QuickLogic Announces Fiscal 2006 and Fourth Quarter Results - New Products Contribute 20% of 2006 Revenue

Selling, general and
administrative 4,649 4,375 3,796 17,167 16,854
-------- -------- --------- -------- --------
Total operating expenses 6,719 6,786 6,168 26,102 26,440
-------- -------- --------- -------- --------
Income (loss) from
operations (3,317) (765) (2,872) (8,701) 3,698
Interest expense (94) (37) (65) (329) (189)
Interest income and
other, net 400 280 333 1,366 542
-------- -------- --------- -------- --------
Income (loss) before
income taxes (3,011) (522) (2,604) (7,664) 4,051
Provision for income
taxes 25 (66) 23 71 169
-------- -------- --------- -------- --------
Net income (loss) $(3,036) $(456) $(2,627) $(7,735) $3,882
======== ======== ========= ======== ========

Net income (loss) per
share:
Basic $(0.11) $(0.02) $(0.09) $(0.27) $0.14
======== ======== ========= ======== ========
Diluted $(0.11) $(0.02) $(0.09) $(0.27) $0.14
======== ======== ========= ======== ========
Weighted average shares:
Basic 28,680 27,539 28,678 28,485 26,954
======== ======== ========= ======== ========
Diluted 28,680 27,539 28,678 28,485 28,039
======== ======== ========= ======== ========

                        QUICKLOGIC CORPORATION

GAAP AND NON-GAAP NET INCOME (LOSS) RECONCILIATION
(In thousands)
(Unaudited)

Three Months Ended Years Ended
--------------------------- -----------------
December December September December December
31, 31, 30, 31, 31,
2006 2005 2006 2006 2005
-------- -------- --------- -------- --------
GAAP net income (loss) $(3,336) $(456) $(2,951) $(9,214) $2,350
Charges excluded from
non-GAAP net income
(loss):
Stock-based
compensation (1) 300 -- 290 1,445 --
Write-off of long-lived
assets (1) -- -- 34 34 66
Write-down of
investment in Tower
Semiconductor Ltd. -- -- -- -- 1,466
-------- -------- --------- -------- --------
Non-GAAP net income
(loss) $(3,036) $(456) $(2,627) $(7,735) $3,882
======== ======== ========= ======== ========


_________________________

(1) The following non-GAAP adjustments have been made to the financial measures in the Non-GAAP Condensed Consolidated Statements of Operations:
                             Three Months Ended         Years Ended

--------------------------- -----------------
December December September December December
31, 31, 30, 31, 31,

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