QuickLogic Announces Fiscal 2014 First Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Apr 30, 2014 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low-power Customer Specific Standard Products (CSSPs), today announced the financial results for its fiscal first quarter ended March 30, 2014.

Total revenue for the first quarter of 2014 was $11.2 million, up 26% and 270% from the fourth quarter of 2013 and from the first quarter of 2013, respectively. During the first quarter, new product revenue increased 27% to $8.9 million from $7.0 million in the fourth quarter of 2013. New product revenue accounted for 80% of the total revenue in the first quarter. During the first quarter, mature product revenue increased 24% to $2.2 million sequentially. Mature product revenue accounted for 20% of the total revenue in the first quarter.

Under generally accepted accounting principles (GAAP), the net loss for the first quarter of 2014 was $2.1 million, or $0.04 per share, compared with a net loss of $3.2 million, or $0.07 per share, in the fourth quarter of 2013 and a net loss of $3.6 million, or $0.08 per share, in the first quarter of 2013. Non-GAAP net loss for the first quarter of 2014 was $1.4 million, or $0.03 per share, compared with a non-GAAP net loss of $2.2 million, or $0.05 per share, in the fourth quarter of 2013 and a non-GAAP net loss of $3.1 million, or $0.07 per share, in the first quarter of 2013.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time today, April 30, 2014, to discuss its current financial results. The conference call is being webcast and can be accessed via QuickLogic's website at http://ir.quicklogic.com/events.cfm. To join the live conference, please dial (877) 377-7094 by 2:20 p.m. Pacific Daylight 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: 30679000. The call recording will be archived until Wednesday, May 7, 2014, and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) is the leading provider of ultra-low power, customizable Sensor Hub, Display, and Connectivity semiconductor solutions for smartphone, tablet, wearable, and mobile enterprise OEMs. Called Customer Specific Standard Products (CSSPs), these programmable 'silicon plus software' solutions enable our customers to bring hardware-differentiated products to market quickly and cost effectively. 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 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             
                                ------------------------------------------- 
                                                                                                                                                        
                                                                    March  30,            March  31,          December  29,  
                                                                          2014                      2013                      2013          
                                                                -------------    -------------    -------------  
                                                                                                                                                        
Revenue                                                  $            11,164    $              3,017    $              8,863  
Cost  of  revenue,  excluding                                                                                                    
  inventory  write-down                                      7,042                    1,643                    5,923  
Inventory  write-down                                              64                        343                        172  
                                                                -------------    -------------    -------------  
Gross  profit                                                        4,058                    1,031                    2,768  
Operating  expenses:                                                                                                                  
    Research  and  development                            2,641                    2,008                    2,473  
    Selling,  general  and                                                                                                            
      administrative                                              3,465                    2,530                    3,354  
    Restructuring  cost                                                -                            7                            -  
                                                                -------------    -------------    -------------  
Total  operating  expense                                  6,106                    4,545                    5,827  
                                                                -------------    -------------    -------------  
Loss  from  operations                                      (2,048)                (3,514)                (3,059)
                                                                                                                                                        
Interest  expense                                                    (16)                        (9)                      (17)
Interest  income  and  other                                                                                                      
  (expense),  net                                                      (26)                        (4)                      (27)
                                                                -------------    -------------    -------------  
Loss  before  income  taxes                              (2,090)                (3,527)                (3,103)
Provision  for  income  taxes                                  20                          57                          86  
                                                                -------------    -------------    -------------  
Net  loss                                                $            (2,110)  $            (3,584)  $            (3,189)
                                                                =============    =============    =============  
                                                                                                                                                        
Net  loss  per  share:                                                                                                                  
    Basic                                                  $              (0.04)  $              (0.08)  $              (0.07)
                                                                =============    =============    =============  
    Diluted                                              $              (0.04)  $              (0.08)  $              (0.07)
                                                                =============    =============    =============  
                                                                                                                                                        
Weighted  average  shares:                                                                                                        
    Basic                                                                54,433                  44,517                  49,130  
                                                                =============    =============    =============  
    Diluted                                                            54,433                  44,517                  49,130  
                                                                =============    =============    =============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES        
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                          Three  Months  Ended                          
                                                                -------------------------------------------  
                                                                                                                                                        
                                                                    March  30,            March  31,          December  29,  
                                                                          2014                      2013                      2013          
                                                                -------------    -------------    -------------  
GAAP  loss  from  operations              $            (2,048)  $            (3,514)  $            (3,059)
    Adjustment  for  stock-based                                                                                                
      compensation  within:                                                                                                          
        Cost  of  revenue                                                42                          30                        156  
        Research  and  development                            353                        166                        380  
        Selling,  general  and                                                                                                        
          administrative                                              337                        256                        376  
    Adjustment  for  the  write-off                                                                                            
      of  equipment  within:                                                                                                          
        Cost  of  revenue                                                  -                            -                          66  
        Selling,  general  and                                                                                                        
          administrative                                                  -                            -                          27  
    Adjustment  for  restructuring                                                                                            
      costs                                                                        -                            7                            -  
                                                                -------------    -------------    -------------  
Non-GAAP  loss  from  operations      $            (1,316)  $            (3,055)  $            (2,054)
                                                                =============    =============    =============  
                                                                                                                                                        
GAAP  net  loss                                      $            (2,110)  $            (3,584)  $            (3,189)
    Adjustment  for  stock-based                                                                                                
      compensation  within:                                                                                                          
        Cost  of  revenue                                                42                          30                        156  
        Research  and  development                            353                        166                        380  
        Selling,  general  and                                                                                                        
          administrative                                              337                        256                        376  
    Adjustment  for  the  write-off                                                                                            
      of  equipment  within:                                                                                                          
        Cost  of  revenue                                                  -                            -                          66  
        Selling,  general  and                                                                                                        
          administrative                                                  -                            -                          27  
    Adjustment  for  restructuring                                                                                            
      costs                                                                        -                            7                            -  
                                                                -------------    -------------    -------------  
Non-GAAP  net  loss                              $            (1,378)  $            (3,125)  $            (2,184)
                                                                =============    =============    =============  
                                                                                                                                                        
GAAP  net  loss  per  share                  $              (0.04)  $              (0.08)  $              (0.07)
    Adjustment  for  stock-based                                                                                                
      compensation                                                    0.01                      0.01                      0.02  
    Adjustment  for  write-off  of                                                                                              
      equipment                                                                -                            -                            *  
    Adjustment  for  restructuring                                                                                            
      costs                                                                        -                            *                            -  
                                                                -------------    -------------    -------------  
Non-GAAP  net  loss  per  share          $              (0.03)  $              (0.07)  $              (0.05)
                                                                =============    =============    =============  
                                                                                                                                                        
GAAP  gross  margin  percentage                          36.3%                    34.2%                    31.2%
    Adjustment  for  stock-based                                                                                                
      compensation                                                      0.4%                      1.0%                      1.8%
    Adjustment  for  restructuring                                                                                            
      costs                                                                        -                            *                            -  
    Adjustment  for  write-off  of                                                                                              
      equipment                                                                -                            -                        0.7%
                                                                -------------    -------------    -------------  
Non-GAAP  gross  margin                                                                                                              
  percentage                                                            36.7%                    35.2%                    33.7%
                                                                =============    =============    =============  
                                                                                                                                                        
*  Figures  were  not  considered  in  the  reconciliation  due  to  the  insignificant
amount.                                                                                                                                          
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                        CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                      
                                                              (In  thousands)                                                              
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                                  March  30,          December  29,  
                                                                                                        2014                  2013(1)        
                                                                                              -------------    -------------  
                                        ASSETS                                                                                                    
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $            37,112    $            37,406  
    Accounts  receivable,  net                                                          3,327                    3,261  
    Inventories                                                                                    5,224                    4,136  
    Other  current  assets                                                                      924                    1,272  
                                                                                              -------------    -------------  
        Total  current  assets                                                            46,587                  46,075  
Property  and  equipment,  net                                                        2,568                    2,840  
Other  assets                                                                                          216                        211  
                                                                                              -------------    -------------  
TOTAL  ASSETS                                                                      $            49,371    $            49,126  
                                                                                              =============    =============  
                                                                                                                                                        
          LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                      
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Revolving  line  of  credit                                          $              1,000    $              1,000  
    Trade  payables                                                                              2,485                    3,578  
    Accrued  liabilities                                                                    2,644                    3,519  
    Current  portion  of  capital  lease  obligations                      209                        177  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                    6,338                    8,274  
                                                                                                                                                        
Long-term  liabilities:                                                                                                            
    Capital  lease  obligations,  less  current                                                                      
      portion                                                                                              100                        133  
    Other  long-term  liabilities                                                        115                        121  
                                                                                              -------------    -------------  
        Total  liabilities                                                                    6,553                    8,528  
                                                                                              -------------    -------------  
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                            55                          54  
    Additional  paid-in  capital                                                  234,703                230,373  
    Accumulated  deficit                                                              (191,940)            (189,829)
                                                                                              -------------    -------------  
        Total  stockholders'  equity                                                42,818                  40,598  
                                                                                              -------------    -------------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $            49,371    $            49,126  
                                                                                              =============    =============  
                                                                                                                                                        
(1)  Derived  from  the  December  29,  2013  audited  balance  sheet  included  in  the
        2013  Annual  Report  on  Form  10-K  of  QuickLogic  Corporation.                            
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                                            SUPPLEMENTAL  DATA                                                          
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                        Percentage  of  Revenue          Change  in  Revenue          
                                                      ----------------------    -----------------------    
                                                          Q1            Q1            Q4        Q1  2013  to      Q4  2013  to    
                                                        2014        2013        2013          Q1  2014            Q1  2014      
                                                      ------    ------    ------    ----------      ----------    
COMPOSITION  OF  REVENUE                                                                                                            
Revenue  by  product  (1):                                                                                                          
    New  products                                  80%          31%          79%                848%                    27%  
    Mature  products                            20%          69%          21%                    8%                    24%  
                                                                                                                                                        
Revenue  by  geography:                                                                                                              
    Korea                                                70%            1%          69%            24897%                    27%  
    United  States                                10%          31%            9%                  13%                    37%  
    Malaysia                                            4%          23%            6%                (33)%                  (8)%
    Japan                                                  6%          20%            6%                  13%                    29%  
    Europe                                                7%          15%            5%                  64%                    73%  
    Rest  of  North  America                  0%            6%            1%                (80)%                (69)%
    China                                                  3%            4%            4%                193%                      2%  
    Rest  of  Asia  Pacific                    0%            0%            0%              4229%                  (41)%
                                                                                                                                                        
(1)  New  products  include  ArcticLink®,  ArcticLink  II,  ArcticLink  III,                
        Eclipse™  II,  PolarPro®,  PolarPro  II,  PolarPro  III,  and  QuickPCI  II.          
        Mature  products  include  Eclipse,  EclipsePlus,  pASIC®  1,  pASIC  2,  pASIC    
        3,  QuickFC,  QuickMIPS,  QuickPCI,  QuickRAM,  and  V3,  as  well  as  royalty      
        revenue,  programming  hardware  and  software.                                                          
                                                                                                                                                        
 

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