LogicVision posts $2.4 M Q1 revenues
By siliconindia | Thursday, 24 April 2003, 07:00 Hrs
SAN JOSE: LogicVision, Inc. (Nasdaq:LGVN), a provider of embedded test IP for integrated circuits and systems, Thursday posted revenues of $2.4 million for the quarter ended March 31, 2003. This was as compared to revenues of $2.0 million in the fourth quarter of 2002 and $5.9 million for the first quarter ended March 31, 2002. LogicVision reported a net loss of $3.0 million or ($0.19) per share for the first quarter of 2003, compared with a net loss of $4.2 million or ($0.28) per share for the fourth quarter of 2002 and net income of $19,000 or breakeven for the first quarter of 2002. At March 31, 2003, LogicVision had $37.5 million in cash and marketable securities with a $2.0 million balance outstanding under its line of credit, for a combined net balance of $35.5 million, or $2.32 per share. Vinod Agarwal, President and Chief Executive Officer said, "We are pleased that the first quarter came in ahead of expectations. Several new multi-million gate SOC designs using embedded test were started in this quarter by our customers. Entering the second quarter, we continue to focus on penetrating our target base of larger customers, supplying them with support to enable more complete adoption of our products, and reviewing and minimizing corporate costs. We are witnessing increased orders, many of which may be subscription based; however, the current lack of visibility into the nature of these orders does not allow us to provide specific guidance at this time."