QuickLogic Announces Fiscal 2015 First Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Apr 29, 2015 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low power programmable sensor processing solutions, today announced the financial results for its Fiscal first quarter ended March 29, 2015.

Total revenue for the first quarter of 2015 was $6.2 million, representing an increase of 8% compared to $5.7 million in the fourth quarter of 2014 and a decrease of 45% compared to $11.2 million in the first quarter of 2014. New product revenue for the first quarter of 2015 was $4.1 million, an increase of 13% compared to $3.7 million in the fourth quarter of 2014 and a decrease of 54% compared to $8.9 million in the first quarter of 2014. During the first quarter, mature product revenue was $2.0 million which was flat sequentially and down 10% as compared to the first quarter of 2014. New product revenue accounted for 67% of the total revenue in the first quarter of 2015 compared to 64% in the fourth quarter of 2014 and 80% in the first quarter of 2014.

Under generally accepted accounting principles in the United States of America (GAAP), the net loss for the first quarter of 2015 was $3.6 million, or $0.06 per share, compared with a net loss of $4.1 million, or $0.07 per share in the fourth quarter of 2014 and a net loss of $2.1 million, or $0.04 per share, in the first quarter of 2014. Non-GAAP net loss for the first quarter of 2015 was $3.1 million, or $0.06 per share, compared with a non-GAAP net loss of $3.7 million, or $0.06 per share in the fourth quarter of 2014 and a non-GAAP net loss of $1.4 million, or $0.03 per share, in the first quarter of 2014.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time / 5:30 p.m. Eastern Daylight Time today, April 29, 2015, to discuss its current financial results. The conference call is being webcast and QuickLogic will be using presentation slides during the call. To access the webcast with slides, go to the "Events" section at http://ir.quicklogic.com. To join the live conference, you may dial (877) 377-7094 or you can access it online at http://ir.quicklogic.com/events.cfm. 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: 18707768. The call recording will be archived until Wednesday, May 6, 2015 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                                
                                                    -------------------------------------------------  
                                                    March  29,  2015    March  30,  2014    December  28,  2014  
                                                    --------------    --------------    -----------------  
Revenue                                      $                6,159    $              11,164    $                      5,721  
Cost  of  revenue,                                                                                                                        
  excluding  inventory                                                                                                                
  write-down                                                3,263                      7,042                            3,487  
Inventory  write-down                                    17                            64                                  22  
                                                    --------------    --------------    -----------------  
Gross  profit                                              2,879                      4,058                            2,212  
Operating  expenses:                                                                                                                  
    Research  and                                                                                                                            
      development                                          3,477                      2,641                            3,432  
    Selling,  general  and                                                                                                            
      administrative                                    2,960                      3,465                            2,771  
                                                    --------------    --------------    -----------------  
Total  operating  expense                        6,437                      6,106                            6,203  
                                                    --------------    --------------    -----------------  
Loss  from  operations                            (3,558)                  (2,048)                        (3,991)
Interest  expense                                          (14)                        (16)                              (18)
Interest  income  and  other                                                                                                      
  (expense),  net                                            (26)                        (26)                              (47)
                                                    --------------    --------------    -----------------  
Loss  before  income  taxes                    (3,598)                  (2,090)                        (4,056)
Provision  for  income                                                                                                                
  taxes                                                                40                            20                                  86  
                                                    --------------    --------------    -----------------  
Net  loss                                    $              (3,638)  $              (2,110)  $                    (4,142)
                                                    ==============    ==============    =================  
Net  loss  per  share:                                                                                                                  
    Basic                                      $                (0.06)  $                (0.04)  $                      (0.07)
                                                    ==============    ==============    =================  
    Diluted                                  $                (0.06)  $                (0.04)  $                      (0.07)
                                                    ==============    ==============    =================  
Weighted  average  shares:                                                                                                        
    Basic                                                      56,190                    54,433                          55,982  
                                                    ==============    ==============    =================  
    Diluted                                                  56,190                    54,433                          55,982  
                                                    ==============    ==============    =================  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                      CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                        
                                                              (In  thousands)                                                              
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                      March  29,  2015          December  28,  2014  (1)  
                                                                --------------------    ---------------------  
                          ASSETS                                                                                                                  
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents          $                          28,215    $                            30,050  
    Accounts  receivable,  net                                          1,684                                    1,552  
    Inventories                                                                    3,349                                    4,952  
    Other  current  assets                                                  1,050                                    1,146  
                                                                --------------------    ---------------------  
        Total  current  assets                                            34,298                                  37,700  
Property  and  equipment,  net                                        2,974                                    3,217  
Other  assets                                                                          227                                        222  
                                                                --------------------    ---------------------  
TOTAL  ASSETS                                        $                          37,499    $                            41,139  
                                                                ====================    =====================  
  LIABILITIES  AND  STOCKHOLDERS'                                                                                            
                          EQUITY                                                                                                                  
Current  liabilities:                                                                                                                
    Trade  payables                                $                            1,763    $                              2,506  
    Accrued  liabilities                                                    1,710                                    1,574  
    Deferred  Revenue                                                              114                                          --  
    Current  portion  of  capital                                                                                                
      lease  obligations                                                          232                                        225  
                                                                --------------------    ---------------------  
        Total  current  liabilities                                    3,819                                    4,305  
Long-term  liabilities:                                                                                                            
    Revolving  line  of  credit                                          1,000                                    1,000  
    Capital  lease  obligations,                                                                                                
      less  current  portion                                                    137                                        191  
    Other  long-term  liabilities                                        160                                          76  
                                                                --------------------    ---------------------  
        Total  liabilities                                                    5,116                                    5,572  
                                                                --------------------    ---------------------  
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                            56                                          56  
    Additional  paid-in  capital                                  238,873                                238,419  
    Accumulated  deficit                                              (206,546)                            (202,908)
                                                                --------------------    ---------------------  
        Total  stockholders'  equity                                32,383                                  35,567  
                                                                --------------------    ---------------------  
TOTAL  LIABILITIES  AND                                                                                                              
  STOCKHOLDERS'  EQUITY                      $                          37,499    $                            41,139  
                                                                ====================    =====================  
                                                                                                                                                        
(1)  Derived  from  the  December  28,  2014  audited  balance  sheet  included  in  the
        2014  Annual  Report  on  Form  10-K  of  QuickLogic  Corporation.                            
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES        
                    (In  thousands,  except  per  share  amounts  and  percentages)                    
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                    Three  Months  Ended                                
                                                    -------------------------------------------------  
                                                    March  29,  2015    March  30,  2014    December  28,  2014  
                                                    --------------    --------------    -----------------  
GAAP  loss  from  operations  $              (3,558)  $              (2,048)  $                    (3,991)
    Adjustment  for  stock-                                                                                                          
      based  compensation                                                                                                              
      within:                                                                                                                                    
        Cost  of  revenue                                      39                            42                                  27  
        Research  and                                                                                                                        
          development                                          191                          353                                174  
        Selling,  general  and                                                                                                        
          administrative                                    267                          337                                291  
                                                    --------------    --------------    -----------------  
Non-GAAP  loss  from                                                                                                                    
  operations                              $              (3,061)  $              (1,316)  $                    (3,499)
                                                    ==============    ==============    =================  
GAAP  net  loss                          $              (3,638)  $              (2,110)  $                    (4,142)
    Adjustment  for  stock-                                                                                                          
      based  compensation                                                                                                              
      within:                                                                                                                                    
        Cost  of  revenue                                      39                            42                                  27  
        Research  and                                                                                                                        
          development                                          191                          353                                174  
        Selling,  general  and                                                                                                        
          administrative                                    267                          337                                291  
                                                    --------------    --------------    -----------------  
Non-GAAP  net  loss                  $              (3,141)  $              (1,378)  $                    (3,650)
                                                    ==============    ==============    =================  
GAAP  net  loss  per  share      $                (0.06)  $                (0.04)  $                      (0.07)
    Adjustment  for  stock-                                                                                                          
      based  compensation                                    *                        0.01                              0.01  
                                                    --------------    --------------    -----------------  
Non-GAAP  net  loss  per                                                                                                              
  share                                        $                (0.06)  $                (0.03)  $                      (0.06)
                                                    ==============    ==============    =================  
GAAP  gross  margin                                                                                                                      
  percentage                                                  46.7%                      36.3%                            38.7%
    Adjustment  for  stock-                                                                                                          
      based  compensation                                0.7%                        0.4%                              0.4%
                                                    ==============    ==============    =================  
Non-GAAP  gross  margin                                                                                                              
  percentage                                                  47.4%                      36.7%                            39.1%
                                                    ==============    ==============    =================  
                                                                                                                                                        
    *  Figures  were  not  considered  for  reconciliation  due  to  the  insignificant  
                                                                      amount.                                                                    
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                    QUICKLOGIC  CORPORATION                                                        
                                                          SUPPLEMENTAL  DATA                                                            
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                    Percentage  of  Revenue              Change  in  Revenue          
                                                -------------------------    -----------------------    
                                                                                                      Q1  2014  to      Q4  2014  to    
                                                Q1  2015    Q1  2014    Q4  2014        Q1  2015            Q1  2015      
                                                -------    -------    -------    ----------      ----------    
COMPOSITION  OF  REVENUE                                                                                                            
Revenue  by  product:  (1)                                                                                                          
    New  products                              67%            80%            64%                (54)%                  13%  
    Mature  products                        33%            20%            36%                (10)%                  (1)%
Revenue  by  geography:                                                                                                              
    Asia  Pacific                              62%            83%            70%                (59)%                  (4)%
    North  America                            30%            10%            20%                  67%                    59%  
    Europe                                            8%              7%            10%                (31)%                (13)%
                                                                                                                                                        
(1)  New  products  include  all  products  manufactured  on  180  nanometer  or            
        smaller  semiconductor  processes.  Mature  products  include  all  products      
        produced  on  semiconductor  processes  larger  than  180  nanometers.                  
                                                                                                                                                        
 

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