Virage (Fremont, Calif.) said its GAAP net income, which equates to about 1 cent per share, was up from net losses of $988,000 and $242,000 for the year-earlier and prior sequential quarters, respectively.

Fiscal second quarter revenue was up 19 percent year-to-year and 11 percent sequentially. Virage said fiscal second quarter license revenue was $10.4 million, up flat sequentially and up 3 percent year-to-year. Royalty revenue totaled $4.8 million, up 81 percent year-to-year and 46 percent sequentially, the company said.

Fiscal second quarter net income included$1.9 million of stock-based compensation expense per the adoption of FAS123R, Virage said.

"Our historical emphasis on developing semiconductor intellectual property for advanced process nodes allowed us to post strong, profitable royalty growth, moving us to the next level in royalty revenues as designs based on these nodes continued to ramp in volume," said Adam Kablanian, Virage president and CEO, in a statement.

Virage said it currently expects fiscal third quarter revenue to be in the range of $15.2 million to $15.7 million, including royalties of approximately $4.3 million to $4.6 million. The company said it expects to report a GAAP net income of up to 1 cent per share for the period, which closes June 30.

Virage announced that Jen Meyerhoff, chief financial officer, has resigned to pursue an opportunity with an unidentified, "late stage, pre-initial public offering company" serving the alternative energy market. The company is apparently located outside of California.

Meyerhoff, a former chief operating officer at FormFactor Inc., had been appointed to the post in January.

J. Daniel McCranie, who was named executive chairman of Virage in March, will serve as interim CFO while the company searches for a new CFO, Virage said.

Also Wednesday, Virage said it has extended a long-term standard cell technology licensing agreement with Japan-based Yamaha Corp.