenue and the extent to which the patented technology is incorporated into specific products. "We are delighted that the strength of our patent portfolio continues to be validated by the 11 licenses that have been signed thus far with major electronics companies, nine of them since January," Pohl stated. "We remain positive in our outlook for continued revenue based on further progress in licensing more of over 300 companies around the globe that have been notified they are candidates." Pohl also noted that Patriot Scientific is actively evaluating sources and opportunities to create additional recurring revenue through possible joint ventures or acquisitions, all with the goal of increasing shareholder value. Patriot Scientific and The TPL Group are co-owners of the MMP Portfolio, which Alliacense(TM), a TPL Group enterprise, exclusively manages. The MMP Portfolio patents, filed in the 1980s, protect design techniques that have become essential to a myriad of consumer and commercial digital systems ranging from computers, DVD players, cell phones and portable music players, to communications infrastructure, medical equipment and automobiles.