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Virage Logic Reports Fourth-Quarter Fiscal 2005 Results
FREMONT, Calif.--Oct. 27, 2005--Virage Logic Corporation (Nasdaq:VIRL):
Quarterly News Release Highlights:
- Q4 revenues of $12.8 million, compared with $15.3 million for Q4 fiscal 2004 and $12.0 million for Q3 fiscal 2005
- Q4 GAAP net loss of $28,000, or $0.00 per share, compared with GAAP net income of $1.5 million, or $0.07 per share, for Q4 fiscal 2004 and with a GAAP net loss of $1.3 million, or $0.06 per share, for Q3 fiscal 2005
Virage Logic Corporation (Nasdaq:VIRL), a pioneer in Silicon Aware IP(TM) and leading provider of semiconductor IP platforms, today reported its financial results for the fourth fiscal quarter ended September 30, 2005.
Revenues for the fourth quarter of fiscal 2005 were $12.8 million, compared with $15.3 million for the fourth quarter of fiscal 2004 and with $12.0 million for the third quarter of fiscal 2005. License revenue for the fourth quarter of fiscal 2005 was $10.0 million, compared with $12.2 million for the same quarter a year ago and with $9.3 million for the prior quarter. Royalties for the fourth quarter of fiscal 2005 were $2.8 million, compared with $3.2 million for the fourth quarter of fiscal 2004 and with $2.7 million for the prior quarter.
As reported under U.S. generally accepted accounting principles (GAAP), net loss for the fourth quarter of fiscal 2005 was $28,000, or $0.00 per share. By comparison, net income for the fourth quarter of fiscal 2004 was $1.5 million, or $0.07 per share, and a net loss for the third quarter of fiscal 2005 was $1.3 million, or $0.06 per share.
"After experiencing order slippage and operational issues which impacted our results for the previous two quarters, we met our prior outlook for revenues and slightly exceeded our bottom-line expectations for the fourth quarter," said Adam Kablanian, Virage Logic's president and chief executive officer. "Furthermore, we extended our lead on advanced process nodes by signing 12 new 90 nanometer (nm) agreements. We also saw continued customer adoption of our IPrima Foundation(TM) semiconductor IP platforms. Our pipeline is healthy, and we remain committed to improving our financial results in the quarters ahead."
For fiscal year 2005, revenues were $53.4 million, compared with $53.0 million for fiscal year 2004. Net loss for fiscal 2005 was $575,000, or $0.03 per share, compared with net income of $1.9 million, or $0.09 per share, for fiscal 2004.
Recent Business Highlights
During the fourth quarter, and more recently, Virage Logic:
- Appointed industry veteran Jim Bailey as vice president of Worldwide Sales to drive the company's global sales and customer service initiatives based on his 20 years of experience in the electronic design automation (EDA) industry
- Announced agreements with MIPS Technologies (Nasdaq:MIPS) to provide system-on-chip (SoC) designers with the convenience of a single license to cover the use of MIPS(R) 32-bit cores and Virage Logic's IP, and accelerate processor performance with jointly developed core-optimized IP kits
- Booked a total of 12 new 90nm agreements, including three with new customers
- Signed a direct royalty-bearing agreement for the company's first Silicon Aware IP(TM) offering -- the STAR Memory System -- with a new customer bringing the total number of STAR Memory System agreements to date to 118
- Signed seven new ASAP Logic(TM) and IPrima Foundation semiconductor IP platform agreements
- Signed two new Non-Volatile Electrically Alterable (NOVeA(R)) agreements bringing the total number of NOVeA agreements signed to date to 19
- Recorded revenue under licensing agreements with 48 customers -- 43 existing and five new.
Business Outlook
Virage Logic also announced today its business outlook for the first quarter of fiscal 2006. The company currently anticipates total revenues of approximately $13.6 million to $13.8 million. Expected total revenues for the quarter are anticipated to include royalties of approximately $2.9 million to $3.0 million. The company expects to report GAAP net income of approximately $0.00 to $0.01 per diluted share for the three months ending December 31, 2005. Anticipated GAAP net income for the three months ending December 31, 2005 excludes the effects of the adoption of SFAS 123(R), as management is currently evaluating its future impact. Although this news release will be available on the company's website, the company disclaims any duty or intention to update these or any other forward-looking statements.
Financial Tables
Click here to read financial tables
Webcast and Taped Replay
Virage Logic's management plans to hold a teleconference on fourth-quarter 2005 results at 1:30 p.m. PT / 4:30 p.m. ET today. A live webcast of management's teleconference regarding fourth-quarter results will be available to all investors, and an archived webcast will be available from October 27, 2005 until October 27, 2006 on the Investor Relations page of Virage Logic's website at http://www.viragelogic.com. In addition, a telephonic replay will be available through November 3, 2005 at (719) 457-0820, access code 8445849.
About Virage Logic
Founded in 1996, Virage Logic Corporation (Nasdaq:VIRL) rapidly established itself as a technology and market leader in providing advanced embedded memory intellectual property (IP) for the design of complex integrated circuits. Today the company is a global leader in semiconductor IP platforms comprising embedded memories, logic, and I/Os and is pioneering the development of a new class of IP called Silicon Aware IP. Silicon Aware IP tightly integrates Physical IP (memory, logic and I/Os) with the embedded test, diagnostic, and repair capabilities of Infrastructure IP to help ensure manufacturability and optimized yield at the advanced process nodes. Virage Logic's highly differentiated product portfolio provides higher performance, lower power, higher density and optimal yield to foundries, integrated device manufacturers (IDMs) and fabless customers who develop products for the consumer, communications and networking, hand-held and portable, and computer and graphics markets. The company uses its FirstPass-Silicon(TM) Characterization Lab for certain products to help ensure high quality, reliable IP across a wide range of foundries and process technologies. Headquartered in Fremont, California, Virage Logic has R&D, sales and support offices worldwide. For more information, visit www.viragelogic.com.
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