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Wi-LAN hikes dividend, forecasts lower revenue

File photo of James Skippen, CEO of Wi-LAN Inc.

Jonathan Hayward/jonathan hayward/The Globe and Mail

Wi-LAN Inc. hiked its quarterly dividend and said it would buy back shares this year, even as the Canadian patent licensing firm forecast lower first-quarter revenue.

The company expects first-quarter revenue of at least $21.6-million and adjusted earnings of $11-million to $14-million.

Analysts on average were expecting on revenue of $29-million, according to Thomson Reuters I/B/E/S.

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Wi-LAN, which increased its quarterly dividend by 20 per cent to 3 cents per share, also said it expects to buy back up to 9.5 million shares this year.

The company, which walked away from its bid last year for Mosaid Technologies after U.S. private equity firm Sterling Partners topped its offer, said it revised its outlook policy to reflect those of peers like Interdigital Inc., Rambus Inc. and Tessera Inc.

Shares of the dual-listed company closed at $4.90 on Tuesday on the Toronto Stock Exchange and $4.89 on the Nasdaq.

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