SAN JOSE -- Fresh off one of the few successful initial public offerings of stock last fall, LogicVision Inc. here today reported a 13% sequential increase in revenues to $5.4 million in the fourth quarter of 2002 compared to $4.8 million in Q3. The supplier of embedded test for ICs said revenues were up 103% from $2.7 million in Q4 of 2000.
The San Jose company went public on New York's Nasdaq stock exchange just seven weeks after terrorist destroyed the World Trade Center towers by crashing jetliners into the twin skyscrapers on Sept. 11. LogicVision sold 4.5 million shares, raising $40.5 million (see Oct. 31 story). The company's stock closed at $9.86 last week (Jan. 18), up from the IPO price of $9 per share.
The Q4 period marked the company's eighth quarter of sequentially higher revenues and a second consecutive quarter of pro-forma profitability, said Vinod Agarw al, president and chief executive officer of LogicVision.
Excluding deferred stock-based compensation and accretion of redeemable convertible preferred stock charges, LogicVision's pro- forma net income was $248,000, or $0.02 per share in Q4, which was one cent higher than Wall Street's consensus, according to First Call/Thomson Financial. However, the company posted a net loss of $495,000, or $0.05 per share, in the quarter with those charges included.
"The continued momentum in our business reflects the semiconductor industry's adoption of embedded test technology to decrease time-to-market, reduce capital costs and improve manufacturing yields," Agarwal said.
For the entire year in 2001, LogicVision posted $17.2 million in revenues, an 86% increase compared to $9.3 million for in 2000. For 2001, LogicVision had a net loss of $6.3 million, including charges, compared to a net loss of $12.9 million in 2000.