QuickLogic Announces Fiscal 2012 First Quarter Results

SUNNYVALE, CA -- (Marketwire) -- May 01, 2012 -- QuickLogic Corporation (NASDAQ: QUIK), the lowest power Customer Specific Standard Products ( CSSPs) leader, today announced the financial results for its fiscal first quarter ended April 1, 2012.

Total revenue for the first quarter of 2012 was $4.1 million, down 5% from the fourth quarter of 2011 and down 26% from the first quarter of 2011. During the first quarter, new product revenue decreased to $1.6 million from $1.7 million in the fourth quarter of 2011. New product revenue accounted for 40% of the total revenue in the first quarter. During the first quarter, mature product revenue decreased 6% to $2.5 million from $2.7 million in the fourth quarter of 2011, accounting for 60% of the total revenue in the first quarter.

Under generally accepted accounting principles (GAAP), the net loss for the first quarter of 2012 was $3.7 million, or $0.10 per share, compared with a net loss of $3.1 million, or $0.08 per share, in the fourth quarter of 2011 and a net loss of $0.9 million, or $0.02 per share, in the first quarter of 2011. Non-GAAP net loss for the first quarter of 2012 was $3.3 million, or $0.09 per share, compared with a non-GAAP net loss of $2.7 million, or $0.07 per share, in the fourth quarter of 2011 and a non-GAAP net loss of $0.4 million, or $0.01 per share, in the first quarter of 2011.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time today, May 1, 2012, 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) 392-9881 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 (855) 859-2056 and reference the passcode: 70748323. The call recording will be archived until Tuesday, May 8, 2012, and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) is the inventor and pioneer of innovative, customizable semiconductor solutions for mobile and portable electronics original equipment manufacturers (OEMs) and original design manufacturers (ODMs). These silicon plus software solutions are called Customer Specific Standard Products (CSSPs). CSSPs enable our customers to bring their products to market more quickly and remain in the market longer, with the low power, cost and size demanded by the mobile and portable electronics market. For more information about QuickLogic and CSSPs, visit www.quicklogic.com. Code: QUIK-G

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes charges related to stock-based compensation, restructuring, the 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, QuickLogic, QuickPCI and QuickRAM 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)                  
                                                                            
                                                Three Months Ended          
                                      ------------------------------------- 
                                                              April  1,          April  3,        January  1,  
                                                                                    2012                  2011                  2012        
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Revenue                                                              $          4,130    $          5,547    $          4,346  
Cost  of  revenue,  excluding  inventory                                                                                
  write-down  and  related  charges  and                                                                                  
  long-lived  asset  impairment                                2,042                1,821                2,181  
Inventory  write-down  and  related                                                                                        
  charges                                                                            329                    118                    148  
                                                                            -----------    -----------    -----------  
Gross  profit                                                                1,759                3,608                2,017  
Operating  expenses:                                                                                                                  
    Research  and  development                                    2,802                1,803                2,450  
    Selling,  general  and  administrative              2,697                2,607                2,548  
                                                                            -----------    -----------    -----------  
Income  (loss)  from  operations                            (3,740)                (802)            (2,981)
Interest  expense                                                            (13)                    (8)                    (5)
Interest  income  and  other  (expense),                                                                                
  net                                                                                    (13)                    (4)                  (93)
                                                                            -----------    -----------    -----------  
Income  (loss)  before  income  taxes                    (3,766)                (814)            (3,079)
Provision  for  (benefit  from)  income                                                                                  
  taxes                                                                                (45)                    64                      31  
                                                                            -----------    -----------    -----------  
Net  income  (loss)                                          $        (3,721)  $            (878)  $        (3,110)
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Net  income  (loss)  per  share:                                                                                                
    Basic                                                              $          (0.10)  $          (0.02)  $          (0.08)
                                                                            ===========    ===========    ===========  
    Diluted                                                          $          (0.10)  $          (0.02)  $          (0.08)
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Weighted  average  shares:                                                                                                        
    Basic                                                                        38,495              36,495              38,482  
                                                                            ===========    ===========    ===========  
    Diluted                                                                    38,495              36,495              38,482  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES        
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                                                                                                        
                                                                                                Three  Months  Ended                    
                                                                            -------------------------------------  
                                                                                April  1,          April  3,        January  1,  
                                                                                    2012                  2011                  2012        
                                                                            -----------    -----------    -----------  
GAAP  income  (loss)  from  operations        $        (3,740)  $            (802)  $        (2,981)
    Adjustment  for  stock-based                                                                                                
      compensation  within:                                                                                                          
        Cost  of  revenue                                                        32                      35                      27  
        Research  and  development                                      93                    121                    104  
        Selling,  general  and                                                                                                        
          administrative                                                      259                    287                    254  
                                                                            -----------    -----------    -----------  
Non-GAAP  income  (loss)  from                                                                                                  
  operations                                                      $        (3,356)  $            (359)  $        (2,596)
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
GAAP  net  income  (loss)                                $        (3,721)  $            (878)  $        (3,110)
    Adjustment  for  stock-based                                                                                                
      compensation  within:                                                                                                          
        Cost  of  revenue                                                        32                      35                      27  
        Research  and  development                                      93                    121                    104  
        Selling,  general  and                                                                                                        
          administrative                                                      259                    287                    254  
                                                                            -----------    -----------    -----------  
Non-GAAP  net  income  (loss)                        $        (3,337)  $            (435)  $        (2,725)
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
GAAP  net  income  (loss)  per  share            $          (0.10)  $          (0.02)  $          (0.08)
    Adjustment  for  stock-based                                                                                                
      compensation                                                            0.01                  0.01                  0.01  
                                                                            -----------    -----------    -----------  
Non-GAAP  net  income  (loss)  per  share    $          (0.09)  $          (0.01)  $          (0.07)
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
GAAP  gross  margin  percentage                                  42.6%                65.0%                46.4%
    Adjustment  for  stock-based                                                                                                
      compensation                                                              0.8                    0.6                    0.6  
                                                                            -----------    -----------    -----------  
Non-GAAP  gross  margin  percentage                          43.4%                65.6%                47.0%
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                      CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                        
                                                              (In  thousands)                                                              
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                                          April  1,        January  1,  
                                                                                                              2012              2012  (1)    
                                                                                                      -----------    -----------  
                                            ASSETS                                                                                                
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                                $        17,223    $        20,203  
    Short-term  investment  in  TowerJazz  Semiconductor                                                    
      Ltd.                                                                                                        567                    406  
    Accounts  receivable,  net                                                              1,660                1,585  
    Inventories                                                                                        3,117                3,764  
    Other  current  assets                                                                      1,049                    613  
                                                                                                      -----------    -----------  
        Total  current  assets                                                                23,616              26,571  
Property  and  equipment,  net                                                            2,812                2,181  
Other  assets                                                                                              231                    211  
                                                                                                      -----------    -----------  
TOTAL  ASSETS                                                                              $        26,659    $        28,963  
                                                                                                      ===========    ===========  
                                                                                                                                                        
              LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                  
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Trade  payables                                                                      $          2,411    $          2,464  
    Accrued  liabilities                                                                        1,417                1,118  
    Deferred  royalty  revenue                                                                      -                        8  
    Current  portion  of  capital  lease  obligations                          411                    141  
                                                                                                      -----------    -----------  
        Total  current  liabilities                                                        4,239                3,731  
                                                                                                      -----------    -----------  
                                                                                                                                                        
Long-term  liabilities:                                                                                                            
    Capital  lease  obligations,  less  current  portion                    506                    146  
    Other  long-term  liabilities                                                            139                    148  
                                                                                                      -----------    -----------  
        Total  liabilities                                                                        4,884                4,025  
                                                                                                      -----------    -----------  
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                                39                      39  
    Additional  paid-in  capital                                                      190,485            190,025  
    Accumulated  other  comprehensive  income                                      211                    113  
    Accumulated  deficit                                                                  (168,960)        (165,239)
                                                                                                      -----------    -----------  
        Total  stockholders'  equity                                                    21,775              24,938  
                                                                                                      -----------    -----------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY                  $        26,659    $        28,963  
                                                                                                      ===========    ===========  
                                                                                                                                                        
(1)  Derived  from  the  January  1,  2012  audited  balance  sheet  included  in  the    
        2011  Annual  Report  on  Form  10-K  of  QuickLogic  Corporation.                            
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                                            SUPPLEMENTAL  DATA                                                          
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                          Percentage  of  Revenue              Change  in  Revenue    
                                                      -------------------------    ----------------------
                                                                                                                                                        
                                                                                                            Q1  2011  to    Q4  2011  to
                                                      Q1  2012    Q1  2011    Q4  2011        Q1  2012          Q1  2012  
                                                      -------    -------    -------    ----------    ----------
COMPOSITION  OF  REVENUE                                                                                                            
                                                                                                                                                        
Revenue  by  product  (1):                                                                                                          
    New  products                              40%            22%            39%                34%                (3)%      
    Mature  products                        60%            78%            61%              (42)%              (6)%      
                                                                                                                                                        
Revenue  by  geography:                                                                                                              
    United  States                            32%            50%            43%              (53)%              (30)%    
    Japan                                            21%            10%            22%                53%                (8)%      
    Malaysia                                      15%              9%              6%                27%                120%      
    China                                            12%            14%            13%              (34)%              (8)%      
    Europe                                          12%            13%              9%              (33)%                23%      
    Rest  of  Asia  Pacific                6%              3%              5%                49%                  4%        
    Rest  of  North  America              2%              1%              2%                26%                  55%      
                                                                                                                                                        
(1)  New  products  represent  products  introduced  since  2005,  and  include            
        ArcticLink®,  ArcticLink  II,  ArcticLink  III,  Eclipse™  II,                      
        PolarPro®,  PolarPro  II,  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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