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News Release from: Virage Logic
Edited by the Electronicstalk Editorial
Team on 04 May 2007
Results make strategic changes necessary
Virage Logic Corp has reported second quarter financial results, with reduced revenues of US $10.6 million.
Virage Logic Corp has reported financial results for the second quarter and the six-month period of fiscal year ended 31st March 2007 Revenue for the second quarter of fiscal 2007 was US $10.6 million, compared with $15.2 million for the comparable quarter of fiscal 2006 and $11.5 million in the prior quarter
This article was originally published on Electronicstalk on 22 Oct 2002 at 8.00am (UK)
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Licence revenue for the second quarter of fiscal 2007 was $7.8 million compared with $10.4 million in the second quarter of fiscal 2006 and $8.4 million in the previous quarter.
Royalties for the second quarter of fiscal 2007 were $2.8 million, compared with $4.8 million for the second quarter of fiscal 2006 and $3.1 million in the prior quarter.
As reported under US generally accepted accounting principles (GAAP), net loss for the second quarter of fiscal 2007 was $1.8 million, or $0.08 per share, compared with net income of $0.2 million, or $0.01 per share, for the same period a year ago and with a net loss of $1.2 million, or $0.05 per share, for the first quarter of fiscal 2007.
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Virage Logic has strengthened its relationship with Atmel by expanding its license agreement to include the company's Area, Speed and Power (ASAP) Memory product line on the 0.13-micron process.
Excluding the effects of FAS123R stock-based compensation expense, the company would have reported a net loss of $0.9 million, or $0.04 per share.
Net loss for the second quarter of fiscal 2007 included $1.3 million of FAS123R stock-based compensation expense.
Dan McCranie, President and Chief Executive Officer of Virage Logic, said: "Although we were within our guidance range, our financial performance over these last two quarters has not been acceptable".
"It is our belief, however, that we can achieve future success through increased focus, intensity and alignment with our key semiconductor and foundry customers".
"In the past several months our company has made changes in several elements of our business".
"We will continue to make those organisational and strategic changes necessary to drive this company to success".
"During this quarter, I was encouraged by our performance in terms of increased licence bookings as well as the record booking numbers of both new 65nm agreements and new royalty bearing STAR Memory System agreements".
"And although our recent financial performance doesn't map to the strong market opportunity we see, we are making key investments in our business to broaden our product line, improve operational efficiencies to help ensure we are first to market with our differentiated products, and build a global demand creation capability that will enable us to better serve our growing customer base".
"We anticipate total revenues of approximately $11.5 million to $12.5 million in the third fiscal quarter of 2007".
"Licence revenues are expected at $8.7 million to $9.2 million and royalty revenues are expected at $2.8 million to $3.3 million".
"The company expects to report a GAAP net loss of approximately $0.05 to $0.09 per share".
"The company also expects $1.0 million of stock-based compensation expense per FAS123R.
Without the impact of stock- based compensation expense, the company would expect loss per share of $0.02 to $0.07 for the third fiscal quarter".
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