Wi-LAN records net profit of $28.6 million in its first quarter of 2007, a whopping 743% increase from the same quarter last year. Revenue topped $49 million, an increase of $49.3 million over Q1 2006 when the company had no sales. The IP licenser recently completed a round of bought-deal financing, reaping $37.8 million in net cash proceeds which will allow the company to acquire more patents and fill its war chest in preparation of any potential patent litigation. Calling the quarter the company’s most successful in its 14-year history, CEO Jim Skippen credits the strong performance to a deal with Nokia that bolstered Wi-LAN’s patent portfolio and increased its client base. “Not only did the Nokia deal provide high-margin revenue, it further endorsed the credibility and value of Wi-LAN's patents,” says Skippen. “Since Nokia, a number of other companies have come forward and accelerated the pace of our licensing discussions.”