QuickLogic Announces Fiscal 2013 Third Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Oct 30, 2013 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low-power Customer Specific Standard Products (CSSPs), today announced financial results for its fiscal third quarter ended September 29, 2013.

Total revenue for the third quarter of 2013 was $9.1 million. Revenue was up 77% sequentially and up 148% compared to the third quarter of 2012. During the third quarter of 2013, new product revenue increased 131% sequentially to $7.1 million, representing 79% of total revenue. During the third quarter, mature product revenue decreased 5% sequentially to $1.9 million, representing 21% of total revenue in the third quarter.

"New product revenue growth was higher than expected due to increased demand and a pull-in of certain shipments that were originally scheduled to ship in the fourth quarter," said Ralph Marimon, Chief Financial Officer. "These shipments were made ahead of schedule due to the timing of a national Chinese holiday."

Under generally accepted accounting principles (GAAP), the net loss for the third quarter of 2013 was $2.3 million, or $0.05 per share, compared with a net loss of $3.2 million, or $0.07 per share, in the second quarter of 2013 and a net loss of $2.8 million, or $0.06 per share, in the third quarter of 2012. Non-GAAP net loss for the third quarter of 2013 was $2.0 million, or $0.04 per share, compared with a non-GAAP net loss of $2.7 million, or $0.05 per share, in the second quarter of 2013 and a non-GAAP net loss of $2.2 million, or $0.05 per share, in the third quarter of 2012.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time today, October 30, 2013, 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 Daylight Time. 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: 89538938. The call recording will be archived until Wednesday, November 6, 2013 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 gain (loss) from sale 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. 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 and QuickLogic 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.

Note to Editors: Financial Tables Follow

                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                  (In thousands, except per share amounts)                  
                                 (Unaudited)                                
                                                                                                           
                                                          Three  Months  Ended                    Nine  Months  Ended    
                                            -------------------------------    --------------------  
                                            September    September      June  30,    September    September  
                                              29,  2013      30,  2012          2013          29,  2013      30,  2012  
                                            ---------    ---------    ---------    ---------    ---------  
                                                                                                                                                        
Revenue                              $      9,066    $      3,657    $      5,126    $    17,209    $    11,858  
Cost  of  revenue,                                                                                                                        
  excluding  inventory                                                                                                                
  write-down                              5,907            1,916            3,281          10,831            5,885  
Inventory  write-down                130                                      (94)              379                428  
                                            ---------    ---------    ---------    ---------    ---------  
Gross  profit                            3,029            1,741            1,939            5,999            5,545  
Operating  expenses:                                                                                                                  
    Research  and                                                                                                                            
      development                        2,052            1,865            1,842            5,902            7,119  
    Selling,  general                                                                                                                    
      and  administrative          3,207            2,658            2,911            8,648            8,104  
    Restructuring  cost                (32)                                    206                181                        
                                            ---------    ---------    ---------    ---------    ---------  
Income  (loss)  from                                                                                                                    
  operations                            (2,198)        (2,782)        (3,020)        (8,732)        (9,678)
Gain  on  sale  of                                                                                                                          
  TowerJazz                                                                                                                                    
  Semiconductor  Ltd.                                                                                                                  
  shares                                                                                      181                181                        
Interest  expense                          (8)              (12)              (20)              (37)              (49)
Interest  income  and                                                                                                                  
  other  (expense),  net              (74)                18                (52)            (130)              (45)
                                            ---------    ---------    ---------    ---------    ---------  
Income  (loss)  before                                                                                                                
  income  taxes                        (2,280)        (2,776)        (2,911)        (8,718)        (9,772)
Provision  for                                                                                                                              
  (benefit  from)                                                                                                                          
  income  taxes                              (18)                22                330                369                (17)
                                            ---------    ---------    ---------    ---------    ---------  
Net  income  (loss)          $    (2,262)  $    (2,798)  $    (3,241)  $    (9,087)  $    (9,755)
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
Net  income  (loss)  per                                                                                                              
  share:                                                                                                                                          
    Basic                              $      (0.05)  $      (0.06)  $      (0.07)  $      (0.20)  $      (0.24)
                                            =========    =========    =========    =========    =========  
    Diluted                          $      (0.05)  $      (0.06)  $      (0.07)  $      (0.20)  $      (0.24)
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
Weighted  average                                                                                                                        
  shares:                                                                                                                                        
    Basic                                    44,761          44,122          44,641          44,640          40,975  
                                            =========    =========    =========    =========    =========  
    Diluted                                44,761          44,122          44,641          44,640          40,975  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES        
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                Three  Months  Ended                Nine  Months  Ended  
                                                      ----------------------------    -------------------
                                                      September  September  June  30,    September  September
                                                      29,  2013    30,  2012        2013        29,  2013    30,  2012  
                                                      ---------  ---------  --------    ---------  ---------
GAAP  income  (loss)  from                                                                                                          
  operations                                $  (2,198)  $  (2,782)  $  (3,020)  $  (8,732)  $  (9,678)
    Adjustment  for  stock-                                                                                                          
      based  compensation                                                                                                              
      within:                                                                                                                                    
        Cost  of  revenue                            24                69                22                76              140  
        Research  and                                                                                                                        
          development                                  74              147                46              286              339  
        Selling,  general  and                                                                                                        
          administrative                          232              385              217              705              940  
    Adjustment  for  the                                                                                                                
      write-off  of  equipment                                                                                                      
      within:                                                                                                                                    
        Cost  of  revenue                                                22                                                        22  
        Selling,  general  and                                                                                                        
          administrative                              3                  3                                      3                  3  
    Adjustment  for                                                                                                                        
      restructuring  costs                    (32)                                206              181                      
                                                      --------    --------    --------    --------    --------  
Non-GAAP  income  (loss)                                                                                                            
  from  operations                      $  (1,897)  $  (2,156)  $  (2,529)  $  (7,481)  $  (8,234)
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
GAAP  net  income  (loss)          $  (2,262)  $  (2,798)  $  (3,241)  $  (9,087)  $  (9,755)
    Adjustment  for  stock-                                                                                                          
      based  compensation                                                                                                              
      within:                                                                                                                                    
        Cost  of  revenue                            24                69                22                76              140  
        Research  and                                                                                                                        
          development                                  74              147                46              286              339  
        Selling,  general  and                                                                                                        
          administrative                          232              385              217              705              940  
    Adjustment  for  the                                                                                                                
      write-off  of  equipment                                                                                                      
      within:                                                                                                                                    
        Cost  of  revenue                                                22                                                        22  
        Selling,  general  and                                                                                                        
          administrative                              3                  3                                      3                  3  
    Adjustment  for                                                                                                                        
      restructuring  costs                    (32)                                206              181                      
    Adjustment  for  gain  on                                                                                                        
      sale  of  TowerJazz                                                                                                                
      Semiconductor  Ltd.                                                                                                              
      shares                                                                                    (181)          (181)                    
    Adjustment  for  tax                                                                                                                
      effect  on  other                                                                                                                    
      comprehensive  income                                                          273              273                      
                                                      --------    --------    --------    --------    --------  
Non-GAAP  net  income  (loss)  $  (1,961)  $  (2,172)  $  (2,658)  $  (7,744)  $  (8,311)
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
GAAP  net  income  (loss)  per                                                                                                    
  share                                          $    (0.05)  $    (0.06)  $    (0.07)  $    (0.20)  $    (0.24)
    Adjustment  for  stock-                                                                                                          
      based  compensation                    0.01            0.01            0.01            0.02            0.04  
    Adjustment  for  write-off                                                                                                    
      of  equipment                                      *                  *                                      *                  *  
    Adjustment  for                                                                                                                        
      restructuring  costs                        *                                0.01            0.01                      
    Adjustment  for  gain  on                                                                                                        
      sale  of  TowerJazz                                                                                                                
      Semiconductor  Ltd.                                                                                                              
      shares                                                                                  (0.01)        (0.01)                    
    Adjustment  for  tax                                                                                                                
      effect  on  other                                                                                                                    
      comprehensive  income                                                        0.01            0.01                      
                                                      --------    --------    --------    --------    --------  
Non-GAAP  net  income  (loss)                                                                                                    
  per  share                                  $    (0.04)  $    (0.05)  $    (0.05)  $    (0.17)  $    (0.20)
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
GAAP  gross  margin                                                                                                                      
  percentage                                        33.4%          47.6%          37.8%          34.9%          46.8%
    Adjustment  for  stock-                                                                                                          
      based  compensation                      0.3              1.9              0.4              0.4              1.2  
    Adjustment  for  write-off                                                                                                    
      of  equipment                                                      0.6                                                      0.2  
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
Non-GAAP  gross  margin                                                                                                              
  percentage                                        33.7%          50.1%          38.2%          35.3%          48.2%
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
*  Figures  were  not  considered  in  the  reconciliation  of  GAAP  and  Non-GAAP        
measures  due  to  the  insignificant  amount.                                                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                        CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                      
                                                              (In  thousands)                                                              
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                              September  29,      December  30,  
                                                                                                        2013                  2012(1)        
                                                                                              -------------    -------------  
                                        ASSETS                                                                                                    
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $            14,871    $            22,578  
    Short-term  investment  in  TowerJazz                                                                                
      Semiconductor  Ltd.                                                                            -                        345  
    Accounts  receivable,  net                                                          4,995                    1,242  
    Inventories                                                                                    2,851                    3,028  
    Other  current  assets                                                                      672                        986  
                                                                                              -------------    -------------  
        Total  current  assets                                                            23,389                  28,179  
                                                                                              -------------    -------------  
Property  and  equipment,  net                                                        3,007                    2,659  
Other  assets                                                                                          238                        186  
                                                                                              -------------    -------------  
TOTAL  ASSETS                                                                      $            26,634    $            31,024  
                                                                                              =============    =============  
                                                                                                                                                        
          LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                      
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Revolving  line  of  credit                                          $              1,000    $                      -  
    Trade  payables                                                                              3,087                    1,965  
    Accrued  liabilities                                                                    2,606                    1,214  
    Current  portion  of  capital  lease  obligations                      194                        160  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                    6,887                    3,339  
                                                                                              -------------    -------------  
                                                                                                                                                        
Long-term  liabilities:                                                                                                            
    Capital  lease  obligations,  less  current                                                                      
      portion                                                                                                  -                        266  
    Other  long-term  liabilities                                                        114                        141  
                                                                                              -------------    -------------  
        Total  liabilities                                                                    7,001                    3,746  
                                                                                              -------------    -------------  
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                            45                          45  
    Additional  paid-in  capital                                                  205,075                204,797  
    Accumulated  other  comprehensive  income                                      -                        (11)
    Accumulated  deficit                                                              (185,487)            (177,553)
                                                                                              -------------    -------------  
        Total  stockholders'  equity                                                19,633                  27,278  
                                                                                                                                                        
                                                                                              -------------    -------------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $            26,634    $            31,024  
                                                                                              =============    =============  
                                                                                                                                                        
(1)  Derived  from  the  December  30,  2012  audited  balance  sheet  included  in  the
2012  Annual  Report  on  Form  10-K  of  QuickLogic  Corporation.                                    
                                                                                                                                                        
                                                                                                                                                        
 

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