Virage Logic Reports Fourth Quarter and Fiscal Year 2009 Results

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Statements made in this news release, other than statements of historical fact, and any assumptions underlying these statements, are forward-looking statements, including, for example, statements relating to company trends, business outlook and technology leadership. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, which might cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include Virage Logic’s ability to improve its operations; its ability to forecast its business, including its revenue, income and order flow outlook; Virage Logic’s ability to execute on its strategy; the company’s ability to overcome the challenges associated with establishing licensing relationships with semiconductor companies; the company’s ability to obtain royalty revenues from customers in addition to license fees; business and economic conditions generally and in the semiconductor industry in particular; competition in the market for semiconductor IP platforms; and other risks including those described in the company’s Annual Report on Form 10-K for the period ended September 30, 2008, and in Virage Logic’s other periodic reports filed with the SEC, all of which are available from Virage Logic’s website ( www.viragelogic.com) or from the SEC’s website ( www.sec.gov), and in news releases and other communications. Virage Logic disclaims any intention or duty to update any forward-looking statements made in this news release.

All trademarks are the property of their respective owners and are protected herein.

Reconciliation of GAAP to Non-GAAP Financial Results

   

Statement of Operations Reconciliation

 

(in thousands)

Three Months Ended
September 30, 2009

Twelve Months Ended
September 30, 2009

GAAP net loss

$

(3,244

)

$

(34,124

)
Stock-based compensation expense charged to operating expense 1,497 2,956
Stock-based compensation expense related to custom contracts (41 ) (48 )
Amortization of intangibles and expense for earn-outs related to acquisition 3,699 6,244
Deferred tax allowance 1,435 12,430
Goodwill impairment -- 11,839
Restructuring charges 4 1,499
Tax effect   (2,861 )   (4,186 )

Non-GAAP net income (loss)

$

489

  $

(3,390

)
 
Income (loss) per share:
Basic $ 0.02   $

(0.15

)
Diluted $ 0.02   $

(0.15

)
 
Shares used in computing per share amounts:
Basic   23,106     22,979  
Diluted   23,204     22,979  
 

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