Product category:
Intellectual Property Cores
News Release from: Virage Logic
Edited by the Electronicstalk Editorial
Team on 23 April 2004
Virage returns to profitability
Virage Logic Corp has reported its financial results for the second fiscal quarter ended 31st March 2004.
Virage Logic Corp has reported its financial results for the second fiscal quarter ended 31st March 2004 Revenues for the second quarter of fiscal 2004 were $13.0 million, up 35% from $9.6 million for the second quarter of fiscal 2003, and up sequentially from $10.9 million for the first quarter of fiscal 2004
This article was originally published on Electronicstalk on 22 Oct 2002 at 8.00am (UK)
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Total licence revenue for the second quarter of fiscal 2004 was $11.2 million, compared with $9.0 million for the same quarter a year ago, and $9.5 million for the prior quarter.
Royalties for the second quarter of fiscal 2004 were a record $1.8 million, up from $579,000 for the second quarter of fiscal 2003, and up sequentially from $1.4 million for the previous quarter.
As reported under generally accepted accounting principles (GAAP) in the USA, net income for the second quarter of fiscal 2004 was $189,000, or $0.01 per share, compared with a net loss for the second quarter of fiscal 2003 of $1.6 million, or $0.08 per share.
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Net income for the second quarter of fiscal 2004 improved sequentially from a net loss of $359,000, or $0.02 per share.
For the first six months of fiscal 2004, revenues were $23.8 million, up 12% from $21.2 million for the first six months of the prior fiscal year.
Net loss for the first six months of fiscal 2004 was $170,000, or $0.01 per share.
This compared with a net loss of $2.0 million, or $0.09 per share, for the same period of fiscal 2003.
"We are pleased to have achieved our goal of returning to profitability for the second quarter while continuing to invest in developing new products", said Adam Kablanian, Virage Logic's President and Chief Executive Officer.
"During the second quarter, we experienced continued customer momentum for our 90-nanometre product offering with additional design start wins and customer adoption of our Self-Test and Repair (STAR) Memory System remained strong.
In recent months, we have also expanded our process technology footprint to include additional foundry partners in order to broaden our market opportunity while giving our customers increased flexibility in producing their designs".
The company has also revealed its outlook for the third quarter of fiscal 2004, and expects to continue to be profitable on total revenues in the range of $13.5 to $14.0 million.
Expected total revenues for the quarter are anticipated to include royalties of approximately $1.9 million.
The company expects to report GAAP net income of approximately $0.01 to $0.02 per diluted share.
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