SAN JOSE, Calif. On the heels of the acquisition of its main competitor, Artisan Components, by ARM Ltd., library vendor Virage Logic Inc. posted record revenue in the first quarter of 2005.
Virage on Thursday (Jan. 20) reported first quarter revenue of $15.9 million, compared with $10.9 million for the first quarter of fiscal 2004 and $15.3 million for the fourth quarter of fiscal 2004. Analysts had been expecting the company to report revenue of $16.09 million. The company hit Wall Street estimates for earnings per share.
Under generally accepted accounting principles (GAAP), Virage reported net income for the first quarter of $1.7 million, or $0.08 per share, compared with a net loss for the first fiscal quarter of fiscal of $359,000, or $0.02 per share.
Net income for the fourth quarter was $1.5 million, or $0.07 per share.
License revenues for the first quarter of fiscal 2005 was $13.1 million, compared with $9.5 million for the same quarter a year ago and $12.2 million for the prior quarter.
The company also reported a boost in revenue from royalties. Virage said royalties for the first quarter of fiscal 2005 were $2.8 million, compared with $1.4 million for the first quarter of fiscal 2004 and $3.2 million in the prior quarter.
For the second quarter of fiscal 2005, the company expects to report total revenues in the range of $16.3 million to $16.6 million, with $2.7 million coming from royalties.
It also expects to report GAAP net income of approximately $0.09 per diluted share.
Wall Street had been expecting Virage to target second quarter earnings of $0.08 per share on revenue of $16.8 million.