LogicVision DEFA14A 2009
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LogicVision Reports Second Quarter Financial Results
SAN JOSE, Calif. July 30, 2009 LogicVision, Inc. (NASDAQ: LGVN), a leading provider of semiconductor built-in-self-test (BIST) and diagnostic solutions, today announced its financial results for the second quarter ended June 30, 2009.
Second Quarter 2009
Net loss in the second quarter of 2009 was $262,000, or $0.03 per share, compared with a net loss of $104,000, or $0.01 per share, reported in the first quarter of 2009. The second quarter net loss includes approximately $475,000 in costs associated with the planned acquisition by Mentor Graphics Corporation (Mentor Graphics; NASDAQ: MENT) as announced in the companys May 7, 2009 press release.
Operating expenses were $2.7 million in the second quarter, including $114,000 of stock-based employee compensation charges in accordance with SFAS 123(R). This compares with $2.6 million of operating expenses in the first quarter of 2009, including $120,000 of stock-based employee compensation charges in accordance with SFAS 123(R).
At June 30, 2009, LogicVision had $6.4 million in cash and cash equivalents compared with $6.9 million at March 31, 2009. In addition, the company had accounts receivable of $1.3 million at June 30, 2009, compared with $1.9 million at March 31, 2009. The company has no debt.
New orders received during the second quarter totaled $1.2 million. The second quarters 12-month backlog was $10.9 million, compared with a 12-month backlog of $10.7 million at the end of the first quarter. The companys total backlog was $15.6 million as of June 30, 2009.
Proposed Acquisition by Mentor
In light of the proposed acquisition of LogicVision by Mentor Graphics, LogicVision will not be hosting an earnings call regarding second quarter 2009 results, and LogicVision is withdrawing its previous 2009 guidance and will not be providing guidance for the third quarter of 2009.
About LogicVision Inc.
On July 15, 2009, Mentor Graphics filed a definitive prospectus and on July 16, 2009, LogicVision filed a definitive proxy statement with the Securities and Exchange Commission (the SEC) regarding the proposed acquisition of LogicVision by Mentor Graphics. Investors and security holders of LogicVision are urged to read the definitive proxy statement/prospectus and any other relevant materials filed by LogicVision or Mentor Graphics with the SEC because they contain, or will contain, important information about LogicVision, Mentor Graphics and the proposed acquisition. The definitive proxy statement/prospectus has been mailed to the security holders of LogicVision. The definitive proxy statement/prospectus and other relevant materials (when they become available), and any other documents filed by LogicVision or Mentor Graphics with the SEC, may be obtained free of charge at the SECs web site at www.sec.gov. In addition, investors and security holders of LogicVision may obtain free copies of the documents filed with the SEC by LogicVision by contacting LogicVisions Investor Relations department at 25 Metro Drive, Third Floor, San Jose, California 95110, Phone: (408) 452-2486 or Email: InvestorRelations@logicvision.com. Investors and security holders of LogicVision may obtain free copies of the documents filed with the SEC by Mentor Graphics by contacting Mentor Graphics Corporations Investor Relations department, 8005 SW Boeckman Road, Wilsonville, Oregon 97070-7777, Phone: (503) 685-7000.
LogicVision and its officers and directors may be deemed to be participants in the solicitation of proxies from LogicVisions stockholders with respect to the proposed merger. A description of any interests that these officers and directors have in the merger are described in the proxy statement/prospectus. Additional information concerning LogicVisions directors and executive officers is set forth in LogicVisions Amendment No.1 to Annual Report on Form 10-K, which was filed with the SEC on April 29, 2009. These documents are available free of charge at the SECs web site at www.sec.gov or by going to LogicVision Investor Relations page on its website at www.logicvision.com.
LogicVision, ETCreate, ScanBurst, ETMemory, Silicon Insight, Yield Insight and LogicVision logos are trademarks or registered trademarks of LogicVision Inc. in the United States and other countries.
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