QuickLogic Announces Fourth Quarter and Fiscal 2013 Results

SUNNYVALE, CA -- (Marketwired) -- Feb 05, 2014 -- QuickLogic Corporation (NASDAQ: QUIK), the leader in low-power Customer Specific Standard Products ( CSSPs), today announced the financial results for its fourth quarter and fiscal year ended December 29, 2013.

Total revenue for the fourth quarter of 2013 was $8.9 million, down 2% sequentially and up 187% from the fourth quarter of 2012. During the fourth quarter, new product revenue of $7.0 million was down 1% sequentially and up 601% from the fourth quarter of 2012.

Total revenue for 2013 was up 74% at $26.1 million, compared with total revenue of $14.9 million in 2012. In 2013, new product revenue was up 208% at $18.2 million, compared with new product revenue of $5.9 million in 2012.

Under generally accepted accounting principles (GAAP), the net loss for the fourth quarter of 2013 was $3.2 million or $0.06 per share, compared with a net loss of $2.3 million, or $0.05 per share, in the third quarter of 2013, and a net loss of $2.6 million, or $0.06 per share, in the fourth quarter of 2012. Non-GAAP net loss for the fourth quarter of 2013 was $2.2 million, or $0.04 per share, compared with a non-GAAP net loss of $2.0 million, or $0.04 per share, in the third quarter of 2013, and a non-GAAP net loss of $2.0 million, or $0.04 per share, in the fourth quarter of 2012.

GAAP net loss for 2013 was $12.3 million, or $0.27 per share, compared with a net loss of $12.3 million, or $0.29 per share, in 2012. Non-GAAP net loss for 2013 was $9.9 million, or $0.22 per share, compared with a non-GAAP net loss of $10.3 million, or $0.25 per share, in 2012.

Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Standard Time today, February 5, 2014, 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: 43763797. The call recording will be archived until Wednesday, February 12, 2014 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 OEMs and 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 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.

                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                  (In thousands, except per share amounts)                  
                                (Unaudited)                                 
                                                                                                                                                  
                                                        Three  Months  Ended                            Year  Ended            
                                          --------------------------------    --------------------  
                                            December      December      September      December      December  
                                            29,  2013      30,  2012      29,  2013        29,  2013      30,  2012  
                                          ---------    ---------    ----------    ---------    ---------  
                                                                                                                                                        
Revenue                            $      8,863    $      3,086    $        9,066    $    26,072    $    14,944  
Cost  of  revenue,                                                                                                                        
  excluding  inventory                                                                                                                
  write-down                            5,923            1,546              5,907          16,754            7,431  
Inventory  write-down              172                  19                  130                551                447  
                                                                                                                                                        
                                          ---------    ---------    ----------    ---------    ---------  
Gross  profit                          2,768            1,521              3,029            8,767            7,066  
Operating  expenses:                                                                                                                  
    Research  and                                                                                                                            
      development                      2,473            1,624              2,052            8,375            8,743  
    Selling,  general                                                                                                                    
      and                                                                                                                                            
      administrative                3,354            2,377              3,207          12,002          10,481  
    Restructuring  cost                                                                                                                
      (credit)                                    -                    -                  (32)              181                    -  
                                                                                                                                                        
                                          ---------    ---------    ----------    ---------    ---------  
Income  (loss)  from                                                                                                                    
  operations                          (3,059)        (2,480)          (2,198)      (11,791)      (12,158)
Gain  on  sale  of                                                                                                                          
  TowerJazz                                                                                                                                    
  Semiconductor  Ltd.                                                                                                                  
  shares                                            -                    -                      -                181                    -  
Interest  expense                      (17)              (12)                  (8)              (54)              (61)
Interest  income  and                                                                                                                  
  other  (expense),                                                                                                                      
  net                                              (27)              (32)                (74)            (157)              (77)
                                                                                                                                                        
                                          ---------    ---------    ----------    ---------    ---------  
Income  (loss)  before                                                                                                                
  income  taxes                      (3,103)        (2,524)          (2,280)      (11,821)      (12,296)
Provision  for                                                                                                                              
  (benefit  from)                                                                                                                          
  income  taxes                              86                  35                  (18)              455                  18  
                                                                                                                                                        
                                          ---------    ---------    ----------    ---------    ---------  
Net  income  (loss)        $    (3,189)  $    (2,559)  $      (2,262)  $  (12,276)  $  (12,314)
                                          =========    =========    ==========    =========    =========  
                                                                                                                                                        
Net  income  (loss)                                                                                                                      
  per  share:                                                                                                                                  
    Basic                            $      (0.06)  $      (0.06)  $        (0.05)  $      (0.27)  $      (0.29)
                                          =========    =========    ==========    =========    =========  
    Diluted                        $      (0.06)  $      (0.06)  $        (0.05)  $      (0.27)  $      (0.29)
                                          =========    =========    ==========    =========    =========  
                                                                                                                                                        
Weighted  average                                                                                                                        
  shares:                                                                                                                                        
    Basic                                  49,130          44,400            44,761          45,762          41,831  
                                          =========    =========    ==========    =========    =========  
    Diluted                              49,130          44,400            44,761          45,762          41,831  
                                          =========    =========    ==========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES        
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                Three  Months  Ended                      Year  Ended          
                                                    -----------------------------    ------------------  
                                                    December    December    September    December    December  
                                                    29,  2013    30,  2012      29,  2013    29,  2013    30,  2012  
                                                    --------    --------    ---------    --------    --------  
GAAP  income  (loss)  from                                                                                                          
  operations                              $  (3,059)  $  (2,480)  $    (2,198)  $(11,791)  $(12,158)
    Adjustment  for  stock-                                                                                                          
      based  compensation                                                                                                              
      within:                                                                                                                                    
        Cost  of  revenue                        156                39                  24              232              179  
        Research  and                                                                                                                        
          development                              380              116                  74              666              455  
        Selling,  general  and                                                                                                        
          administrative                        376              429                232          1,081          1,369  
    Adjustment  for  the                                                                                                                
      write-off  of  equipment                                                                                                      
      within:                                                                                                                                    
        Cost  of  revenue                          66                  -                    -                66                  -  
        Selling,  general  and                                                                                                        
          administrative                          27                  -                    3                30                25  
    Adjustment  for                                                                                                                        
      restructuring  costs                                                                                                            
      (credit)                                            -                  -                (32)            181                  -  
                                                    --------    --------    ---------    --------    --------  
Non-GAAP  income  (loss)                                                                                                            
  from  operations                    $  (2,054)  $  (1,896)  $    (1,897)  $  (9,535)  $(10,130)
                                                    ========    ========    =========    ========    ========  
                                                                                                                                                        
GAAP  net  income  (loss)        $  (3,189)  $  (2,559)  $    (2,262)  $(12,276)  $(12,314)
    Adjustment  for  stock-                                                                                                          
      based  compensation                                                                                                              
      within:                                                                                                                                    
        Cost  of  revenue                        156                39                  24              232              179  
        Research  and                                                                                                                        
          development                              380              116                  74              666              455  
        Selling,  general  and                                                                                                        
          administrative                        376              429                232          1,081          1,369  
    Adjustment  for  the                                                                                                                
      write-off  of  equipment                                                                                                      
      within:                                                                                                                                    
        Cost  of  revenue                          66                  -                    -                66                  -  
        Selling,  general  and                                                                                                        
          administrative                          27                  -                    3                30                25  
        Other  expense                                                                                                                      
    Adjustment  for                                                                                                                        
      restructuring  costs                                                                                                            
      (credit)                                            -                  -                (32)            181                  -  
    Adjustment  for  gain  on                                                                                                        
      sale  of  TowerJazz                                                                                                                
      Semiconductor  Ltd.                                                                                                              
      shares                                                -                  -                    -            (181)                -  
    Adjustment  for  tax                                                                                                                
      effect  on  other                                                                                                                    
      comprehensive  income                    -                  -                    -              273                  -  
                                                    --------    --------    ---------    --------    --------  
Non-GAAP  net  income                                                                                                                  
  (loss)                                      $  (2,184)  $  (1,975)  $    (1,961)  $  (9,928)  $(10,286)
                                                    ========    ========    =========    ========    ========  
                                                                                                                                                        
GAAP  net  income  (loss)                                                                                                            
  per  share                                $    (0.06)  $    (0.06)  $      (0.05)  $    (0.27)  $    (0.29)
    Adjustment  for  stock-                                                                                                          
      based  compensation                  0.02            0.02              0.01            0.04            0.04  
    Adjustment  for  write-                                                                                                          
      off  of  equipment                            *                  -                    *                  *                  *  
    Adjustment  for                                                                                                                        
      restructuring  costs                                                                                                            
      (credit)                                            -                  -                    *            0.01                  -  
    Adjustment  for  gain  on                                                                                                        
      sale  of  TowerJazz                                                                                                                
      Semiconductor  Ltd.                                                                                                              
      shares                                                -                  -                    -          (0.01)                -  
    Adjustment  for  tax                                                                                                                
      effect  on  other                                                                                                                    
      comprehensive  income                    -                  -                    -            0.01                  -  
                                                    --------    --------    ---------    --------    --------  
Non-GAAP  net  income                                                                                                                  
  (loss)  per  share                  $    (0.04)  $    (0.04)  $      (0.04)  $    (0.22)  $    (0.25)
                                                    ========    ========    =========    ========    ========  
                                                                                                                                                        
GAAP  gross  margin                                                                                                                      
  percentage                                      31.2%          49.3%            33.4%          33.6%          47.3%
    Adjustment  for  stock-                                                                                                          
      based  compensation                    1.8              1.3                0.3              0.9              1.3  
    Adjustment  for                                                                                                                        
      restructuring  costs                                                                                                            
      (credit)                                            -                  -                    *                  *                  -  
    Adjustment  for  write-                                                                                                          
      off  of  equipment                        0.7                  -                    -              0.3                  *  
                                                                                                                                                        
                                                    --------    --------    ---------    --------    --------  
Non-GAAP  gross  margin                                                                                                              
  percentage                                      33.7%          50.6%            33.7%          34.8%          48.6%
                                                    ========    ========    =========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
*  Figures  were  not  considered  in  the  reconciliation  of  Non-GAAP  net  loss  per
share  and  gross  margin  percentage  due  to  the  insignificant  amount.                    
                                                                                                                                                        
 

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