Bookings Increased to $5M
SAN JOSE, Calif. – October 1, 2007 – LogicVision, Inc. (NASDAQ: LGVN), a leading provider of silicon test and yield learning solutions, today announced that it expects to report approximately $9 million in cash, cash equivalents and investments as of September 30, 2007. This is significantly higher than the guidance of approximately $6 million in cash, cash equivalents and investments that the Company gave in its July 24, 2007 earnings press release and conference call. In addition, the Company will report third quarter bookings of approximately $5 million, which compares favorably with new orders reported in the previous two quarters of $2.7 million in Q1 and $2.3 million in Q2. The increase in third quarter cash and bookings is primarily due to two significant customer orders. These orders are from existing customers that renewed and/or expanded their use of LogicVision embedded test solutions, including new products. About LogicVision Inc.
“Our embedded test solutions help semiconductor and system companies achieve very low DPM levels and fast silicon bring-up times while reducing overall cost of test,” said Jim Healy, president and CEO at LogicVision. ”Due to these benefits, our customers are expanding their adoption of our technologies from divisional to corporate-wide contracts. We are pleased with our third quarter renewals and will continue to work on additional significant customer expansions and renewals in the near term, as well as focus on turning current evaluations into new contracts.”
Third Quarter Press Release and Conference Call
The Company plans to announce more detailed financial information for the quarter after the close of the market on October 23, 2007. LogicVision's management will host this call on Tuesday, October 23 at 2 p.m. Pacific time. A question and answer session will follow.
LogicVision will release the company's financial results at approximately 1 p.m. Pacific time that same day. To listen to the call, please dial 888-455-3614 ten minutes prior to the start of the call. You will need to reference the pass code: "LogicVision." A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for two weeks. To access the replay, dial 800-685-0912.
LogicVision's financial results conference call will be available via a live webcast on the investor relations section of the LogicVision web site at www.logicvision.com. An archived webcast replay of the call will be available for one year.
LogicVision (NASDAQ: LGVN) provides proprietary technologies for embedded test that enable the more efficient design and manufacture of complex semiconductors. LogicVision's embedded test solution allows integrated circuit designers to embed into a semiconductor design test functionality that can be used during semiconductor production and throughout the useful life of the chip. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com