Virage Logic Reports First Quarter Fiscal 2009 Results

Virage Logic Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
       
 
 
December 31, September 30,
2008 2008
ASSETS
Current assets:
Cash and cash equivalents $31,876 $13,214
Short-term investments 28,844 31,148
Accounts receivable, net 12,145 16,526
Costs in excess of related billings on uncompleted contracts 1,001 972
Deferred tax assets - current 1,320 1,255
Prepaid expenses and other current assets 4,757 4,995
Taxes receivable 2,837 2,733
Total current assets 82,780 70,843
 
Property, plant and equipment, net 4,324 3,966
Goodwill 11,781 11,751
Other intangible assets, net 5,939 6,270

Deferred tax assets - long-term

14,759 14,548
Long-term investments 4,573 21,443
Other long-term assets 379 383
Total assets $124,535 $129,204
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 1,179 1,023
Accrued expenses 6,630 5,678

Deferred revenues

8,020 8,866
Income taxes payable - 1,702
Total current liabilities 15,829 17,269

Income tax liabilities

1,083 1,083

Other long-term accruals

151 150
Total liabilities 17,063 18,502
 
Stockholders' equity:
Common stock 24 24
Additional paid-in capital 141,175 141,220
Accumulated other comprehensive income 199 207

Treasury stock, at cost

(5,130) (4,564)
Accumulated deficit (28,796) (26,185)
Total stockholders' equity 107,472 110,702
Total liabilities and stockholders’ equity $124,535 $129,204

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