Virage Logic Q4 net loss widens

Tue. November 03, 2009; Posted: 09:37 AM

Nov 03, 2009 (Datamonitor via COMTEX) -- VIRL | Quote | Chart | News | PowerRating -- Virage Logic, a US-based provider of semiconductor intellectual property and services, has posted a net loss of $3.24 million, or $0.14 per diluted share, for the fourth quarter ended September 30, 2009, compared to a net loss of $47,000, or $0 per diluted share for the fourth quarter ended September 30, 2008.

Total revenues for the fourth quarter of fiscal 2009 declined to $13.15 million from $15.51 million in the corresponding quarter of fiscal 2008.

For fiscal 2009, the company has posted a net loss of $34.12 million, or $1.48 per diluted share, compared to a net income of $554,000, or $0.02 per diluted share, for fiscal 2008. For fiscal 2009, total revenues declined to $47.44 million from $59.33 million for fiscal 2008.

Alex Shubat, president and CEO of the company, said: "Fiscal 2009 marked an inflection point and represented a pivotal year for Virage Logic. We executed well on our inorganic growth initiatives, made continued significant progress on becoming a standard product company versus custom shop, and established deeper, strategic engagements.

"Our sales pipeline continues to increase and points to strong future growth in terms of both dollar value and individual deal size. Finally, the continuing shift the large semiconductor IDMs are making towards a fabless or fab-lite business model, plays to our core strengths and enables us to serve as an increasingly trusted IP partner."

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