San Jose, Calif., October 28, 2002 - LogicVision, Inc. (Nasdaq: LGVN), a leading provider of embedded test IP for integrated circuits and systems, today announced financial results for the third quarter ended September 30, 2002. Revenues for the quarter ended September 30, 2002 were $4.0 million, compared to revenues of $3.7 million in the second quarter of 2002 and $4.8 million for the third quarter ended September 30, 2001.
On a generally accepted accounting principles (GAAP) basis, LogicVision reported a net loss of $2.5 million or ($0.16) per share for the third quarter of 2002, compared with a net loss of $714,000 or ($0.37) per share for the third quarter of 2001. On a pro-forma basis, excluding deferred stock-based compensation and accretion of redeemable convertible preferred stock charges, net loss was $2.0 million or ($0.14) per share for the third quarter of 2002, compared with net income of $79,000 or $0.01 per share for the third quarter of 2001. Results were negatively impacted by approximately $196,000 or ($0.01) per share in expenses associated with the negotiation and termination of the acquisition of PurpleVision Technologies Private Limited.
Vinod Agarwal, President and Chief Executive Officer said, "We have an excellent customer base and our customers are recognizing the benefits of embedded test. We are working closely with major corporations in the adoption of our embedded test products in both design and manufacturing applications and believe we are making good progress. Since we are concentrating on larger customers and major contracts, we expect that revenues will vary in future quarters depending upon the timing of receipt of these larger orders. We expect the adverse conditions in the semiconductor industry will continue to impact our existing and prospective customers, and we continue to work to adjust our expenses accordingly."
Vinod Agarwal and John Barnet, Chief Financial Officer, will host an investor conference call today, October 28, 2002, at 5:00 p.m. EST to review the Company's third quarter 2002 results. The dial-in number for the live audio call beginning at 5:00 p.m. EST is 800/711-5301 (domestic) and 785/832-0201 (international). Please call in at 4:50 p.m. EST to avoid delays. A live webcast of the conference call will be available on LogicVision's Web site at www.logicvision.com.
A replay of the call will be available from 8:00 p.m. EST on Monday, October 28, 2002, through midnight EST on Monday, November 4, 2002 by telephone at 800/374-1375 (domestic) and 402/220-0682 (international), with confirmation identification LOGIC. The replay will also be available at www.logicvision.com.
About LogicVision Inc. (www.logicvision.com)
LogicVision is a leading provider of 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. LogicVision's embedded test products generate proprietary circuit structures that are incorporated into an integrated circuit to test and diagnose the chip at full speed, without the signal delay or degradation experienced by external testers. LogicVision's embedded test solution has been successfully deployed in complex semiconductors for gigabit switches, voice and data routers, high performance servers and wireless products.
Except for the historical information contained herein, the matters set forth in this press release, including statements as to our progress with larger customers and major contracts, fluctuations in revenues, the impact of industry conditions on our customers, and adjustments in expenses, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, trends in capital spending in the semiconductor industry, the timing of customer orders, the impact of competitive products and alternative technological advances, and other risks detailed in LogicVision's Form 10-Q for the quarter ended June 30, 2002 and from time to time in LogicVision's SEC reports. These forward-looking statements speak only as of the date hereof. LogicVision disclaims any obligation to update these forward-looking statements.
LogicVision, Embedded Test and LogicVision logos are trademarks or registered trademarks of LogicVision Inc. in the United States and other countries. All other trademarks and service marks are the property of their respective owners.