QuickLogic Announces Fiscal 2009 First Quarter Results

Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made by our CEO 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, PolarPro, QuickLogic and QuickPCI are registered trademarks and Eclipse, the QuickLogic logo and VEE 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)
(Unaudited)
 
  Three Months Ended

March 29, 2009

 

March 30, 2008

 

December 28, 2008

Revenue $ 4,552 $ 11,023 $ 5,914
Cost of revenue, excluding inventory write-down and related charges 1,641 4,302 2,656
Inventory write-down and related charges   178     956     267  
Gross profit 2,733 5,765 2,991
Operating expenses:
Research and development 1,612 2,821 1,400
Selling, general and administrative 2,643 4,320 3,093
Restructuring costs           50  
Total operating expenses   4,255     7,141     4,543  
Loss from operations (1,522 ) (1,376 ) (1,552 )
Write-down of marketable securities (981 )
Interest expense (24 ) (71 ) (23 )
Interest income and other, net   (46 )   104     (94 )
Loss before income taxes (1,592 ) (1,343 ) (2,650 )
Benefit from (provision for) income taxes   (4 )   (34 )   30  
Net loss $ (1,596 ) $ (1,377 ) $ (2,620 )
 
Net loss per share:
Basic $ (0.05 ) $ (0.05 ) $ (0.09 )
Diluted $ (0.05 ) $ (0.05 ) $ (0.09 )
Weighted average shares:
Basic   29,909     29,406     29,844  
Diluted   29,909     29,406     29,844  
QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended

  March 29, 2009  

 

  March 30, 2008  

  December 28, 2008
GAAP loss from operations $ (1,522 ) $ (1,376 ) $ (1,552 )
Adjustment for the write-off of long-lived assets within:

 

Cost of revenue

12
Adjustment for stock-based compensation within:

Cost of revenue

51 65 47
Research and development 88 158 74
Selling, general and administrative 245 442 249
Restructuring costs           50  
Non-GAAP loss from operations $ (1,138 ) $ (711 ) $ (1,120 )
 
GAAP net loss $ (1,596 ) $ (1,377 ) $ (2,620 )
Adjustment for the write-off of equipment within:

Cost of revenue

12

Other expense

13
Adjustment for stock-based compensation within:

Cost of revenue

51 65 47
Research and development 88 158 74
Selling, general and administrative 245 442 249
Adjustment for restructuring costs 50
Adjustment for write-down of investment in Tower Semiconductor Ltd.           981  
Non-GAAP net loss $ (1,199 ) $ (712 ) $ (1,207 )
 
GAAP net loss per share $ (0.05 ) $ (0.05 ) $ (0.09 )
Adjustment for stock-based compensation 0.01 0.03 0.01
Adjustment for write-off of long-lived asset

*
Adjustment for restructuring *

Adjustment for write-down of investment in Tower Semiconductor Ltd.

 

 

0.04

 
Non-GAAP net loss per share $ (0.04 ) $ (0.02 ) $ (0.04 )
 
GAAP gross margin percentage 60.0 % 52.3 % 50.6 %
Adjustment for stock-based compensation 1.2 % 0.6 % 0.8 %
Adjustment for write-off of long-lived asset           0.2 %
Non-GAAP gross margin percentage   61.2 %   52.9 %   51.6 %

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article

Aldec Simulator Evaluate Now

Featured Video
Jobs
Design Verification Engineer for intersil at Morrisville, NC
ASIC Design Engineer for Infinera Corp at Sunnyvale, CA
Design Verification Engineer for Cirrus Logic, Inc. at Austin, TX
Senior DSP Firmware Engineer for Cirrus Logic, Inc. at Austin, TX
Senior Formal FAE Location OPEN for EDA Careers at San Jose or Anywhere, CA
Senior PIC Test Development Engineer for Infinera Corp at Sunnyvale, CA
Upcoming Events
IC Open Innovation Panel During REUSE 2017 at Santa Clara Convention Center 5001 Great America Parkway Santa Clara CA - Dec 14, 2017
Essentials of Electronic Technology: A Crash Course at Columbia MD - Jan 16 - 18, 2018
Essentials of Digital Technology at MD - Feb 13 - 14, 2018
CST: Webinar series



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — 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 PolicyAdvertise