LOGIC Devices Reports First Quarter of Fiscal 2008

Business Wire,  Feb 13, 2008  

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SUNNYVALE, Calif. -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported its revenues and results of operations for its first quarter of fiscal 2008, which ended December 31, 2007. The Company's revenues totaled $868,700 for the fiscal 2008 quarter, compared to $1,362,400 for the same quarter of fiscal 2007. The Company recorded a net loss of $762,800, or ($0.11) per share, for the fiscal 2008 quarter, compared to a net income of $54,500, or $0.01 per share, for the same quarter of fiscal 2007.

"Weak bookings during the quarter resulted in very disappointing revenues. Shipments of military and high-reliability products were especially weak. Sales of products for our digital cinema project were also below recent run rates, and our backlog entering the quarter was substantially below prior quarters. As a result of our very weak revenues and write-offs of inventory of $348,800, we incurred an operating loss of $649,600," stated Bill Volz, president of LOGIC Devices.

"Fortunately, during the current quarter, bookings have rebounded and our backlog has increased to levels comparable to prior quarters. During the December quarter, we conducted extensive simulation and verification on our LF4430 Video Frame buffer and new wafers have been fabricated and are in final assembly at this time. While we have more evaluation to perform on this new product family, we are embarking on more aggressive marketing to secure new customer design wins as our confidence in the design increases."

"While we continue to report large losses as a result of on-going write-downs of existing inventory, our liquidity remains very strong. Our quarter-ending cash and accounts receivable balances remain comparable to prior quarters while our total liabilities have not increased. During these uncertain times for the economy, we remain vigilant on protecting our strong liquidity. Historically, because our products are primarily used in long lifecycle industrial applications, we are less affected by downturns in the general economy than companies that primarily sell consumer products. Our revenues more closely track the breadth of our product line and the activity of our key projects. We anticipate increasing revenues as a result of our LF4430/60 Frame Buffers joining our existing product portfolio," 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.

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