Virage Logic posts strong growth

Net loss for the first quarter on a GAAP basis was $2.2 million, or minus $0.09 per share, compared to a net loss of $2.6 million, or minus $0.11, in the first quarter of fiscal year 2009.

In a commentary of quarterly results, Virage's president and CEO Alex Shubat declared: "We are pleased with our record first quarter results, as they put us on track to achieve approximately 100 percent year over year revenue growth for fiscal 2010."

Virage Logic said total license revenues grew by 55 percent, from $10.9 million in the prior quarter to $16.9 million in the first fiscal quarter. Royalty income grew 114 percent from $2.2 million to $4.7 million.

"This strong increase in royalty income was a result of both increased wafer foundry utilization as well as royalties from our recent ARC International acquisition," stated Shubat. "Our strong backlog, together with our solid sales pipeline and increasing customer engagements, will enable our company to enjoy record license revenue in fiscal 2010. In addition, we believe that revenue from royalties will continue to increase throughout fiscal 2010, as a result of strong growth in semiconductor wafer shipments."

For the second quarter, Virage Logic said it anticipates revenues of $23.5 million to $24.0 million, or $0.01 to $0.02 per share.