FREMONT, Calif., Apr 06, 2010 -- Virage Logic Corporation (NASDAQ: VIRL), the semiconductor industry's trusted IP partner, today announced that it is raising second fiscal quarter ending March 31st, revenue guidance to a range of $24.8 to $25.0 million, compared to its previously announced estimates of $23.5 to $24.0 million. Excluding the effects of stock based compensation, acquisition related expenses, amortization and any restructuring charges, non-GAAP per share results should fall into a range of $0.06 to $0.07 earnings per share (EPS) versus $0.01 to $0.02 per share as previously guided. During the second quarter, the Company expects to realize, before tax and any extraordinary charges, approximately $3.7 million to $4.1 million in non-GAAP adjustments, comprised primarily of stock-compensation, amortization and acquisition-related expenses.
"Rapid integration of our recent acquisitions, coupled with tight spending controls and a significant increase in royalty revenues, have contributed to improving both our top and bottom lines faster than we had forecasted," stated J. Daniel McCranie, executive chairman, Virage Logic. "In addition, with a large shippable backlog and strong bookings performance in the second quarter, we expect to post total revenue for the third fiscal quarter of this year in a range of $26.0 to $27.0 million, with a resulting Non-GAAP EPS (excluding any restructuring charges) of $0.10 to $0.13."
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 second-quarter of fiscal 2010 after the close of market on May 5th, 2010, including GAAP EPS and a reconciliation of GAAP and non GAAP EPS, 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 processor solutions, interface IP solutions, embedded SRAMs and NVMs, embedded test and yield optimization solutions, logic libraries, and memory development software. As the semiconductor industry's trusted IP partner, more than 400 foundry, IDM 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 http://www.viragelogic.com.