March 7 (Bloomberg) -- Wi-Lan Inc., the Canadian patent licensing company, rose the most in five weeks after Chief Executive Officer Jim Skippen said he plans to double revenue in five years.
Wi-Lan increased 3.7 percent to C$5.08 at the Toronto close, the biggest gain since Jan. 31. Shares of the Ottawa-based company rebounded after closing at a 14-month low yesterday.
“I can tell you that we have a plan to more than double our revenues over the next five years,” Skippen said today in a conference call to discuss annual results. Wi-Lan’s patents, plus an “excellent backlog and strong balance sheet,” should help the company double sales in that period, he said.
Wi-Lan also said it expects revenue of at least C$21.6 million ($21.61 million) for the quarter ending March 31, excluding the potential effect of any new agreements signed in the period.
“The commentary was so comprehensive and so confident, the stock was jumping as we were on the call,” said Dev Bhangui, an analyst with Fraser Mackenzie Ltd. in Toronto, who owns the stock and rates it a “strong buy.”
Earlier today, the company reported record annual net income of C$31.8 million, or 25 cents a share, missing the 38-cent estimate of four analysts surveyed by Bloomberg.
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