QuickLogic Announces Fourth Quarter and Fiscal 2015 Results

SUNNYVALE, CA -- (Marketwired) -- Feb 10, 2016 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low power programmable sensor processing, display bridge, and programmable logic solutions, today announced the financial results for its fourth quarter and fiscal year ended January 3, 2016.

Total revenue for the fourth quarter of 2015 was $3.6 million, representing a decrease of 13% compared to $4.2 million in the third quarter of 2015. New product revenue for the fourth quarter of 2015 was $2.1 million, a decrease of 28% compared to $2.9 million in the third quarter of 2015. Total revenue for the fiscal year 2015 was down 32% at $19.0 million, compared with total revenue of $28.0 million in 2014. In 2015, new product revenue was down 38% at $12.0 million, compared with new product revenue of $19.3 million in 2014.

"We have been transitioning from a low power programmable logic company to a Sensor Processing Solution company," said Andy Pease, QuickLogic's CEO and President. "The progress we have made with the new EOS S3 platform has been strong, and the traction with large OEM customers is very encouraging. Today's conference call will include some significant updates towards realizing our strategic goals."

Non-GAAP net loss for the fourth quarter of 2015 was $4.3 million, or $0.08 per share, compared with a non-GAAP net loss of $4.5 million, or $0.08 per share, in the third quarter of 2015 and a non-GAAP net loss of $3.7 million, or $0.06 per share, in the fourth quarter of 2014. Under generally accepted accounting principles in the United States of America (GAAP), the net loss for the fourth quarter of 2015 was $4.8 million, or $0.09 per share, compared with a net loss of $5.1 million, or $0.09 per share, in the third quarter of 2015 and a net loss of $4.1 million, or $0.07 per share, in the fourth quarter of 2014.

Non-GAAP net loss for 2015 was $15.5 million, or $0.28 per share, compared with a non-GAAP net loss of $10.8 million, or $0.19 per share, in 2014. GAAP net loss for 2015 was $17.8 million, or $0.32 per share, compared with a net loss of $13.1 million, or $0.23 per share, in 2014.

Pursuant to the restructuring plan implemented in the second quarter, the Company recorded additional restructuring charges of $49,000 during the fourth quarter of 2015. For the fiscal year 2015, the Company recorded total restructuring charges of $295,000, consisting primarily of severance related costs and Canada subsidiary closing costs.

Conference Call

QuickLogic (NASDAQ: QUIK) will hold a conference call at 2:30 p.m. Pacific Standard Time/5:30 p.m. Eastern Standard Time today, February 10, 2016, 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 Standard 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: 39854382. The call recording will be archived until Wednesday, February 17, 2016 and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation 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 and EOS are trademarks of QuickLogic Corporation.

                                                                            
                           QUICKLOGIC CORPORATION                           
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                  (In thousands, except per share amounts)                  
                                (Unaudited)                                 
                                                                                                                          
                                                  Three  Months  Ended                                Year  Ended              
                                  ----------------------------------    ----------------------  
                                  January  3,      December        September    January  3,      December    
                                        2016            28,  2014        27,  2015            2016            28,  2014    
                                  ----------    ----------    ----------    ----------    ----------  
Revenue                    $        3,630    $        5,721    $        4,194    $      18,956    $      27,845  
Cost  of  revenue,                                                                                                                        
  excluding                                                                                                                                    
  inventory  write-                                                                                                                      
  down                                  2,134              3,487              2,951            11,182            16,678  
Inventory  write-                                                                                                                        
  down                                      215                    22                      1                  229                  118  
                                  ----------    ----------    ----------    ----------    ----------  
Gross  profit                    1,281              2,212              1,242              7,545            11,049  
Operating                                                                                                                                      
  expenses:                                                                                                                                    
Research  and                                                                                                                                
  development                    3,490              3,432              3,684            14,144            12,186  
Selling,  general                                                                                                                        
  and                                                                                                                                                
  administrative              2,461              2,771              2,508            10,619            11,663  
    Restructuring                                                                                                                          
      cost                                    49                    --                    77                  295                    --  
                                  ----------    ----------    ----------    ----------    ----------  
    Total  operating                                                                                                                      
      expense                        6,000              6,203              6,269            25,058            23,849  
                                  ----------    ----------    ----------    ----------    ----------  
    Loss  from                                                                                                                                  
      operations                (4,719)          (3,991)          (5,027)        (17,513)        (12,800)
Interest  expense                (18)                (18)                (35)                (82)                (85)
Interest  income                                                                                                                          
  and  other                                                                                                                                    
  (expense),  net                    (9)                (47)                (39)              (107)              (126)
                                  ----------    ----------    ----------    ----------    ----------  
Loss  before                                                                                                                                  
  income  taxes                (4,746)          (4,056)          (5,101)        (17,702)        (13,011)
Provision  for                                                                                                                              
  (benefit  from)                                                                                                                          
  income  taxes                      100                    86                  (15)                146                    68  
                                  ----------    ----------    ----------    ----------    ----------  
Net  loss                  $      (4,846)  $      (4,142)  $      (5,086)  $    (17,848)  $    (13,079)
                                  ==========    ==========    ==========    ==========    ==========  
Net  loss  per                                                                                                                                
  share:                                                                                                                                          
    Basic                    $        (0.09)  $        (0.07)  $        (0.09)  $        (0.32)  $        (0.23)
                                  ==========    ==========    ==========    ==========    ==========  
    Diluted                $        (0.09)  $        (0.07)  $        (0.09)  $        (0.32)  $        (0.23)
                                  ==========    ==========    ==========    ==========    ==========  
Weighted  average                                                                                                                        
  shares:                                                                                                                                        
    Basic                            56,729            55,982            56,588            56,472            55,401  
                                  ==========    ==========    ==========    ==========    ==========  
    Diluted                        56,729            55,982            56,588            56,472            55,401  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                      CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                        
                                                              (In  thousands)                                                              
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                                    January  3,      December  28,  
                                                                                                          2016                2014  (1)      
                                                                                                  ------------    ------------  
                                            ASSETS                                                                                                
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                            $          19,136    $          30,050  
    Accounts  receivable,  net                                                            1,601                  1,552  
    Inventories                                                                                      2,878                  4,952  
    Other  current  assets                                                                    1,312                  1,146  
                                                                                                  ------------    ------------  
        Total  current  assets                                                              24,927                37,700  
Property  and  equipment,  net                                                          3,315                  3,217  
Other  assets                                                                                            219                      222  
                                                                                                  ------------    ------------  
TOTAL  ASSETS                                                                          $          28,461    $          41,139  
                                                                                                  ============    ============  
              LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                  
Current  liabilities:                                                                                                                
    Trade  payables                                                                  $            4,032    $            2,506  
    Accrued  liabilities                                                                      1,456                  1,574  
    Deferred  Revenue                                                                                  26                        --  
    Current  portion  of  capital  lease  obligations                        281                      225  
                                                                                                  ------------    ------------  
        Total  current  liabilities                                                      5,795                  4,305  
Long-term  liabilities:                                                                                                            
    Revolving  line  of  credit                                                            2,000                  1,000  
    Capital  lease  obligations,  less  current  portion                  208                      191  
    Other  long-term  liabilities                                                          133                        76  
                                                                                                  ------------    ------------  
        Total  liabilities                                                                      8,136                  5,572  
                                                                                                  ------------    ------------  
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                              57                        56  
    Additional  paid-in  capital                                                    241,024              238,419  
    Accumulated  deficit                                                                (220,756)          (202,908)
                                                                                                  ------------    ------------  
        Total  stockholders'  equity                                                  20,325                35,567  
                                                                                                  ------------    ------------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY              $          28,461    $          41,139  
                                                                                                  ============    ============  
 

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