LogicVision issues Q4 guidance

By siliconindia   |   Friday, 10 January 2003, 20:30 IST
Printer Print Email Email
SAN JOSE: LogicVision Inc. (Nasdaq: LGVN), a provider of embedded test IP for integrated circuits and systems, Friday announced that the company expects revenues for the fourth quarter ended December 31, 2002 to be in the range of $2.0 million to $2.1 million, due to deferred purchase orders. Fourth quarter loss on a GAAP basis is expected to be between approximately ($0.31) and ($0.32) per share. LogicVision expects to have approximately $41.5 million in cash and marketable securities with a $2.5 million balance outstanding under its line of credit, or net cash and marketable securities of $2.57 per share, as of the end of the quarter, the company announced in an official release. Vinod Agarwal, president and chief executive officer of LogicVision, said, "Despite an increasing interest in embedded test by major semiconductor manufacturers, continuing concerns about the downturn in the semiconductor industry and resulting budget constraints led to purchase deferrals by certain customers. For the last few quarters, LogicVision has adopted the strategy of focusing on key semiconductor suppliers to provide a total solution from silicon debug to manufacturing test. This strategy may elongate the sales cycle but has the potential to make LogicVision's embedded test solution a de facto standard, providing cost and time-to-market benefits to our customers and significant growth for LogicVision. We believe that this focused account strategy is evolving well and currently expect this strategy to lead to positive cash flow by the second half of 2003."