Product category:
Intellectual Property Cores
News Release from: Virage Logic
Edited by the Electronicstalk Editorial
Team on 23 January 2004
Virage's positive Q1 includes record
royalties
Virage Logic has reported its financial results for the first quarter of fiscal 2004 ended 31st December 2003.
Virage Logic has reported its financial results for the first quarter of fiscal 2004 ended 31st December 2003 Revenues for the first quarter of fiscal 2004 were $10.9 million, up 10% sequentially over $9.9 million for the fourth quarter of fiscal 2003, and compared with $11.6 million for the first quarter of fiscal 2003
This article was originally published on Electronicstalk on 22 Oct 2002 at 8.00am (UK)
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Total licence revenue for the first quarter of fiscal 2004 was $9.5 million, compared with $8.6 million for the prior quarter and $11.0 million for the same quarter a year ago.
Royalties for the first quarter of fiscal 2004 were $1.4 million, exceeding the prior historical record of $1.3 million for the fourth quarter of fiscal 2003, and up from $515,000 for the first quarter of fiscal 2003.
As reported under generally accepted accounting principles (GAAP) in the USA, net loss for the first quarter of fiscal 2004 was $359,000, or $0.02 per share.
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By comparison, net loss for the fourth quarter of fiscal 2003 was $687,000, or $0.03 per share, and the net loss for the first quarter of fiscal 2003 was $385,000, or $0.02 per share.
Pro forma net loss for the first quarter of fiscal 2004 was $276,000, or $0.01 per share.
This compared with a pro forma net loss of $621,000, or $0.03 per share, for the fourth quarter of fiscal 2003, and with pro forma net income of $239,000, or $0.01 per share, for the same quarter a year ago.
Pro forma net loss for the first quarter of fiscal 2004 included a pro forma operating loss of $585,000, as well as net interest income of $168,000 and a tax benefit of $141,000.
"The first quarter marked continued progress toward our goal of returning to profitability", said Adam Kablanian, President and Chief Executive Officer.
"Our results for the quarter were driven by further market penetration of our semiconductor IP platform products among emerging foundries, continued growth in our royalty base and an increase in 90-nanometre design starts beyond what we saw in the fourth quarter.
In addition, we are seeing signs of improved business activity in the semiconductor industry and better visibility in our business".
The company currently expects to be profitable during Q2 on a pro forma basis with total revenues in the range of $12.0 to $12.4 million, an increase over the first quarter of 10 to 14%.
Total expected revenues for the quarter are expected to include royalties of approximately $1.5 million.
In addition, the company expects total pro forma operating expenses to increase sequentially by approximately $600,000 to $1.0 million.
Net interest income and the company's effective tax rate are expected to remain fairly consistent with the first quarter.
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