QuickLogic Announces Fiscal 2014 Third Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Oct 29, 2014 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low power Customer Specific Standard Products (CSSPs), today announced the financial results for its fiscal third quarter ended September 28, 2014.

Total revenue for the third quarter of 2014 was $4.1 million, representing a decrease of 40% sequentially and 55% from the third quarter of 2013. New product revenue for the third quarter of 2014 was $2.2 million, down 50% sequentially and 69% compared to the third quarter of 2013. New product revenue accounted for 54% of the total revenue in the third quarter. Mature product revenue was $1.9 million in the third quarter of 2014, down 20% sequentially and 2% from the third quarter of 2013.

Under generally accepted accounting principles in the United States of America (GAAP), the net loss for the third quarter of 2014 was $3.9 million, or $0.07 per share, compared with a net loss of $2.9 million, or $0.05 per share, in the second quarter of 2014 and a net loss of $2.3 million, or $0.05 per share, in the third quarter of 2013. Non-GAAP net loss for the third quarter of 2014 was $3.5 million, or $0.06 per share, compared with a non-GAAP net loss of $2.3 million, or $0.04 per share, in the second quarter of 2014 and a non-GAAP net loss of $2 million, or $0.04 per share, in the third quarter of 2013.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time today, October 29, 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, you may 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: 21578171. The call recording will be archived until Wednesday, November 5, 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. 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.

QuickLogic is a registered trademark and the QuickLogic logo is a trademark 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          Nine  Months  Ended    
                                            -------------------------------    --------------------  
                                            September    September      June  29,    September    September  
                                              28,  2014      29,  2013          2014          28,  2014      29,  2013  
                                            ---------    ---------    ---------    ---------    ---------  
Revenue                              $      4,124    $      9,066    $      6,836    $    22,124    $    17,209  
Cost  of  revenue,                                                                                                                        
  excluding  inventory                                                                                                                
  write-down                              2,364            5,907            3,785          13,191          10,831  
Inventory  write-down                  (3)              130                  35                  96                379  
                                            ---------    ---------    ---------    ---------    ---------  
Gross  profit                            1,763            3,029            3,016            8,837            5,999  
Operating  expenses:                                                                                                                  
    Research  and                                                                                                                            
      development                        3,057            2,052            3,056            8,754            5,902  
    Selling,  general  and                                                                                                            
      administrative                  2,579            3,207            2,848            8,892            8,648  
    Restructuring  cost                  --                (32)                --                  --                181  
                                            ---------    ---------    ---------    ---------    ---------  
Total  operating                                                                                                                          
  expense                                    5,636            5,227            5,904          17,646          14,731  
                                            ---------    ---------    ---------    ---------    ---------  
Loss  from  operations          (3,873)        (2,198)        (2,888)        (8,809)        (8,732)
Gain  on  sale  of                                                                                                                          
  TowerJazz                                                                                                                                    
  Semiconductor  Ltd.                                                                                                                  
  shares                                            --                  --                  --                  --                181  
Interest  expense                        (34)                (8)              (17)              (67)              (37)
Interest  income  and                                                                                                                  
  other  (expense),  net              (17)              (74)              (36)              (79)            (130)
                                            ---------    ---------    ---------    ---------    ---------  
Loss  before  income                                                                                                                    
  taxes                                      (3,924)        (2,280)        (2,941)        (8,955)        (8,718)
Provision  for  (benefit                                                                                                            
  from)  income  taxes                      6                (18)              (44)              (18)              369  
                                            ---------    ---------    ---------    ---------    ---------  
Net  loss                            $    (3,930)  $    (2,262)  $    (2,897)  $    (8,937)  $    (9,087)
                                            =========    =========    =========    =========    =========  
Net  loss  per  share:                                                                                                                  
    Basic                              $      (0.07)  $      (0.05)  $      (0.05)  $      (0.16)  $      (0.20)
                                            =========    =========    =========    =========    =========  
    Diluted                          $      (0.07)  $      (0.05)  $      (0.05)  $      (0.16)  $      (0.20)
                                            =========    =========    =========    =========    =========  
Weighted  average                                                                                                                        
  shares:                                                                                                                                        
    Basic                                    55,812          44,761          55,379          55,208          44,640  
                                            =========    =========    =========    =========    =========  
    Diluted                                55,812          44,761          55,379          55,208          44,640  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                      CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                        
                                                              (In  thousands)                                                              
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                                                                                        
                                                                                              September  28,      December  29,  
                                                                                                        2014                  2013  (1)      
                                                                                              -------------    -------------  
                                          ASSETS                                                                                                  
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $            31,159    $            37,406  
    Accounts  receivable,  net                                                          1,747                    3,261  
    Inventories                                                                                    6,878                    4,136  
    Other  current  assets                                                                      964                    1,272  
                                                                                              -------------    -------------  
        Total  current  assets                                                            40,748                  46,075  
Property  and  equipment,  net                                                        2,889                    2,840  
Other  assets                                                                                          228                        211  
                                                                                              -------------    -------------  
TOTAL  ASSETS                                                                      $            43,865    $            49,126  
                                                                                              =============    =============  
            LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                    
Current  liabilities:                                                                                                                
    Revolving  line  of  credit                                          $              1,000    $              1,000  
    Trade  payables                                                                              1,724                    3,578  
    Accrued  liabilities                                                                    1,839                    3,519  
    Current  portion  of  capital  lease  obligations                      223                        177  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                    4,786                    8,274  
Long-term  liabilities:                                                                                                            
    Capital  lease  obligations,  less  current                                                                      
      portion                                                                                              225                        133  
    Other  long-term  liabilities                                                          64                        121  
                                                                                              -------------    -------------  
        Total  liabilities                                                                    5,075                    8,528  
                                                                                              -------------    -------------  
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                            56                          54  
    Additional  paid-in  capital                                                  237,500                230,373  
    Accumulated  deficit                                                              (198,766)            (189,829)
                                                                                              -------------    -------------  
        Total  stockholders'  equity                                                38,790                  40,598  
                                                                                              -------------    -------------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $            43,865    $            49,126  
                                                                                              =============    =============  
 

1 | 2 | 3  Next Page »



Review Article Be the first to review this article

True Circuits:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
Principal Circuit Design Engineer for Rambus at Sunnyvale, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
DownStream: Solutions for Post Processing PCB Designs
Verific: SystemVerilog & VHDL Parsers



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy