WiLAN Reports Third Quarter 2012 Financial Results

WiLAN Reports Third Quarter 2012 Financial Results 
OTTAWA, CANADA -- (Marketwire) -- 11/06/12 -- Wi-LAN Inc. ("WiLAN" or
the "Company") (TSX:WIN)(NASDAQ:WILN) today announced financial
results for the third quarter of fiscal year 2012 ended September 30,
2012. All financial information in this press release is reported in
U.S. dollars, unless otherwise indicated. 
Third Quarter 2012 Highlights 


 
--  Revenues of $21.3 million, exceeding our guidance of $19.9 million. 
--  Adjusted earnings(i) of $9.3 million, or 8 cents per share. 
--  Order issued consolidating two litigations involving Apple, HTC and
    other parties, beginning of trial proceedings against Apple and other
    parties advanced by six months. 
--  Signed a licensing partnership agreement with SENSIO Technologies Inc. 
--  Invested $19.0 million to acquire a portfolio of more than 150 patents
    and applications, with broad applicability to 4G infrastructure and
    handsets, from Alvarion Inc. 
--  Acquired a portfolio of more than 40 patents and applications from
    Siemens AG related to telecommunication network management and mobile
    multimedia. 
--  Returned $4.8 million to shareholders in dividend and share buyback
    payments. 
--  Generated $9.8 million in cash from operations. 
--  Held cash and cash equivalents and short-term investments of $173.2
    million at September 30, 2012. 

 
"WiLAN delivered strong financial performance in the third quarter of
2012," said Jim Skippen, President & CEO. "New license agreements
signed in the quarter resulted in our revenue exceeding guidance." 
Added Skippen, "We continued to invest in the future of our business
with the purchase of a portfolio of 4G-related patents from Alvarion
that we believe add significant value to prospective licensees of our
wireless technology portfolio. True to our word that we are prepared
to use litigation to encourage prospective licensees to come to the
table for serious negotiations, we stepped up our litigation efforts
early in the fourth quarter with the launching of four new
litigations."  
Eligible Dividend  
The Board of Directors has declared an eligible dividend of CDN
$0.035 per common share to be paid on January 7, 2012 to shareholders
of record on December 14, 2012. 
Third Quarter 2012 Revenue Review  
In the three month period ended September 30, 2012, WiLAN generated
revenues of $21.3 million, as compared to $27.8 million in the three
month period ended September 30, 2011. The decrease in revenue
compared to the prior year period is primarily attributable to the
timing of fixed payment amounts as a result of the significant
license agreements signed during the first quarter of 2011, some of
which required payments that were one-time in nature and some of
which had more significant upfront payments. For the three month
period ended September 30, 2012, the top 10 licensees accounted for
86% of revenues, whereas the top 10 accounted for 80% of revenues in
the three month period ended September 30, 2011. 
Third Quarter 2012 Operating Expense Review  
In the three month period ended September 30, 2012, cost of revenue
totaled $7.7 million as compared to $7.2 million in the three month
period ended September 30, 2011. For the nine month period ended
September 30, 2012, cost of revenues totaled $22.1 million as
compared to $19.6 million in the same period last year. The increase
in expenses for the three and nine months ended September 30, 2012 is
primarily attributable to an increase in compensation costs as a
result of increased staffing levels, and amortization expense as a
result of patent acquisitions we completed during fiscal 2011,
partially offset by a decrease in royalties. 


 
                                  Three months ended       Nine months ended
                            ------------------------------------------------
                               September   September   September   September
                                30, 2012    30, 2011    30, 2012    30, 2011
                            ------------------------------------------------
                                                                            
Patent licensing              $    1,018  $    1,591  $    3,175  $    3,335
Amortization of patents            6,413       5,456      18,264      15,784
Stock-based compensation             224         189         684         482
                            ------------------------------------------------
                              $    7,655  $    7,236  $   22,123  $   19,601
                            ------------------------------------------------

 
Marketing, general and administrative ("MG&A") expenses represent the
cost of litigation and all corporate services. For the three months
ended September 30, 2012, MG&A expenses amounted to $10.4 million as
compared to $5.1 million for the three months ended September 30,
2011. The increase in spending for the three months ended September
30, 2012 is primarily attributable to an increase in litigation
expenses partially offset by a decrease in incentive costs and
stock-based compensation.  


 
                                  Three months ended       Nine months ended
                            ------------------------------------------------
                               September   September   September   September
                                30, 2012    30, 2011    30, 2012    30, 2011
                            ------------------------------------------------
                                                                            
Non-litigation related                                                      
 Marketing, general and                                                     
 administrative costs         $    2,546  $    2,113  $    7,356  $    6,024
Litigation expense                 7,096       1,231      16,793      14,873
Incentive costs                        -         557           -       1,629
Asset write-off related to                                                  
 restructuring                         -           -         209           -
Depreciation                         104         123         376         322
Stock-based compensation             637       1,103       1,850       2,094
                            ------------------------------------------------
                              $   10,383  $    5,127  $   26,584  $   24,942
                            ------------------------------------------------

 
For the three months ended September 30, 2012, litigation expenses
amounted to $7.1 million compared to $1.2 million for the same period
last year. The increase in litigation expenses over the prior year
period is partially attributable to an increased level of effort in
three separate patent infringement litigations in the U.S. District
Court for the Eastern District of Texas ("EDTX"). The increased level
of effort was required in ongoing preparations for two Markman
Hearings that are scheduled to take place in February 2013 and
preparations for a trial that is scheduled to begin in April 2013.
The increase in litigation expenses is also due to the conduct of
proceedings in a patent infringement litigation in the U.S. District
Court for the Southern District of Florida that was filed in January
2012 and preparation for litigations launched early in the fourth
quarter of 2012. 
Third Quarter 2012 Earnings Review  
In the third quarter ended September 30, 2012, WiLAN generated
adjusted earnings of $9.3 million or 8 cents per share as compared to
$22.8 million, or 18 cents per share, in the comparative period. The
decrease in adjusted earnings between the reporting periods is
primarily attributable to lower revenues and higher investment in
litigation, for the purpose of driving future revenue growth.  
The Company's GAAP earnings were $2.2 million, or 2 cents per share
on a basic level, in the three month period ended September 30, 2012,
as compared to GAAP earnings of $7.3 million, or 6 cents per share on
a basic level, in the same period last year.  
Third Quarter 2012 Balance Sheet and Cash Flow Review  
At September 30, 2012, the Company's net cash, comprised of cash and
cash equivalents and short-term investments, totaled $173.2 million,
representing a decrease of $260.5 million from the net cash position
at December 30, 2011. The decrease is primarily attributable to the
retirement of the Debenture, the acquisition of patents and other
intangibles totaling $24.3 million, the returning of $26.1 million to
shareholders in dividend and share buyback payments, offset by $28.1
million in cash generated from operations. The Company's cash
equivalents and short-term investments include T-bills, term deposits
and GICs. 
During the third quarter ended September 30, 2012, the Company
generated $9.8 million of cash from operations and returned $4.8
million to shareholders in share buyback and dividend payments. 
Fourth Quarter 2012 Financial Guidance  
For the fourth quarter 2012 ending December 31, 2012, the Company
expects revenue to be at least $20.7 million. This revenue guidance
does not include the potential impact of any new agreements that may
be signed during the balance of the fourth quarter of 2012 or the
potential impact of any royalties identified in audits conducted by
the Company. Operating expenses for the fourth quarter are expected
to be in the range of $12.8 million to $14.5 million of which $7.7
million to $8.7 million is expected to be litigation expense. For the
fourth quarter of 2012, and assuming no additional agreements are
signed, adjusted earnings are expected to be in the range of $6.2
million to $7.9 million. 
The above statements are forward-looking and actual results may
differ materially. The "Forward-looking Information" section at the
end of this press release provides information on various risks and
uncertainties that the Company faces. Additional information
identifying risks and uncertainties relating to the Company's
business are discussed in greater detail in the "Risk Factors"
section of WiLAN's AIF for the 2011 fiscal year dated March 9, 2012
(copies of which may be obtained at www.sedar.com or www.sec.gov).
Financial guidance is provided to assist investors and other
interested parties in understanding WiLAN's performance. The reader
is cautioned that using this information for any other purpose may be
inappropriate. 
The Company's revenues result primarily from the licensing of
intellectual property which, by its very nature, is directly affected
by the timing of the closure of license agreements, the nature and
extent of specific licenses including actual rates, product sales by
licensees which can be subject to seasonality as well as overall
market demands and the timeliness of the receipt of licensee royalty
reports. In addition, certain revenues may be of a one-time nature. 
The above guidance for the three month period ended December 31, 2012
reflects our current business indicators and expectations and is
subject to fluctuations in foreign currency exchange rates. Due to
their nature, certain income and expense items, such as significant
settlements from companies involved in current enforcement actions,
brokerage opportunities, new significant litigation or defense
actions that could arise during the quarter, losses on asset
impairments or realized foreign exchange losses cannot be accurately
forecast. Accordingly, we exclude forecasts of such items from our
guidance. Actual revenues reported may exceed the guidance provided
due to the receipt of royalty reports, signing of new license
agreements and completion of licensee audits, all after the guidance
is provided. 
WiLAN's imperative is to negotiate the best possible license as
measured over the long-term and accordingly, the timing of actual
license signings may vary from that forecasted. Actual results may
vary materially from the guidance provided as a consequence of the
above noted factors. 
Conference Call Information - November 6, 2012 - 10:00 AM ET  
WiLAN will conduct a conference call to discuss its financial results
today at 10:00 AM Eastern Time (ET). WiLAN CEO, Jim Skippen and CFO,
Shaun McEwan will be on the call. 
Calling Information  
A live audio webcast will be available at
http://www.investorcalendar.com/IC/CEPage.asp?ID=169807 


 
--  To access the call from Canada and U.S., dial 1.877.407.0782 (Toll Free)
--  To access the call from other locations, dial 1.201.689.8567
    (International) 

 
Replay Information  
The call will be available at
http://www.investorcalendar.com/IC/CEPage.asp?ID=169807 and
accessible by telephone until 11:59 PM ET on February 6, 2013. 


 
--  Replay Number (Toll Free): 1.877.660.6853 
--  Replay Number (International): 1.201.612.7415 
--  Replay passcode (Conference ID #): 401095 

 
About WiLAN  
WiLAN, founded in 1992, is a leading technology innovation and
licensing company. WiLAN has licensed its intellectual property to
over 260 companies worldwide. Inventions in our portfolio have been
licensed by companies that manufacture or sell a wide range of
communication and consumer electronics products including 3G and 4G
handsets, Wi-Fi-enabled laptops, Wi-Fi and broadband routers, xDSL
infrastructure equipment, cellular base stations and digital
television receivers. WiLAN has a large and growing portfolio of more
than 3,000 issued or pending patents. For more information:
www.wilan.com.  
Note  
(i) WiLAN follows GAAP in preparing its interim and annual financial
statements. Adjusted Earnings are earnings from continuing operations
before stock-based compensation expense, depreciation and
amortization expense, interest expense, unrealized foreign exchange
gains or losses, provision for income taxes and certain other
non-cash, one-time, or non-recurring charges.  
Forward-looking Information  
This news release contains forward-looking statements and
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and other United States and
Canadian securities laws. The phrases "we believe", "Company
expects", "to be", "potential impact", "may be", "may differ", "are
expected", "is expected", "may exceed", "may vary" and similar terms
and phrases are intended to identify these forward-looking
statements. Forward-looking statements and forward-looking
information are based on estimates and assumptions made by WiLAN in
light of its experience and its perception of historical trends,
current conditions and expected future developments, as well as other
factors that WiLAN believes are appropriate in the circumstances.
Many factors could cause WiLAN's actual performance or achievements
to differ materially from those expressed or implied by the
forward-looking statements or forward-looking information. Such
factors include, without limitation, the risks described in WiLAN's
March 9, 2012 annual information form for the year ended December 31,
2011 (the "AIF"). Copies of the AIF may be obtained at www.sedar.com
or www.sec.gov. WiLAN recommends that readers review and consider all
of these risk factors and notes that readers should not place undue
reliance on any of WiLAN's forward-looking statements. WiLAN has no
intention and undertakes no obligation to update or revise any
forward-looking statements or forward-looking information, whether as
a result of new information, future events or otherwise, except as
required by law. 
All trademarks and brands mentioned in this release are the property
of their respective owners. 


 
Wi-LAN Inc.                                                                 
Condensed Consolidated Statements of Operations                             
(Unaudited)                                                                 
(in thousands of United States dollars, except share and per share amounts) 
                                                                            
                         Three          Three                               
                        months         months    Nine months    Nine months 
                         ended          ended          ended          ended 
                     September      September      September  September 30, 
                      30, 2012       30, 2011       30, 2012           2011 
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
Revenue                                                                     
 Royalties        $     21,293   $     26,825   $     66,777   $     80,589 
 Brokerage                   -            996              -            996 
                 -------------- -------------- -------------- --------------
 Total Revenue    $     21,293   $     27,821   $     66,777   $     81,585 
                                                                            
Operating                                                                   
 expenses                                                                   
 Cost of revenue         7,655          7,236         22,123         19,601 
 Research and                                                               
  development            1,873          2,168          6,624          5,268 
 Marketing,                                                                 
  general and                                                               
  administration        10,383          5,127         26,584         24,942 
 Realized                                                                   
  foreign                                                                   
  exchange gain            (72)        (1,706)           (92)        (1,302)
 Unrealized                                                                 
  foreign                                                                   
  exchange                                                                  
  (gain) loss           (1,189)        12,692         (5,460)         9,830 
 Restructuring                                                              
  charges                    -              -            418              - 
                 -------------- -------------- -------------- --------------
 Total operating                                                            
  expenses              18,650         25,517         50,197         58,339 
                 -------------- -------------- -------------- --------------
Earnings from                                                               
 operations              2,643          2,304         16,580         23,246 
 Investment                                                                 
  income                   161          2,246          1,065          3,028 
 Interest                                                                   
  expense                    -           (808)        (1,126)          (808)
 Transaction                                                                
  costs                      -         (1,245)             -         (1,245)
 Debenture                                                                  
  financing, net             -          4,344        (31,138)         4,344 
                 -------------- -------------- -------------- --------------
Earnings (loss)                                                             
 before income                                                              
 taxes                   2,804          6,841        (14,619)        28,565 
                                                                            
                                                                            
Provision for                                                               
 (recovery of)                                                              
 income tax                                                                 
 expense                                                                    
 Current                 1,138            908          3,060          2,632 
 Deferred                 (493)        (1,384)        (5,278)       (11,482)
                 -------------- -------------- -------------- --------------
                           645           (476)        (2,218)        (8,850)
                 -------------- -------------- -------------- --------------
Net earnings                                                                
 (loss)                  2,159          7,317        (12,401)        37,415 
                                                                            
Other                                                                       
 comprehensive                                                              
 income                                                                     
 Cumulative                                                                 
  translation                                                               
  adjustment                 -              -              -         (9,830)
                 -------------- -------------- -------------- --------------
Comprehensive                                                               
 income (loss)    $      2,159   $      7,317   $    (12,401)  $     27,585 
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
                                                                            
Earnings (loss)                                                             
 per share                                                                  
 Basic            $       0.02   $       0.06   $      (0.10)  $       0.31 
 Diluted          $       0.02   $       0.06   $      (0.10)  $       0.30 
                                                                            
                                                                            
Weighted average                                                            
 number of                                                                  
 common shares                                                              
 Basic             121,225,793    123,443,900    121,459,574    120,994,489 
 Diluted           122,086,343    125,618,973    121,459,574    123,488,133 
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
                                                                            
                                                                            
Wi-LAN Inc.                                                                 
Condensed Consolidated Balance Sheets                                       
(Unaudited)                                                                 
(in thousands of United States dollars)                                     
                                                                          
                                         September 30,       December 31, 
As at                                             2012               2011 
                                    -------------------  -----------------
                                    -------------------  -----------------
Current assets                                                            
  Cash and cash equivalents          $         171,553   $        432,186 
  Short-term investments                         1,617              1,524 
  Accounts receivable                            2,656              2,153 
  Prepaid expenses and deposits                  1,020                290 
  Deferred financing costs                           -              1,716 
                                    -------------------  -----------------
                                               176,846            437,869 
                                                                          
                                                                          
Furniture and equipment, net                     1,233              1,769 
Patents and other intangibles, net             122,910            118,645 
Deferred tax asset                              21,512             18,086 
Goodwill                                        12,623             12,623 
                                    -------------------  -----------------
                                     $         335,124   $        588,992 
                                    -------------------  -----------------
                                    -------------------  -----------------
                                                                          
                                                                          
Current liabilities                                                       
  Accounts payable and accrued                                            
   liabilities                       $          20,342   $         22,169 
  Due to related party                               -              7,102 
  Current portion of patent finance                                       
   obligation                                    2,547              2,458 
  Deferred tax liability                             -              1,851 
  Debentures                                         -            203,855 
                                    -------------------  -----------------
                                                22,889            237,435 
                                                                          
                                                                          
Patent finance obligation                        3,288              5,189 
Success fee obligation                          11,864             15,212 
                                    -------------------  -----------------
                                                38,041            257,836 
                                    -------------------  -----------------
                                                                          
                                                                          
Commitments and contingencies                                             
                                                                          
                                                                          
Shareholders' equity                                                      
  Capital stock                                430,207            436,606 
  Additional paid-in capital                    10,364             14,061 
  Accumulated other comprehensive                                         
   income                                       16,225             16,225 
  Deficit                                     (159,713)          (135,736)
                                    -------------------  -----------------
                                               297,083            331,156 
                                    -------------------  -----------------
                                     $         335,124   $        588,992 
                                    -------------------  -----------------
                                    -------------------  -----------------
                                                                            
                                                                            
                                                                            
Wi-LAN Inc.                                                                 
Condensed Consolidated Statements of Cash Flow                              
(Unaudited)                                                                 
(in thousands of United States dollars)                                     
                                                                            
                            Three         Three          Nine          Nine 
                           months        months        months        months 
                            ended         ended         ended         ended 
                        September     September     September     September 
                         30, 2012      30, 2011      30, 2012      30, 2011 
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------
Cash generated from                                                         
 (used in)                                                                  
Operations                                                                  
Net earnings (loss)   $     2,159   $     7,317   $   (12,401)  $    37,415 
 Non-cash items                                                             
  Stock-based                                                               
   compensation             1,024         1,515         2,955         3,046 
  Depreciation and                                                          
   amortization             6,621         5,667        18,959        16,269 
  Unrealized foreign                                                        
   exchange gain on                                                         
   debenture                    -       (17,285)            -       (17,285)
  Foreign exchange                                                          
   (gain) loss             (1,000)       22,454           130        25,659 
  Deferred financing                                                        
   costs                        -         3,649         1,746         3,649 
  Accretion of debt                                                         
   discount                     -           537        25,175           537 
  Disposal of assets            -           703           209           703 
  Deferred income                                                           
   tax recovery              (493)       (1,384)       (5,278)      (11,482)
                     ------------- ------------- ------------- -------------
                            8,311        23,173        31,495        58,511 
 Change in non-cash                                                         
  working capital                                                           
  balances                                                                  
  Accounts                                                                  
   receivable              (1,547)       (3,656)         (503)       (5,394)
  Prepaid expenses                                                          
   and deposits               485           210          (730)         (289)
  Accounts payable                                                          
   and accrued                                                              
   liabilities              2,585          (905)        4,986         1,682 
  Due to related                                                            
   party                        -             -        (7,102)            - 
                     ------------- ------------- ------------- -------------
Cash generated from                                                         
 operations                 9,834        18,822        28,146        54,510 
                     ------------- ------------- ------------- -------------
Financing                                                                   
 Proceeds on sale of                                                        
  common shares, net            -           (87)            -        71,948 
 Dividends paid            (3,663)       (3,148)      (10,383)       (7,555)
 Success fee                                                                
  obligation               (1,609)            -       (11,354)            - 
 Proceeds from                                                              
  issuance                                                                  
  (repayment) of                                                            
  convertible                                                               
  debentures                    -       220,565      (233,247)      220,565 
 Internally                                                                 
  restricted cash               -      (220,565)            -      (220,565)
 Common shares                                                              
  repurchased under                                                         
  normal course                                                             
  issuer bid               (1,092)            -       (15,729)            - 
 Common shares                                                              
  issued for cash on                                                        
  the exercise of                                                           
  options                     568           732         2,562         5,702 
 Common shares                                                              
  issued for cash                                                           
  from Employee                                                             
  Share Purchase                                                            
  Plan                          -             -           116            87 
                     ------------- ------------- ------------- -------------
Cash (used in)                                                              
 generated from                                                             
 financing                 (5,796)       (2,503)     (268,035)       70,182 
                     ------------- ------------- ------------- -------------
Investing                                                                   
 Sale (purchase) of                                                         
  short-term                                                                
  investments                 (55)       21,018           (93)       18,172 
 Purchase of                                                                
  furniture and                                                             
  equipment                   (38)         (660)         (369)       (1,614)
 Purchase of patents                                                        
  and other                                                                 
  intangibles             (22,963)         (689)      (24,340)      (10,054)
                     ------------- ------------- ------------- -------------
Cash (used in)                                                              
 generated from                                                             
 investing                (23,056)       19,669       (24,802)        6,504 
                     ------------- ------------- ------------- -------------
Foreign exchange                                                            
 gain (loss) on cash                                                        
 held in foreign                                                            
 currency                   1,000       (22,454)        4,058       (25,659)
                     ------------- ------------- ------------- -------------
                                                                            
Net cash and cash                                                           
 equivalents (used                                                          
 in) generated in                                                           
 the period               (18,018)       13,534      (260,633)      105,537 
Cash and cash                                                               
 equivalents,                                                               
 beginning of period      189,571       174,639       432,186        82,636 
                     ------------- ------------- ------------- -------------
Cash and cash                                                               
 equivalents, end of                                                        
 period               $   171,553   $   188,173   $   171,553   $   188,173 
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------
                                                                            
                                                                            
                                                                            
Wi-LAN Inc.                                                                 
Reconciliation of GAAP Net Earnings to Adjusted Earnings                    
(Unaudited)                                                                 
(in thousands of United States dollars, except share and per share amounts) 
                                                                            
                         Three          Three                               
                        months         months    Nine months    Nine months 
                         ended          ended          ended          ended 
                     September      September      September      September 
                      30, 2012       30, 2011       30, 2012       30, 2011 
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
Net earnings                                                                
 (loss) under                                                               
 GAAP             $      2,159   $      7,317   $    (12,401)  $     37,415 
                                                                            
Adjusted for:                                                               
  Unrealized                                                                
   foreign                                                                  
   exchange                                                                 
   (gain) loss          (1,189)        12,692         (5,460)         9,830 
  Depreciation                                                              
   and                                                                      
   amortization          6,621          5,667         18,959         16,269 
  Stock based                                                               
   compensation          1,024          1,515          2,955          3,046 
  Restructuring                                                             
   and other one                                                            
   time charges              -            285            418            285 
  Asset write-                                                              
   off related                                                              
   to                                                                       
   restructuring             -              -            209              - 
  Interest                                                                  
   expense                   -            808          1,126            808 
  Transaction                                                               
   costs                     -          1,245              -          1,245 
  Investment                                                                
   income                    -         (1,940)             -         (2,073)
  Debenture                                                                 
   financing,                                                               
   net                       -         (4,344)        31,138         (4,344)
  Income tax                                                                
   expense                                                                  
   (recovery)              645           (476)        (2,218)        (8,850)
                 -------------- -------------- -------------- --------------
Adjusted                                                                    
 earnings         $      9,260   $     22,769   $     34,726   $     53,631 
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
                                                                            
                                                                            
Adjusted                                                                    
 earnings per                                                               
 basic share      $       0.08   $       0.18   $       0.29   $       0.44 
                                                                            
Weighted average                                                            
 number of                                                                  
 common shares                                                              
  Basic            121,225,793    123,443,900    121,459,574    120,994,489 
  Diluted          122,086,343    125,618,973    121,459,574    123,488,133 
                 -------------- -------------- -------------- --------------

Contacts:
Media inquiries:
Kathryn Hughes
Director, Marketing & Communications
O: 613.688.4897
C: 613.898.6781
khughes@wilan.com 
Investor inquiries:
Shaun McEwan
Chief Financial Officer
O: 613.688.4898
C: 613.697.7159
smcewan@wilan.com 
Tyler Burns
Director, Investor Relations
O: 613.688.4330
C: 613.697.0367
tburns@wilan.com