Virage lowers quarterly forecast

Virage lowers quarterly forecast
By Semiconductor Business News
April 3, 2003 (5:18 p.m. EST)
URL: http://www.eetimes.com/story/OEG20030403S0039

FREMONT, Calif. - Virage Logic Corp. lowered its outlook for revenues and earnings for the second fiscal quarter of 2003 ended March 31, due to constrained customer spending and postponed purchasing decisions.

For the second fiscal quarter, the company anticipates revenues of approximately $9.4-to-$9.6 million, compared with revenues of $10.6 million reported for the second quarter of fiscal 2002.

Virage expects to report a net loss, according to generally accepted accounting principles (GAAP), of approximately $0.08 to $0.09 per share, and on a pro forma basis(1), a loss of $0.05 to $0.06 per share. This compares with GAAP earnings per diluted share of $0.02 and pro forma earnings per diluted share of $0.06 for the second quarter of fiscal 2002.

"We are disappointed that constrained customer spending continues to impact Virage Logic," said Adam Kablanian, chairman, president and chief executive, in a statement. "The business climate is ver y difficult."