LogicVision Reports First Quarter 2007 Financial Results

Cash Exceeds Guidance

SAN JOSE, Calif., April 24 /PRNewswire-FirstCall/ -- LogicVision, Inc. (NASDAQ: LGVN), a leading provider of silicon test and yield learning solutions, today announced its financial results for the first quarter of 2007, ended March 31, 2007.

First Quarter 2007 Results

Revenues in the first quarter of 2007 were $2.6 million, compared with $2.7 million in the fourth quarter of 2006.

Net loss in the first quarter of 2007 was $1.2 million, or $0.05 per share, compared with a net loss of $1.4 million, or $0.07 per share, reported in the fourth quarter of 2006.

Gross margins in the first quarter were 71 percent, the same as in the fourth quarter of 2006.

Operating expenses were $3.2 million in the first quarter, including $170,000 of stock-based employee compensation charges in accordance with SFAS 123 ( R ). This compares with $3.4 million of operating expenses in the fourth quarter of 2006, including $59,000 of stock-based employee compensation charges in accordance with SFAS 123 ( R ).

At March 31, 2007, LogicVision had $7.1 million in cash, cash equivalents and investments, compared with $9.2 million at December 31, 2006. The company has no bank debt.

New orders received during the first quarter totaled $2.7 million. The company exited the first quarter with a 12-month backlog of $8.6 million, compared with a 12-month backlog of $8.3 million at the end of the fourth quarter.

"In the first quarter, revenues and net loss were within the guidance range we forecasted on our last earnings conference call, and cash exceeded our guidance. We were again able to lower our operating expenses this quarter, making this the eighth consecutive quarter of reduced operating expenses," said James T. Healy, president and CEO of LogicVision.

"We booked three new accounts in the first quarter -- SanDisk, Micron Technology and a new division of Sharp in Japan. In addition, we amended a contract with Matsushita and expect to start eight new evaluations during the second quarter. We are seeing increasing interest for our products to replace internal solutions as well as part of a bundled solution, and are also having successes in broadening the adoption of our solutions within existing customers," said Mr. Healy.

    Guidance for the Second Quarter of 2007
    -- Revenues are expected to be in the range of $2.7 million to $3.0
       million.
    -- Net loss is expected to be in the range of $1.0 million to $1.2 million
       or a net loss in the range of $0.04 to $0.05 per share.
    -- Cash, cash equivalents and investments are expected to be approximately
       $5 million at the end of the second quarter.

Conference Call

LogicVision will broadcast its conference call discussion of first quarter 2007 financial results today, April 24, 2007 at 2 p.m. Pacific time. To listen to the call, please dial 888-566-5772, pass code: "LogicVision." A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial 203-369-0638. The LogicVision financial results conference call will be available via a live web cast on the investor relations section of the company's web site at http://www.logicvision.com. An archived web cast of the call will be available at http://www.logicvision.com for one year.

About LogicVision, Inc.

LogicVision, Inc. provides unique test and yield learning capabilities in the design for manufacturing space. These capabilities enable its customers, leading semiconductor companies, to more quickly and efficiently learn to improve product yields. The company's advanced Design for Test (DFT) product line, ETCreate, works together with ETAccess and Yield Insight yield learning applications to enable increased profit by reducing device field returns, reducing test costs, and accelerating both time to market and time to yield. LogicVision solutions are used in the development of semiconductor ICs for products ranging from digital consumer goods to wireless communications devices and satellite systems. LogicVision was founded in 1992 and is headquartered in San Jose, Calif. For more information visit www.logicvision.com.

FORWARD LOOKING STATEMENTS

Except for the historical information contained herein, the matters set forth in this press release, including statements as to the Company's outlook, the number of expected evaluation starts for the second quarter, interest for the Company's products, successes in adoption of the Company's solutions, and the Company's expected financial results, including revenues, net loss, and cash, cash equivalents and investments are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the possibility that orders could be modified, cancelled or not renewed, the ability of the Company to negotiate and sign customer agreements and obtain purchase orders, trends in capital spending in the semiconductor industry, the timing and nature of customer orders, whether customers accept the Company's new and existing products, the impact of competitive products and alternative technological advances, and other risks detailed in LogicVision's Annual Report on Form 10-K for the year ended December 31, 2006 and from time to time in LogicVision's SEC reports. These forward-looking statements speak only as of the date hereof. LogicVision disclaims any obligation to update these forward-looking statements.

LogicVision, Embedded Test and LogicVision logos are trademarks or registered trademarks of LogicVision, Inc. in the United States and other countries. All other trademarks and service marks are the property of their respective owners.

                      - Summary financial data follows -


                              LOGICVISION, INC.
               UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                    (in thousands, except per share data)

                                                   March 31,      December 31,
                                                      2007              2006

                       ASSETS
    Current Assets:
      Cash and cash equivalents                      $4,891            $7,087
      Short-term investments                          2,209             2,155
      Accounts receivable, net of allowance for
       doubtful accounts of $12 and $6, respectively  1,211               615
      Prepaid expenses and other current assets       1,268                         1,226
                    Total  current  assets                                                9,579                        11,083
        Property  and  equipment,  net                                                  630                              743
        Intangible  assets,  net                                                            125                              178
        Goodwill                                                                                    6,846                          6,846
        Other  long-term  assets                                                            496                              641
                    Total  assets                                                            $17,676                      $19,491

                          LIABILITIES  AND  STOCKHOLDERS'  EQUITY
        Current  Liabilities:
              Accounts  payable                                                                $216                            $308
              Accrued  liabilities                                                        1,780                          2,008
              Deferred  revenue,  current  portion                            4,885                          5,089
                    Total  current  liabilities                                      6,881                          7,405
        Deferred  revenue                                                                            -                              285
                    Total  liabilities                                                      6,881                          7,690

        Commitments  and  contingencies

        Stockholders'  Equity:
            Preferred  stock,  $0.0001  par  value:
                Authorized:  5,000  shares;
                Issued  and  outstanding:  no  shares  issued
                  and  outstanding                                                                    -                                  -
            Common  stock,  $0.0001  par  value:
                Authorized:  125,000  shares;
                Issued  and  outstanding:  24,122  shares  at
                  March  31,  2007  and  24,081  shares  at
                  December  31,  2006                                                                2                                  2
        Additional  paid-in  capital                                            108,054                      107,860
        Accumulated  other  comprehensive  income  (loss)                  3                                  -
        Accumulated  deficit                                                          (97,264)                    (96,061)
                    Total  stockholders'  equity                                  10,795                        11,801
                    Total  liabilities  and
                      stockholders'  equity                                          $17,676                      $19,491


                                                            LOGICVISION,  INC.
                    UNAUDITED  CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                        (in  thousands,  except  per  share  data)

                                                                                                                  Three  Months  Ended
                                                                                                                          March  31,
                                                                                                              2007                          2006
        Revenues:
            License                                                                                  $1,105                      $1,219
            Service                                                                                    1,525                        1,130
                    Total  revenues                                                              2,630                        2,349

        Cost  of  revenues:
            License                                                                                        231                            257
            Service                                                                                        523                            424
                    Total  cost  of  revenues                                                  754                            681
        Gross  profit                                                                              1,876                        1,668

        Operating  expenses:
              Research  and  development                                                    955                        1,087
              Sales  and  marketing                                                          1,301                        1,880
              General  and  administrative                                                912                            964
                    Total  operating  expenses                                          3,168                        3,931

        Loss  from  operations                                                            (1,292)                    (2,263)
        Interest  and  other  income,  net                                              105                              72

        Loss  before  provision  for  income  taxes                        (1,187)                    (2,191)
        Provision  for  income  taxes                                                        16                              57

        Net  loss                                                                                  $(1,203)                  $(2,248)

        Net  loss  per  common  share,  basic  and  diluted            $(0.05)                    $(0.12)
        Weighted  average  number  of  shares
          outstanding,  basic  and  diluted                                      24,108                      18,921

 

Web site: http://www.logicvision.com//




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