MOSAID Reports Results for Third Quarter Fiscal 2009 and Dividend

For the nine months ended January 31, 2009 and January 31, 2008, 259,606 and 86,128 options, respectively, were excluded from the calculation of diluted earnings per share as the exercise price of these options exceeded the average market price of the Company's common stock during this period and were therefore anti-dilutive.

There were 563,095 and 407,319 options issued and outstanding as at January 31, 2009 and January 31, 2008, respectively.

5. Discontinued operations


                                 Quarter Ended       Nine Months Ended
                                    January 31,             January 31,
                              2009        2008        2009        2008
----------------------------------------------------------------------

Revenues                        $-        $423        $156        $763

Expenses
 Research and development       28          87          36       1,487
 Selling and marketing           -          24           5       1,030
 Restructuring                   -           -           -         166
----------------------------------------------------------------------
                                28         111          41       2,683
----------------------------------------------------------------------

 (Loss) gain from operations   (28)        312         115      (1,920)
 Gain on sale of assets        243           -         866       9,295
----------------------------------------------------------------------

 Earnings before tax           215         312         981       7,375
 Income tax expense             69         241          98       1,268
----------------------------------------------------------------------
Discontinued operations
 (net of tax)                 $146         $71        $883      $6,107
----------------------------------------------------------------------
----------------------------------------------------------------------


6.  Reconciliation of pro forma income with GAAP net income

                                 Quarter Ended       Nine Months Ended
                                    January 31,             January 31,
                              2009        2008        2009        2008
----------------------------------------------------------------------

GAAP net income (loss)      $2,291     ($1,220)       $224     $13,049
Add (deduct):
 Stock-based compensation      235         162         550         398
 Patent amortization and
  imputed interest           3,439       3,133      10,000       9,969
 Restructuring                   -           -           -          19
 Foreign exchange loss (gain)  790       2,143       8,245      (4,275)
 Income tax expense -
  for the above items       (1,262)     (1,876)     (4,658)     (2,076)
 Future income
  tax revaluation                -       3,169           -       3,169
 Discontinued operations
 (net of tax)                 (146)        (71)       (883)     (6,107)
----------------------------------------------------------------------
Pro forma income            $5,347      $5,440     $13,478     $14,146
----------------------------------------------------------------------
----------------------------------------------------------------------

7. Stock-based Compensation

The Company has an employee stock purchase plan program whereby employees may elect to designate up to 5% of their annual salary to purchase shares of the Company at a 10% discount from the fair market value. The purchase price is deducted over a six month period via payroll. Directors are also eligible to participate in the Stock Purchase Plan.

Also, the Company has an Employee and Director Stock Option Plan. The exercise price is no lower than the closing market price on the trading day immediately preceding the date of grant. Options granted under the Plan expire within a period of six years of granting, with vesting periods determined by the Human Resources Committee.

The Company employs a fair value method of accounting for all options issued to employees and directors on or after April 27, 2002. The fair value of options issued in the quarter was calculated using the Black-Scholes option pricing model and the following assumptions:


                          Quarter Ended January 31,
                                    2009      2008
---------------------------------------------------
Risk free interest rate             1.92%     3.70%
Expected life in years               5.5       5.5
Expected dividend yield            11.92%     6.13%
Volatility                         43.14%    57.25%

For the quarter ended January 31, 2009, the Company issued nil Deferred Share Units in lieu of options to directors and officers of the Company under its Deferred Share Unit Plan. Those deferred share units vest evenly over a four year period. Deferred share units do not have an exercise price and can only be settled using cash consideration.
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