SUNNYVALE, Calif., July 31, 2009 (GLOBE NEWSWIRE) -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported revenues and earnings for its third fiscal quarter of 2009, which ended June 30, 2009. Revenues for the quarter totaled $803,300, up 10 percent from $728,700 reported for the same quarter of fiscal 2008, and up 45 percent from $555,700 recorded in the immediately preceding quarter. The Company recorded a net income of $30,700, or $0.00 per share, for the fiscal 2009 quarter, compared to a net loss of $1,116,800, or ($0.16) per share in the same quarter of fiscal 2008, and a net loss of $420,800, or ($0.06) per share in the immediately preceding quarter which ended March 31, 2009.
"The Company enjoyed significantly improved order levels during the quarter compared to recent periods," stated Bill Volz, president of LOGIC Devices. "As a result of cost-cutting measures and prior quarter write-downs of inventory, our gross margin was also exceptionally good. The strong order rates have also resulted in a strong backlog to carry forward, so we anticipate further revenue growth in the September quarter."
"During the June quarter, we successfully completed qualification of our DDR1 IMOD integrated memory modules; received first article samples of our industry leading DDR3 modules; and completed design of our DDR2 modules, which we expect to begin testing soon. This work contributes 9 new products of a family that we expect to grow to 15 products by year-end. Our improved financial performance has allowed us to continue to invest heavily in new product development activities, and the productivity of those efforts was very good during the quarter. Historically, after a modest time lag for customer design-in and qualification, revenues have tended to correlate with the expansion of our product line, so we are encouraged as we look forward," concluded Volz.
LOGIC Devices is a fabless semiconductor manufacturer focused on developing high performance digital integrated circuits for applications requiring high-density embedded memory, high speed and low power consumption. LOGIC's product solutions meet the requirements of leading broadcast video, medical imaging, surveillance, instrumentation, and telecommunications companies. More information about LOGIC Devices is available at www.logicdevices.com.
FINANCIAL HIGHLIGHTS:
Quarter ended:
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06/30/09 06/30/08
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Net revenues $ 803,300 $ 728,700
Operating income (loss) $ 30,700 $ (1,128,100)
Net income (loss) $ 30,700 $ (1,116,800)
Basic earnings (loss) per share $ -- $ (0.16)
Basic wtd-avg common shares 6,814,438 6,814,438