Virage Logic Reports Fourth Quarter and Fiscal Year 2008 Results

Virage Logic Corporation

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 
September 30,

2008

  September 30,

2007

ASSETS
Current assets:
Cash and cash equivalents $ 13,214 $ 14,820
Short-term investments 31,148 42,840
Accounts receivable, net 16,526 12,170
Costs in excess of related billings on uncompleted contracts 972 1,134
Deferred tax assets current 1,255 1,939
Prepaid expenses and other current assets 4,995 4,766
Taxes receivable 2,733     2,320  
Total current assets 70,843 79,989
 
Property, equipment and leasehold improvements, net 3,966 3,643
Goodwill 11,751 11,355
Other intangible assets, net 6,270 2,705
Deferred tax assets 14,548 13,178
Long-term investments 21,443 17,528
Other long-term assets 383     473  
 
Total assets $ 129,204     $ 128,871  
 
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable $ 1,023 $ 1,027
Accrued expenses 5,678 4,659
Deferred revenue 8,866 8,996
Income taxes payable 2,785     2,992  
Total current liabilities 18,352     17,674  
Deferred tax liabilities

978
Other long-term liabilities 150    

 
Total liabilities 18,502 18,652
 
Stockholders equity:
Common stock 24 23
Additional paid-in capital 141,220 135,926
Accumulated other comprehensive income 207 1,009
Accumulated deficit (26,185 ) (26,739 )
Treasury Stock (4,564 )  

 
Total stockholders equity 110,702     110,219  
 
Total liabilities and stockholders equity $ 129,204     $ 128,871  



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