Cash Exceeds Guidance; Smallest Net Loss in Nearly Six Years SAN JOSE, Calif. – October 23, 2007 –
LogicVision, Inc. (NASDAQ: LGVN), a leading provider of silicon test and yield learning solutions, today announced its financial results for the third quarter ended September 30, 2007. Third Quarter 2007 Results
Revenues in the third quarter of 2007 were $3.0 million, compared with $3.1 million in the second quarter of 2007.
Net loss in the third quarter of 2007 was $700,000, or $0.03 per share, compared with a net loss of $1.1 million, or $0.05 per share, reported in the second quarter of 2007.
Gross margins in the third quarter were 72 percent, compared with 75 percent in second quarter of 2007.
Operating expenses were $3.0 million in the third quarter, including $319,000 of stock-based employee compensation charges in accordance with SFAS 123 (R). This compares with $3.6 million of operating expenses in the second quarter of 2007, including $357,000 of stock-based employee compensation charges in accordance with SFAS 123(R).
At September 30, 2007, LogicVision had $9.5 million in cash, cash equivalents and investments, compared with $7.0 million at June 30, 2007. The company has no bank debt.
New orders received during the third quarter totaled $5.0 million. The company exited the third quarter with a 12-month backlog of $9.1 million, compared with a 12-month backlog of $8.2 million at the end of the second quarter.
“We are pleased to report that our cash, cash equivalents and investments significantly exceeded guidance, our net loss was the smallest in nearly six years, and our bookings were the highest they have been in the past two years,” said James T. Healy, president and CEO of LogicVision. “Key customers such as NEC Electronics and PLX Technology are renewing or expanding their use of our embedded test solutions to include worldwide usage or new products as they realize the benefits they can achieve with our technology. We are pleased with our third quarter results and 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.” Guidance for the Fourth Quarter of 2007
• Revenues are expected to be in the range of $2.8 million to $3.0 million.
• Net loss is expected to be in the range of $900,000 to $1.1 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 $7.5 million at the end of the fourth quarter. About LogicVision, Inc.
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