Patlex

Patlex, a Chatsworth company that invests royalties it earns from certain laser patents, said its first-quarter profit more than doubled from a year earlier. In the quarter that ended March 31, Patlex's net income jumped to $797,000 from $287,000 a year earlier. Its revenue, which also includes payments that Patlex receives from settling patent-infringement lawsuits it has filed, rose to $2.19 million from $1.88 million. Patlex receives 64% of the royalties from patents held by Gordon Gould, a laser pioneer whose legal struggle to secure the patents was financed by Patlex.

Patlex Corp., a Chatsworth company that earns money from laser patents, last month issued a typical press release announcing its first-quarter financial results. The numbers showed a near tripling of Patlex's profit, to $797,000 from $287,000 a year earlier. But a week later, on May 25, Patlex issued another press release--this one far from typical. Patlex said its profit for the quarter that ended March 31 actually was $70,000 higher than had been originally reported. Patlex Treasurer Richard Laitinen said its outside accounting firm, Wiss & Co. of Livingston, N.J., simply goofed.

Patlex Corp. has corrected its previously announced earnings for the first quarter that ended March 31 after the Chatsworth company's accountants recalculated a provision for income taxes. Patlex, which invests royalties it earns from laser patents, said it earned $867,000 in the quarter, compared to $287,000 profit in the year-earlier quarter.

Patlex Corp. in Chatsworth said it will make an additional $2-million investment in ESRAC Publishing, a private New York company that in March introduced a new horse-racing newspaper named FIGS Form. Patlex made an initial $900,000 investment in ESRAC four months ago. Patlex's revenue comes from its part interest in royalties earned on certain laser patents, and it has been looking for new ways to invest the funds. In its latest investment, Patlex said it would provide the $2 million to ESRAC during the next three months.

Geotek Industries, a Chatsworth maker of lasers and electronic products, plans to sell up to 600,000 equity units for $10 each, or $6 million. Each unit would consist of three common shares of Geotek and one preferred share that is convertible into common stock, Geotek said in a registration filing with the federal Securities and Exchange Commission. Geotek formerly was part of Patlex Corp. in Chatsworth, but was spun off to Patlex's stockholders March 3. Patlex collects and invests royalties that it earns from its interest in certain laser patents.

Patlex Boosts Stake in ESRAC: Patlex Corp. said it has boosted by $2 million its investment in ESRAC Publishing, a New York company publishing a rival to the Daily Racing Form. Patlex, which holds a 64% interest in three key laser patents, also made a $900,000 investment in ESRAC in February. ESRAC publishes FIGS FORM, a daily thoroughbred horse racing newspaper distributed in Connecticut, New Jersey and New York. Its current paid circulation, at $2 a copy, is about 10,000, said ESRAC President Robert Sinn.

Geotek Industries, a Chatsworth based laser manufacturer, has a 12-month option to buy Jerico Precision Manufacturing Corp. in Yonkers, N.Y. If Geotek buys the company, terms call for Geotek to pay $100,000 in cash for Jerico's shares and another $300,000 depending on Jerico's financial performance. In addition, Geotek has an agreement to provide Jerico with about $1 million in financing, including a $750,000 loan and a letter of credit of $150,000 to guarantee certain debts. In March, Geotek was spun off from Patlex, another Chatsworth company, which battled for years in courts to win claim over several key laser patents.

Patlex Corp. in Chatsworth neared completion of its previously announced spinoff of its manufacturing operations into a new company named Geotek Industries. Patlex makes lasers and has a financial interest in patents held by Gordon Gould, a laser pioneer. The company, which proposed the spinoff last June, will concentrate on collecting and investing its share of the royalties generated by those patents. The spinoff calls for Patlex stockholders of record Feb.

Patlex, a Chatsworth-based laser company, said it agreed to buy Oram Electric Industries Ltd. for $1,025,000 in cash. Oram, an Israeli maker of transformers for the computer, telecommunications, defense and laser industries, had pretax profit of $120,000 in its last fiscal year on sales of $2.8 million, Patlex said. It added that preliminary results for the six months ended Sept. 30 show pretax profit of $350,000 on sales of $2.6 million.

Patlex, a Chatsworth laser company, said it earned $357,000, or 5 cents a share, in the second quarter compared with a $228,000 loss a year earlier. Patlex's revenue jumped 43% to $5.6 million from $3.9 million, in large part because Patlex's income from licensing royalties soared to $2 million from $757,300. Patlex makes lasers and receives 64% of the licensing income from several patents held by laser pioneer Gordon Gould.

Patlex Boosts Stake in ESRAC: Patlex Corp. said it has boosted by $2 million its investment in ESRAC Publishing, a New York company publishing a rival to the Daily Racing Form. Patlex, which holds a 64% interest in three key laser patents, also made a $900,000 investment in ESRAC in February. ESRAC publishes FIGS FORM, a daily thoroughbred horse racing newspaper distributed in Connecticut, New Jersey and New York. Its current paid circulation, at $2 a copy, is about 10,000, said ESRAC President Robert Sinn.

Patlex Corp. has corrected its previously announced earnings for the first quarter that ended March 31 after the Chatsworth company's accountants recalculated a provision for income taxes. Patlex, which invests royalties it earns from laser patents, said it earned $867,000 in the quarter, compared to $287,000 profit in the year-earlier quarter.

Patlex, a Chatsworth company that invests royalties it earns from certain laser patents, said its first-quarter profit more than doubled from a year earlier. In the quarter that ended March 31, Patlex's net income jumped to $797,000 from $287,000 a year earlier. Its revenue, which also includes payments that Patlex receives from settling patent-infringement lawsuits it has filed, rose to $2.19 million from $1.88 million. Patlex receives 64% of the royalties from patents held by Gordon Gould, a laser pioneer whose legal struggle to secure the patents was financed by Patlex.

Geotek Industries, a Chatsworth based laser manufacturer, has a 12-month option to buy Jerico Precision Manufacturing Corp. in Yonkers, N.Y. If Geotek buys the company, terms call for Geotek to pay $100,000 in cash for Jerico's shares and another $300,000 depending on Jerico's financial performance. In addition, Geotek has an agreement to provide Jerico with about $1 million in financing, including a $750,000 loan and a letter of credit of $150,000 to guarantee certain debts. In March, Geotek was spun off from Patlex, another Chatsworth company, which battled for years in courts to win claim over several key laser patents.

Geotek Industries, a Chatsworth maker of lasers and electronic products, plans to sell up to 600,000 equity units for $10 each, or $6 million. Each unit would consist of three common shares of Geotek and one preferred share that is convertible into common stock, Geotek said in a registration filing with the federal Securities and Exchange Commission. Geotek formerly was part of Patlex Corp. in Chatsworth, but was spun off to Patlex's stockholders March 3. Patlex collects and invests royalties that it earns from its interest in certain laser patents.

When Patlex Corp. in Chatsworth hired former astronaut Frank Borman as chairman last summer, his main task was to decide how Patlex should spend the millions of dollars it earns in royalties on laser equipment. Last week, Borman announced his first move: He bet $900,000 on the horses. More precisely, Patlex invested the money in ESRAC Publishing, a privately held New York firm that next month will start a daily horse-racing newspaper called FIGS Form.

Patlex Corp. said it signed 19 more license agreements with companies that either manufacture or use lasers that are covered by patents belonging to Gordon Gould, Patlex's vice chairman and chief scientist. The agreements provide for Chatsworth-based Patlex to be paid royalties on future sales and/or use of lasers and related systems covered by the patents. Patlex, which has signed 64 such agreements, also will collect back royalty payments totaling more than $1 million.

Patlex, the Chatsworth-based laser firm, said it agreed to grant Ford Motor Co. a license to make, use and sell lasers under Patlex patents. Ford said the deal should be worth a maximum of $850,000 over an undetermined number of years. Ford joins AT&T, General Electric, General Motors, IBM and Motorola in acquiring licenses under Patlex's so-called Gould patents.

Patlex Corp. in Chatsworth neared completion of its previously announced spinoff of its manufacturing operations into a new company named Geotek Industries. Patlex makes lasers and has a financial interest in patents held by Gordon Gould, a laser pioneer. The company, which proposed the spinoff last June, will concentrate on collecting and investing its share of the royalties generated by those patents. The spinoff calls for Patlex stockholders of record Feb.

Patlex Corp., a Chatsworth laser company, reported a third-quarter profit of $667,000, or 11 cents a share, compared with a year-earlier loss of $815,400. The turnaround came on a 92% surge in Patlex's revenue in the quarter that ended Sept. 30, to $5.58 million from $2.9 million. Patlex makes lasers and receives 64% of the licensing revenue generated from laser patents held by Gordon Gould, a laser pioneer.