Virage Logic Reports Second Quarter Fiscal 2009 Results

Virage Logic Corporation
Unaudited Consolidated Balance Sheets
(In thousands)

 
 

March 31,
2009

 

September 30,
2008

ASSETS
Current assets:
Cash and cash equivalents $ 26,664 $ 13,214
Short-term investments 29,166 31,148
Accounts receivable, net 10,793 16,526
Costs in excess of related billings on uncompleted contracts 1,226 972
Deferred tax assets – current 1,319 1,255
Prepaid expenses and other current assets 3,610 4,995
Taxes receivable - current  

-

    2,733  
Total current assets 72,778 70,843
 
Property, equipment and leasehold improvements, net 4,534 3,966
Goodwill

-

11,751
Other intangible assets, net 5,609

6,270

Deferred tax assets 5,482 14,548
Taxes receivable 2,860

-

Long-term investments 4,562 21,443
Other long-term assets   1,325     383  
 

Total assets

$ 97,150   $ 129,204  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,478 $ 1,023
Accrued expenses 5,054 5,678
Deferred revenue 7,907 8,866
Income taxes payable   44     1,702  
Total current liabilities 14,483 17,269
Income tax liabilities 1,083 1,083
Other long-term accruals   151     150  
Total liabilities 15,717 18,502
 
Stockholders’ equity:
Common stock 24 24
Additional paid-in capital 142,058 141,220
Accumulated other comprehensive income (376 ) 207
Treasury stock, at cost (5,130 ) (4,564 )
Accumulated deficit   (55,143 )   (26,185 )
Total stockholders’ equity   81,433     110,702  
 
Total liabilities and stockholders’ equity $ 97,150   $ 129,204  

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