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Virage Logic Updates First-Quarter Fiscal 2009 Outlook
FREMONT, Calif. --Dec 30, 2008 -- Virage Logic Corporation (NASDAQ:VIRL), the semiconductor industry's trusted IP partner, today announced that it is lowering first quarter revenue guidance to $11.0 to $11.5 million compared to its previously announced estimates of $15.5 to $16.0 million. Excluding any restructuring charges, non-GAAP per share results should fall into a range of ($0.08) to ($0.06) versus $0.02 to $0.04 as previously guided.
"The increasing effect of the global economic crisis and resulting impact on the semiconductor industry is unprecedented. The last few weeks of our fiscal first quarter have been equally challenging for us as we manage recent delays in customer orders," stated J. Daniel McCranie, executive chairman, Virage Logic. "Despite the macroeconomic environment and coupled with our very strong cash position, we are encouraged by the long term prospects we see for our leading edge product portfolio. Even in a severe downturn, semiconductor manufacturers will not typically allow their design cycles to abate and given our longstanding strategic relationships with many of the largest foundries and integrated device manufacturers, we believe we will continue to see growing demand for our leading edge products."
Virage Logic cautions that these anticipated results are preliminary, based on the best information currently available, and subject to the closing of its financial records and customary quarterly accounting procedures. The company plans to report its final results for the first-quarter of fiscal 2009 after the close of market on January 29, 2009, and will provide a detailed business outlook at that time.
About Virage Logic
Virage Logic is a leading provider of semiconductor intellectual property (IP) for the design of complex integrated circuits. The company's highly differentiated product portfolio includes embedded SRAMs, embedded NVMs, embedded test and repair, logic libraries, memory development software, and DDR memory controller subsystems. As the industry's trusted semiconductor IP partner, foundries, IDMs and fabless customers rely on Virage Logic to achieve higher performance, lower power, higher density and optimal yield, as well as shorten time-to-market and time-to-volume. For further information, visit www.viragelogic.com.
"The increasing effect of the global economic crisis and resulting impact on the semiconductor industry is unprecedented. The last few weeks of our fiscal first quarter have been equally challenging for us as we manage recent delays in customer orders," stated J. Daniel McCranie, executive chairman, Virage Logic. "Despite the macroeconomic environment and coupled with our very strong cash position, we are encouraged by the long term prospects we see for our leading edge product portfolio. Even in a severe downturn, semiconductor manufacturers will not typically allow their design cycles to abate and given our longstanding strategic relationships with many of the largest foundries and integrated device manufacturers, we believe we will continue to see growing demand for our leading edge products."
Virage Logic cautions that these anticipated results are preliminary, based on the best information currently available, and subject to the closing of its financial records and customary quarterly accounting procedures. The company plans to report its final results for the first-quarter of fiscal 2009 after the close of market on January 29, 2009, and will provide a detailed business outlook at that time.
About Virage Logic
Virage Logic is a leading provider of semiconductor intellectual property (IP) for the design of complex integrated circuits. The company's highly differentiated product portfolio includes embedded SRAMs, embedded NVMs, embedded test and repair, logic libraries, memory development software, and DDR memory controller subsystems. As the industry's trusted semiconductor IP partner, foundries, IDMs and fabless customers rely on Virage Logic to achieve higher performance, lower power, higher density and optimal yield, as well as shorten time-to-market and time-to-volume. For further information, visit www.viragelogic.com.
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