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Increasing interest spurs LogicVision

Edited by the Electronicstalk editorial team Apr 26, 2007

LogicVision has announced its financial results for the first quarter of 2007, ended 31st March 2007.

LogicVision has announced its financial results for the first quarter of 2007, ended 31st March 2007.

Revenues in the first quarter of 2007 were US $2.6 million, compared with $2.7 million in the fourth quarter of 2006.

Net loss in the first quarter of 2007 was $1.2 million, or $0.05 per share, compared with a net loss of $1.4 million, or $0.07 per share, reported in the fourth quarter of 2006.

Gross margins in the first quarter were 71%, the same as in the fourth quarter of 2006.

Operating expenses were $3.2 million in the first quarter, including $170,000 of stock-based employee compensation charges in accordance with SFAS 123 .

This compares with $3.4 million of operating expenses in the fourth quarter of 2006, including $59,000 of stock-based employee compensation charges in accordance with SFAS 123 .

At 31st March 2007, LogicVision had $7.1 million in cash, cash equivalents and investments, compared with $9.2 million at 31st December 2006.

The company has no bank debt.

New orders received during the first quarter totalled $2.7 million.

The company exited the first quarter with a 12-month backlog of $8.6 million, compared with a 12-month backlog of $8.3 million at the end of the fourth quarter.

"In the first quarter, revenues and net loss were within the guidance range we forecasted on our last earnings conference call, and cash exceeded our guidance".

"We were again able to lower our operating expenses this quarter, making this the eighth consecutive quarter of reduced operating expenses", said James T Healy, President and CEO of LogicVision.

"We booked three new accounts in the first quarter - SanDisk, Micron Technology and a new division of Sharp in Japan".

"In addition, we amended a contract with Matsushita and expect to start eight new evaluations during the second quarter".

"We are seeing increasing interest for our products to replace internal solutions as well as part of a bundled solution, and are also having successes in broadening the adoption of our solutions within existing customers", said Healy.