Virage Logic Reports First Quarter Fiscal Year 2010 Results

Virage Logic Corporation
Unaudited Consolidated Balance Sheets
(In thousands)
   
December 31, September 30,
2009 2009
ASSETS
Current assets:
Cash and cash equivalents $ 24,473 $ 22,473
Short-term investments 3,404 7,383
Accounts receivable, net 18,253 15,930
Costs in excess of related billings on uncompleted contracts 1,086 1,262
Deferred tax assets 416 416
Prepaid expenses 5,306 6,887
Taxes receivable 107     108  
Total current assets 53,045 54,459
 
Property, plant and equipment, net 6,858 6,533
Goodwill 15,378 10,984
Other intangible assets, net 31,962 29,645
Deferred tax assets - long-term 8,981 8,858
Taxes receivable - long-term 3,003 2,768
Other long-term assets 3,856     4,858  
 
Total assets $ 123,083     $ 118,105  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,153 $ 4,767
Accrued expenses 13,938 18,713
Deferred revenues 17,427 9,930
Income taxes payable 36     --  
Total current liabilities 33,554 33,410
Income tax liabilities 179 935
Deferred tax liabilities 3,159 3,156
Other long-term accruals 906 1,397
Non-controlling interest ---     997  
Total liabilities 37,798 39,895
 
Stockholders' equity:
Common stock 27 24
Additional paid-in capital 152,799 143,754
Accumulated other comprehensive (loss) income 79 (129 )
Treasury stock, at cost (5,130 ) (5,130 )
Accumulated deficit (62,490 )   (60,309 )
Total stockholders' equity 85,285     78,210  
 
Total liabilities and stockholders' equity $ 123,083     $ 118,105  

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