SAN JOSE, Calif., Jan. 24 /PRNewswire-FirstCall/ -- LogicVision, Inc. (Nasdaq: LGVN), a leading provider of embedded test IP for integrated circuits and systems, today announced financial results for the fourth quarter ended December 31, 2002. Revenues for the quarter ended December 31, 2002 were $2.0 million, compared to revenues of $4.0 million in the third quarter of 2002 and $5.4 million for the fourth quarter ended December 31, 2001.
On a generally accepted accounting principles (GAAP) basis, LogicVision reported a net loss of $4.2 million or ($0.28) per share for the fourth quarter of 2002, compared with a net loss of $495,000 or ($0.05) per share for the fourth quarter of 2001. On a pro forma basis, excluding deferred stock- based compensation, net loss was $3.8 million or ($0.25) per share for the fourth quarter of 2002, compared with net income of $248,000 or $0.02 per share for the fourth quarter of 2001. As previously reported, LogicVision had $41.5 million in cash and marketable securities with a $2.5 million balance outstanding under its line of credit, or net cash and marketable securities of $2.57 per share, as of the end of the quarter.
Total revenues for full year 2002 were $15.6 million representing a decrease of 10% compared to $17.2 million for the full year 2001. On a GAAP basis, LogicVision reported a net loss of $8.5 million or ($0.57) per share for the full year 2002, compared with a net loss of $6.3 million or ($1.54) per share for the full year 2001. On a pro forma basis, excluding deferred stock-based compensation, net loss was $6.9 million or ($0.46) per share for the full year 2002, compared with a net loss of $3.3 million or ($0.81) per share for the full year 2001.
Vinod Agarwal, President and Chief Executive Officer said, "LogicVision continues to work with major semiconductor and systems companies to integrate embedded test for the next generation of SOC's. We remain encouraged with our sales pipeline and believe the adoption rate will increase over time as the semiconductor industry benefits from the use of LogicVision's solutions for test and diagnosis challenges inherent to the more complex SOC's and 90 nanometer technology. In the immediate term, the weak economic climate for our customers has resulted in the deferral of purchases, extended approval processes, and more volatility in the predictability of revenues than we have at any time in the past. We, like our customers, continue to adjust our organization and expense levels in recognition of the marketplace. We are executing on our business objectives and are targeting positive cash flow by the second half of 2003."
Vinod Agarwal and John Barnet, Chief Financial Officer, will host an investor conference call today, January 24, 2003, at 2:00 p.m. EST to review the Company's fourth quarter 2002 results and business outlook. The dial-in number for the live audio call beginning at 2:00 p.m. EST is 800/245-3043 (domestic) and 203/748-8964 (international). The password confirmation is LOGIC. Please call in at 1:50 p.m. EST to avoid delays. A live webcast of the conference call will be available on LogicVision's Web site at http://www.logicvision.com.
A replay of the call will be available from 5:00 p.m. EST on Friday, January 24, 2003, through midnight EST on Friday, January 31, 2003 by telephone at 800/945-0804 (domestic) and 402/220-0667 (international), with confirmation identification LOGIC. The replay will also be available at http://www.logicvision.com.
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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 http://www.logicvision.com .
Except for the historical information contained herein, the matters set forth in this press release, including statements as to the Company's progress with customers and the adoption rate of embedded test, the impact of industry conditions on the Company's customers, adjustments in the Company's organization and expenses, the Company's business objectives and targets for positive cash flow by the second half of 2003, 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 September 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.