Virage Logic Reports Third Quarter Fiscal Year 2008 Results

Virage Logic Corporation

Condensed Consolidated Statements of Operations

(In thousands, except per-share amounts)

(Unaudited)

 
For the Three Months Ended

June 30,

For the Nine Months Ended

June 30,

  2008       2007       2008       2007  
Revenue:
License $ 12,248 $ 8,207 $ 35,122 $ 24,433
Royalties   2,820     3,079     8,695     8,945  
Total revenues 15,068 11,286 43,817 33,378
Cost and expenses:
Cost of revenues 2,614 2,869 8,182 9,972
Research and development 8,015 5,301 20,048 15,201
Sales and marketing 3,658 4,050 11,115 11,467
General and administrative 2,160 1,789 6,046 6,871
Restructuring charges   319     580     316     580  
Total cost and expenses   16,766     14,589     45,707     44,091  
Operating loss (1,698 ) (3,303 ) (1,890 ) (10,713 )
Interest income and other, net   706     961     2,640     2,878  
Income (loss) before taxes (992 ) (2,342 ) 750 (7,835 )
Income tax (benefit) provision   131     (1,106 )   149     (3,606 )
 
Net income (loss) $ (1,123 ) $ (1,236 ) $ 601   $ (4,229 )
 
Earnings per share:
Basic $ (0.05 ) $ (0.05 ) $ 0.03   $ (0.18 )
Diluted $ (0.05 ) $ (0.05 ) $ 0.03   $ (0.18 )
 
Shares used in computing per share amounts:
Basic   23,542     23,076     23,491     23,096  
Diluted   23,542     23,076     23,740     23,096  



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