Q4 Cash Balance is
Fourth Quarter 2008 Results
Revenues in the fourth quarter of 2008 were
Net loss in the fourth quarter of 2008 was
Gross margins in the fourth quarter were 75 percent, compared with 74 percent in third quarter of 2008.
Operating expenses were
At
New orders received during the fourth quarter totaled
Fiscal Year 2008 Results
For the fiscal year ended
"In the fourth quarter, our revenues were within our guidance range, and our cash balance at the end of the fourth quarter was significantly better than our forecast," said
"We entered 2009 with a 12-month backlog of
Guidance for the First Quarter of 2009
-- Revenues are expected to be in the range of $3.0 million to $3.2 million. -- Net income is expected to be in the range of $0 to $100,000, or a net income in the range of $0.00 to $0.01 per share. -- Cash, cash equivalents and investments are expected to be between approximately $6.5 million and $7.0 million at the end of the first quarter.
Conference Call
LogicVision will broadcast its conference call discussion of fourth quarter of 2008 financial results today,
About LogicVision Inc.
LogicVision (Nasdaq: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision's Dragonfly Test Platform(TM) enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate(TM), Silicon Insight(TM) and Yield Insight(TM) product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com.
FORWARD LOOKING STATEMENTS:
Except for the historical information contained herein, the matters set forth in this press release, including statements as to the Company's outlook, expectations of the customer renewals, expansion in use of the Company's products and increases in the adoption of the Company's products by customers, interest in the Company's products, the Company's ability to obtain orders from new customers, growth in the market potential for the Company's products, and the Company's expected financial results, including revenues, net loss and cash, cash equivalents and investments are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the possibility that orders could be modified or cancelled, existing customer orders may not be renewed, customers may not adopt or expand their use of the Company's products, the ability of the Company to negotiate and sign customer agreements and obtain purchase orders, trends in capital spending in the semiconductor industry, the timing and nature of customer orders, whether customers accept the Company's new and existing products, the impact of competitive products and alternative technological advances, and other risks detailed in LogicVision's Quarterly Report on Form 10-Q for the quarter ended
LogicVision, ETCreate, ScanBurst, ETMemory, Silicon Insight, Yield Insight and LogicVision logos are trademarks or registered trademarks of LogicVision Inc. in the
- Summary financial data follows -
LOGICVISION, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 31, December 31, ------------ ------------ 2008 2007 ---- ---- ASSETS Current Assets: Cash and cash equivalents $9,249 $6,783 Short-term investments 150 1,544 Accounts receivable, net of allowance for doubtful accounts of $5 and $20, respectively 504 996 Prepaid expenses and other current assets 593 1,345 --- ----- Total current assets 10,496 10,668 Property and equipment, net 411 510 Intangible assets, net - - Goodwill 6,846 6,846 Other long-term assets 206 239 --- --- Total assets $17,959 $18,263 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $516 $413 Accrued liabilities 1,791 2,015 Deferred revenue, current portion 7,871 5,859 ----- ----- Total current liabilities 10,178 8,287 Deferred revenue 1,703 605 Other long-term liabilities 187 165 --- --- Total liabilities 12,068 9,057 ------ ----- Commitments and contingencies Stockholders' Equity: Preferred stock, $0.0001 par value: Authorized: 5,000 shares; Issued and outstanding: no shares issued and outstanding - - Common stock, $0.0001 par value: Authorized: 125,000 shares; Issued and outstanding: 9,459 shares at December 31, 2008 and 9,666 shares at December 31, 2007 1 1 Additional paid-in capital 109,248 108,921 Accumulated other comprehensive income (loss) (29) 68 Accumulated deficit (103,329) (99,784) -------- ------- Total stockholders' equity 5,891 9,206 ----- ----- Total liabilities and stockholders' equity $17,959 $18,263 ======= ======= LOGICVISION, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Twelve Months Ended Ended December 31, December 31, ------------ ------------ 2008 2007 2008 2007 ---- ---- ---- ---- Revenues: License $1,397 $1,321 $5,771 $5,279 Service 1,599 1,553 6,402 6,270 Product - - 69 ----- ----- ------ -- Total revenues 2,996 2,874 12,173 11,618 ----- ----- ------ ------ Cost of revenues: License 154 202 667 887 Service 587 640 2,572 2,326 --- --- ----- ----- Total cost of revenues 741 842 3,239 3,213 --- --- ----- ----- Gross profit 2,255 2,032 8,934 8,405 ----- ----- ----- ----- Operating expenses: Research and development 701 835 3,246 3,637 Sales and marketing 1,039 1,067 5,336 5,090 General and administrative 969 902 3,647 3,787 Restructuring 334 - 334 - --- - --- - Total operating expenses 3,043 2,804 12,563 12,514 ----- ----- ------ ------ Loss from operations (788) (772) (3,629) (4,109) Interest and other income, net 14 65 107 349 -- -- --- --- Loss before provision for (benefit from) income taxes (774) (707) (3,522) (3,760) Income tax provision (benefit) 8 5 22 (37) - - -- --- Net loss $(782) $(712) $(3,544) $(3,723) ===== ===== ======= ======= Net loss per common share, basic and diluted $(0.08) $(0.07) $(0.37) $(0.39) ====== ====== ====== ====== Weighted average number of shares outstanding, basic and diluted 9,507 9,665 9,581 9,654 ===== ===== ===== =====
SOURCE LogicVision, Inc.