San Jose, Calif. - April 23, 2003 - LogicVision, Inc. (Nasdaq: LGVN), a leading provider of embedded test IP for integrated circuits and systems, today announced financial results for the first quarter ended March 31, 2003. Revenues for the quarter ended March 31, 2003 were $2.4 million, compared to revenues of $2.0 million in the fourth quarter of 2002 and $5.9 million for the first quarter ended March 31, 2002.
On a generally accepted accounting principles (GAAP) basis, LogicVision reported a net loss of $3.0 million or ($0.19) per share for the first quarter of 2003, compared with a net loss of $4.2 million or ($0.28) per share for the fourth quarter of 2002 and net income of $19,000 or $0.00 per share for the first quarter of 2002. At March 31, 2003, LogicVision had $37.5 million in cash and marketable securities with a $2.0 million balance outstanding under its line of credit, for a combined net balance of $35.5 million, or $2.32 per share.
Vinod Agarwal, President and Chief Executive Officer said, "We are pleased that the first quarter came in ahead of expectations. We are beginning to see an increase in orders from our customers. Several new multi-million gate SOC designs using embedded test were started in this quarter by our customers. Entering the second quarter, we continue to focus on penetrating our target base of larger customers, supplying these customers with support to enable more complete adoption of our products, and reviewing and minimizing corporate costs."
Bruce M. Jaffe, Vice President Finance and Chief Financial Officer added, "We are witnessing increased orders, however these orders are primarily on a one year subscription basis and recognized over 12 months. Given the positive demand indications we are seeing, we continue to target revenue growth for the second half of 2003.
Vinod Agarwal and Bruce Jaffe, will host an investor conference call today, April 23, 2003, at 5:00 p.m. EDT to review the Company's first quarter 2003 results and business outlook. The dial-in number for the live audio call beginning at 5:00 p.m. EDT is 800/245-3043 (domestic) and 785/832-0201 (international). The password confirmation is LOGIC. Please call in at 4:50 p.m. EDT 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. EDT on Friday, April 23, 2003, through midnight EDT on Wednesday, April 30, 2003 by telephone at 800/934-3336 (domestic) and 402/220-1148 (international), with confirmation identification LOGIC. The replay will also be available at www.logicvision.com.
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.
FORWARD LOOKING STATEMENTS:
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 revenue growth for 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-K for the year ended December 31, 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.
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