QuickLogic Announces Fourth Quarter and Fiscal 2011 Results

SUNNYVALE, CA -- (MARKET WIRE) -- Feb 07, 2012 -- QuickLogic Corporation (NASDAQ: QUIK), the lowest power programmable semiconductor solutions leader, today announced the financial results for its fourth quarter and fiscal year ended January 1, 2012.

Total revenue for the fourth quarter of 2011 was $4.3 million, down 19% sequentially and down 38% from the fourth quarter of 2010. During the fourth quarter, new product revenue of $1.7 million was up 39% sequentially and down 25% from the fourth quarter of 2010.

Under generally accepted accounting principles (GAAP), the net loss for the fourth quarter of 2011 was $3.1 million or $0.08 per diluted share, compared with a net loss of $1.5 million, or $0.04 per diluted share, in the third quarter of 2011, and a net loss of $69,000, or $0.00 per diluted share, in the fourth quarter of 2010. Non-GAAP net loss for the fourth quarter of 2011 was $2.7 million, or $0.07 per diluted share, compared with a non-GAAP net loss of $1.0 million, or $0.03 per diluted share, in the third quarter of 2011, and a non-GAAP net income of $496,000, or $0.01 per diluted share, in the fourth quarter of 2010.

Total Revenue for 2011 was down 20% to $21.0 million, compared with revenue of $26.2 million in 2010. GAAP net loss for 2011 was $7.6 million, or $0.21 per diluted share, compared with a net income of $123,000, or $0.00 per diluted share, in 2010. Non-GAAP net loss for 2011 was $5.8 million, or $0.16 per diluted share, compared with a non-GAAP net income of $1.3 million, or $0.03 per diluted share, in 2010.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Standard Time today, February 7, 2012, to discuss its current financial results. The conference call is being webcast and can be accessed via QuickLogic's website at www.quicklogic.com. To join the live conference, please dial (877) 377-7094 by 2:20 p.m. Pacific Standard Time today. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (404) 537-3406 and reference the passcode: 46017221. The call recording will be archived until Friday, February 10, 2012 and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) is the inventor and pioneer of innovative, customizable semiconductor solutions for mobile and portable electronics original equipment manufacturers (OEMs) and original design manufacturers (ODMs). These silicon plus software solutions are called Customer Specific Standard Products (CSSPs). CSSPs enable our customers to bring their products to market more quickly and remain in the market longer, with the low power, cost and size demanded by the mobile and portable electronics market. For more information about QuickLogic and CSSPs, visit www.quicklogic.com. Code: QUIK-G

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes charges related to stock-based compensation, restructuring, the write-down of the Company's investment in TowerJazz Semiconductor Ltd., the effect of the write-off of long-lived assets and the tax effect on other comprehensive income in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company's industry.

Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company's core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company's future periods, and serve as a basis for the allocation of Company resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable GAAP financial measures.

Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements relating to the revenue generating potential of new products, which is dependent on the market acceptance of our products and the level of customer orders. Actual results could differ materially from the results described in these forward-looking statements. Factors that could cause actual results to differ materially include: delays in the market acceptance of the Company's new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers' products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition, including the introduction of new products by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; capacity constraints; and general economic conditions. These factors and others are described in more detail in the Company's public reports filed with the Securities and Exchange Commission, including the risks discussed in the "Risk Factors" section in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the Company's prior press releases.

ArcticLink, pASIC, PolarPro, QuickLogic, QuickPCI and QuickRAM are registered trademarks and Eclipse and the QuickLogic logo are trademarks of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

                                                                            
                           QUICKLOGIC CORPORATION                           
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                  (In thousands, except per share amounts)                  
                             (Unaudited)                                    
                                                                            
                          Three  Months  Ended                                Year  Ended              
                                  ----------------------------------    ----------------------  
                                  January  1,    January  2,    October  2,    January  1,    January  2,  
                                        2012                2011                2011                2012                2011        
                                  ----------    ----------    ----------    ----------    ----------  
                                                                                                                                                        
Revenue                    $        4,346    $        6,958    $        5,339    $      20,969    $      26,199  
Cost  of  revenue,                                                                                                                        
  excluding                                                                                                                                    
  inventory                                                                                                                                    
  write-down  and                                                                                                                          
  related  charges                                                                                                                        
  and  long-lived                                                                                                                          
  asset                                                                                                                                            
  impairment                      2,181              2,283              1,897              7,807              9,498  
Inventory  write-                                                                                                                        
  down  and                                                                                                                                      
  related  charges                148                    21                  386                  710                  111  
                                                                                                                                                        
                                  ----------    ----------    ----------    ----------    ----------  
Gross  profit                    2,017              4,654              3,056            12,452            16,590  
Operating                                                                                                                                      
  expenses:                                                                                                                                    
  Research  and                                                                                                                              
    development                  2,450              2,048              2,271              9,836              7,458  
  Selling,                                                                                                                                      
    general  and                                                                                                                              
    administrative            2,548              2,685              2,267              9,965            10,073  
                                                                                                                                                        
                                  ----------    ----------    ----------    ----------    ----------  
Income  (loss)                                                                                                                              
  from  operations          (2,981)                (79)          (1,482)          (7,349)              (941)
Gain  on  sale  of                                                                                                                          
  TowerJazz                                                                                                                                    
  Semiconductor                                                                                                                            
  Ltd.  shares                            -                      -                                                                  993  
Interest  expense                  (5)                (10)                  (5)                (36)                (67)
Interest  income                                                                                                                          
  and  other                                                                                                                                    
  (expense),  net                  (93)                    -                  (49)              (159)                (46)
                                                                                                                                                        
                                  ----------    ----------    ----------    ----------    ----------  
Income  (loss)                                                                                                                              
  before  income                                                                                                                            
  taxes                              (3,079)                (89)          (1,536)          (7,544)                (61)
Provision  for                                                                                                                              
  (benefit  from)                                                                                                                          
  income  taxes                        31                  (20)                  10                    50                (184)
                                                                                                                                                        
                                  ----------    ----------    ----------    ----------    ----------  
Net  income                                                                                                                                    
  (loss)                    $      (3,110)  $            (69)  $      (1,546)  $      (7,594)  $            123  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Net  income                                                                                                                                    
  (loss)  per                                                                                                                                  
  share:                                                                                                                                          
  Basic                      $        (0.08)  $        (0.00)  $        (0.04)  $        (0.21)  $          0.00  
                                  ==========    ==========    ==========    ==========    ==========  
  Diluted                  $        (0.08)  $        (0.00)  $        (0.04)  $        (0.21)  $          0.00  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Weighted  average                                                                                                                        
  shares:                                                                                                                                        
  Basic                              38,482            36,228            38,418            36,792            35,729  
                                  ==========    ==========    ==========    ==========    ==========  
  Diluted                          38,482            36,228            38,418            36,792            39,038  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES        
                                    (In  thousands,  except  per  share  amounts)                                    
                                                          (Unaudited)                                                                        
                                                                                                                                                        
                                                  Three  Months  Ended                                Years  Ended            
                                  ----------------------------------    ----------------------  
                                  January  1,    January  2,    October  2,    January  1,    January  2,  
                                        2012                2011                2011                2012                2011        
                                  ----------    ----------    ----------    ----------    ----------  
GAAP  loss  from                                                                                                                            
  operations            $      (2,981)  $            (79)  $      (1,482)  $      (7,349)  $          (941)
  Adjustment  for                                                                                                                          
    stock-based                                                                                                                              
    compensation                                                                                                                            
    within:                                                                                                                                      
      Cost  of                                                                                                                                    
        revenue                            27                    49                    34                  131                  169  
      Research  and                                                                                                                          
        development                  104                  143                  114                  458                  645  
      Selling,                                                                                                                                  
        general  and                                                                                                                          
        administrati                                                                                                                        
        ve                                    254                  373                  264              1,087              1,604  
  Adjustment  for                                                                                                                          
    the  write-off                                                                                                                          
    of  equipment                                                                                                                            
    within:                                                                                                                                      
      Selling,                                                                                                                                  
        general  and                                                                                                                          
        administrati                                                                                                                        
        ve                                        -                      -                  102                  102                      -  
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  loss                                                                                                                              
  from  operations  $      (2,596)  $            486    $          (968)  $      (5,571)  $        1,477  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
GAAP  net  loss        $      (3,110)  $            (69)  $      (1,546)  $      (7,594)  $            123  
  Adjustment  for                                                                                                                          
    stock-based                                                                                                                              
    compensation                                                                                                                            
    within:                                                                                                                                      
      Cost  of                                                                                                                                    
        revenue                            27                    49                    34                  131                  169  
      Research  and                                                                                                                          
        development                  104                  143                  114                  458                  645  
      Selling,                                                                                                                                  
        general  and                                                                                                                          
        administrati                                                                                                                        
        ve                                    254                  373                  264              1,087              1,604  
  Adjustment  for                                                                                                                          
    the  write-off                                                                                                                          
    of  equipment                                                                                                                            
    within:                                                                                                                                      
      Selling,                                                                                                                                  
        general  and                                                                                                                          
        administrati                                                                                                                        
        ve                                        -                      -                  102                  102                      8  
  Adjustment  for                                                                                                                          
    write-down  of                                                                                                                          
    investment  in                                                                                                                          
    Tower                                                                                                                                          
    Semiconductor                                                                                                                          
    Ltd.                                        -                      -                      -                      -                (993)
  Adjustment  for                                                                                                                          
    tax  effect  on                                                                                                                          
    other                                                                                                                                          
    comprehensive                                                                                                                          
    income                                    -                      -                      -                      -                (209)
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  net                                                                                                                                
  loss                        $      (2,725)  $            496    $      (1,032)  $      (5,816)  $        1,347  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
GAAP  net  loss                                                                                                                              
  per  share              $        (0.08)  $          0.00    $        (0.04)  $        (0.21)  $          0.00  
  Adjustment  for                                                                                                                          
    stock-based                                                                                                                              
    compensation                  0.01                0.01                0.01                0.05                0.06  
  Adjustment  for                                                                                                                          
    write-off  of                                                                                                                            
    equipment                              -                      -                      *                      *                      *  
  Adjustment  for                                                                                                                          
    write-down  of                                                                                                                          
    investment  in                                                                                                                          
    Tower                                                                                                                                          
    Semiconductor                                                                                                                          
    Ltd.                                        -                      -                      -                      -              (0.02)
  Adjustment  for                                                                                                                          
    tax  effect  on                                                                                                                          
    other                                                                                                                                          
    comprehensive                                                                                                                          
    income                                    -                      -                      -                      -              (0.01)
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  net                                                                                                                                
  loss  per  share    $        (0.07)  $          0.01    $        (0.03)  $        (0.16)  $          0.03  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
GAAP  gross                                                                                                                                    
  margin                                                                                                                                          
  percentage                        46.4%              66.9%              57.2%              59.4%              63.3%
  Adjustment  for                                                                                                                          
    stock-based                                                                                                                              
    compensation                    0.6                  0.7                  0.7                  0.6                  0.7  
  Adjustment  for                                                                                                                          
    write-off  of                                                                                                                            
    equipment                              -                      -                      *                      *                      *  
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  gross                                                                                                                            
  margin                                                                                                                                          
  percentage                        47.0%              67.6%              57.9%              60.0%              64.0%
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
 

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