Logicvision reports record revenues and net income for the first quarter 2002

San Jose, Calif., April 24, 2002 - 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, 2002. Revenues for the quarter ended March 31, 2002 were $5.9 million, an 86% increase from revenues of $3.1 million for the quarter ended March 31, 2001 and an 8% increase sequentially from revenues of $5.4 million for the quarter ended December 31, 2001. This was the company's ninth consecutive quarter of sequential revenue growth.

On a Generally Accepted Accounting Principles (GAAP) basis, LogicVision reported net income of $19,000 or $0.00 per diluted share for the quarter, compared with a net loss of $2.9 million or ($1.54) per diluted share for the first quarter of 2001, and a net loss of $495,000 or ($0.05) per diluted share for the fourth quarter of 2001.

Excluding deferred stock-based compensation and accretion of redeemable convertible preferred stock charges, pro forma net income was $445,000 or $0.03 per share for the first quarter of 2002, compared with a pro forma net loss of $2.2 million or ($1.17) per share for the first quarter of 2001, and pro forma net income of $248,000 or $0.02 per share for the fourth quarter of 2001.

"We achieved record results in a difficult market environment due to the increased cost efficiencies, higher yields, and reduced time to market our embedded test technology offers our customers," said Vinod Agarwal, president and chief executive officer of LogicVision. "I am very excited about this quarter's Embedded Test 4.0 product release, which incorporates silicon debug capabilities. This capability now allows our customers to integrate embedded test throughout the entire debug and manufacturing process and has the ability to dramatically lower the cost of test in the manufacturing environment. I am also pleased that more and more companies are signing up to be LogicVision ready and responding to customer demand."

Vinod Agarwal and John Barnet will host an investor conference call today, April 24, 2002, at 4:15 p.m. EDT to review the company's first quarter 2002 results. The domestic dial-in number for the live audio call beginning at 4:15 p.m. EDT is 800/711-5301. Please call in at 4:05 p.m. EDT to avoid delays.

A replay of the call will be available from 6:15 p.m. EDT on Wednesday, April 24, 2002, through midnight EDT on Wednesday, May 1, 2002 at www.logicvision.com and by telephone at 800/283-4783 (domestic) and 402/220-0859 (international). The pass code for the replay is LOGIC.

About LogicVision Inc.

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. For more information on the company and its products, please visit the LogicVision Web site at www.logicvision.com.

Contacts:
 

Carol Ruth  The Ruth Group  (917) 859-0214  cruth@theruthgroup.com

David Pasquale  The Ruth Group  (646) 536-7006  dpasquale@theruthgroup.com

Forward-Looking Statements

Except for the historical information contained herein, the matters set forth in this press release, including statements as to the expected benefits of Embedded Test 4.0 and increasing enrollment in the LogicVision ready program in response to customer demand, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially, including, but not limited to, 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, 2001 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.

Acronyms and Definitions

ATE: Automatic Test Equipment
ATPG: Automatic Test Pattern Generation
BIST: Built-in-Self-TestDFT: Design-for-Test
DFT: Design-for-Test
EDA: Electronic Design Automation
GDSII: An industry format describing the physical structure of the chip design and used to create mask tooling for chip manufacturing
GUI: Graphics User Interface
HDL: Hardware Description Language
IC: Integrated Circuit
RTL: Register Transfer-Level
Verilog: A hardware description language used to design and document electronic systems.
VHDL: VHSIC (Very High-Speed Integrated Circuit) HDL
IP: Intellectual Property
SoC: System-on-chip