SAN FRANCISCO Intellectual property (IP) vendor Virage Logic Corp. said Thursday (June 14) that it expects total revenue in the range of $11.9 million to $12.1 million for its fiscal third quarter, which ended June 30. Expected revenue has been revised downward from the $14.5 million to $15 million that the company had previously forecast for the quarter.
Virage said it now expects a net loss under generally accepted accounting principles (GAAP) of approximately 6 cents per share.
Current revenue expectation for the quarter is down from the $13.9 million that the company reported for the third fiscal quarter of 2004, which translated to a GAAP net income of 3 cents per share.
Virage said the third quarter revenue expectation includes anticipated royalties of approximately $2.7 million, slightly lower than the $2.9 million that the company had said it expected, but above the $1.9 million it reported in royalties for the year-ago quarter.
"We are disappointed with our anticipated results for the third quarter of 2005," said Adam Kablanian, Virage Logic's president and CEO, in a statement. Kablanian blamed the lackluster results on orders slipping during the quarter and "operational issues regarding our ability to ship against existing orders."