QuickLogic Announces Fiscal 2011 First Quarter Results

SUNNYVALE, CA -- (MARKET WIRE) -- May 03, 2011 -- 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 3, 2011.

Total revenue for the first quarter of 2011 was $5.5 million, down 20% sequentially and up 2% from the first quarter of 2010. During the first quarter, new product revenue decreased to $1.2 million from $2.3 million in the fourth quarter of 2010. New product revenue accounted for 22% of the total revenue in the first quarter. During the first quarter, mature product revenue decreased 8% to $4.3 million from $4.7 million in the fourth quarter of 2010, accounting for 78% of the total revenue in the first quarter.

Under generally accepted accounting principles (GAAP), the net loss for the first quarter of 2011 was $0.9 million, or $0.02 per diluted share, compared with a net loss of $0.1 million, or $0.00 per diluted share, in both the fourth quarter and the first quarter of 2010. Non-GAAP net loss for the first quarter of 2011 was $0.4 million, or $0.01 per diluted share, compared with a non-GAAP net income of $0.5 million, or $0.01 per diluted share, in the fourth quarter of 2010 and a non-GAAP net loss of $0.5 million, or $0.01 per diluted share, in the first quarter of 2010.

"As previously announced, we had a revenue shortfall in the first quarter. While I'm disappointed in our short term results, I am not discouraged about our future success in light of our continued positive progress in the smartphone and tablet markets," said Andy Pease, QuickLogic's President and CEO. "We continue on track toward a mid-year launch of a previously discussed VEE/DPO-enabled smartphone and we continue to make progress on several new VEE/DPO-enabled tablet designs."

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time today, May 3, 2011, 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 participate in the conference, please call (877) 377-7094 by 2:20 p.m. Pacific Daylight Time. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (706) 645-9291 and reference the passcode: 61602795. The call recording will be archived until Friday, May 6, 2011 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 gain on sale of the Company's investment in TowerJazz Semiconductor Ltd. and the effect of the write-off of long-lived assets and equipment, 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 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, pASIC, PolarPro, and QuickLogic are registered trademarks and Eclipse, QuickPCI, QuickRAM 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  3,          April  4,        January  2,  
                                                                                    2011                  2010                  2011        
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Revenue                                                              $          5,547    $          5,429    $          6,958  
Cost  of  revenue,  excluding  inventory                                                                                
  write-down  and  related  charges  and                                                                                  
  long-lived  asset  impairment                                1,939                2,116                2,304  
                                                                            -----------    -----------    -----------  
Gross  profit                                                                3,608                3,313                4,654  
Operating  expenses:                                                                                                                  
    Research  and  development                                    1,803                2,060                2,048  
    Selling,  general  and  administrative              2,607                2,335                2,685  
                                                                            -----------    -----------    -----------  
Income  (loss)  from  operations                                (802)            (1,082)                  (79)
Gain  on  sale  of  TowerJazz                                                                                                      
  Semiconductor  Ltd.  shares                                                                  993                        -  
Interest  expense                                                              (8)                  (18)                  (10)
Interest  income  and  other  (expense),                                                                                
  net                                                                                      (4)                  (21)                      -  
                                                                            -----------    -----------    -----------  
Income  (loss)  before  income  taxes                        (814)                (128)                  (89)
Provision  for  (benefit  from)  income                                                                                  
  taxes                                                                                  64                      15                    (20)
                                                                            -----------    -----------    -----------  
Net  income  (loss)                                          $            (878)  $            (143)  $              (69)
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Net  income  (loss)  per  share:                                                                                                
    Basic                                                              $          (0.02)  $          (0.00)  $          (0.00)
                                                                            ===========    ===========    ===========  
    Diluted                                                          $          (0.02)  $          (0.00)  $          (0.00)
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Weighted  average  shares:                                                                                                        
    Basic                                                                        36,495              35,104              36,228  
                                                                            ===========    ===========    ===========  
    Diluted                                                                    36,495              35,104              36,228  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                          QUICKLOGIC  CORPORATION                                                  
            SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES    
                                        (In  thousands,  except  per  share  amounts)                                
                                                                                                                                                        
                                                                                                Three  Months  Ended                    
                                                                            -------------------------------------  
                                                                                April  3,          April  4,        January  2,  
                                                                                    2011                  2010                  2011        
                                                                            -----------    -----------    -----------  
GAAP  income  (loss)  from  operations        $            (802)  $        (1,082)  $              (79)
    Adjustment  for  stock-based                                                                                                
      compensation  within:                                                                                                          
        Cost  of  revenue                                                        35                      47                      49  
        Research  and  development                                    121                    175                    143  
        Selling,  general  and                                                                                                        
          administrative                                                      287                    430                    373  
                                                                            -----------    -----------    -----------  
Non-GAAP  income  (loss)  from  
operations                                                        $            (359)  $            (430)  $              486  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
GAAP  net  income  (loss)                                $            (878)  $            (143)  $              (69)
    Adjustment  for  stock-based                                                                                                
      compensation  within:                                                                                                          
        Cost  of  revenue                                                        35                      47                      49  
        Research  and  development                                    121                    175                    143  
        Selling,  general  and                                                                                                        
          administrative                                                      287                    430                    373  
    Adjustment  for  gain  on  sale  of                                                                                        
      TowerJazz  Semiconductor  Ltd.  shares                    -                  (993)                      -  
                                                                            -----------    -----------    -----------  
Non-GAAP  net  income  (loss)                        $            (435)  $            (484)  $              496  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
GAAP  net  income  (loss)  per  share            $        (0.02)    $            0.00    $            0.00  
    Adjustment  for  stock-based                                                                                                
      compensation                                                            0.01                  0.02                  0.01  
        TowerJazz  Semiconductor  Ltd.                                                                                        
          shares                                                                          -                (0.03)                      -  
                                                                            -----------    -----------    -----------  
Non-GAAP  net  income  (loss)  per  share    $          (0.01)  $          (0.01)  $            0.01  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
GAAP  gross  margin  percentage                                  65.0%                61.0%                66.9%
    Adjustment  for  stock-based                                                                                                
      compensation                                                              0.6                    0.9                    0.7  
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Non-GAAP  gross  margin  percentage                          65.6%                61.9%                67.6%
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                          QUICKLOGIC  CORPORATION                                                                  
                            CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                                  
                                                  (In  thousands)                                                                          
                                                      (Unaudited)                                                                            
                                                                                                                                                        
                                                                                                                                January  2,    
                                                                                              April  3,  2011          2011  (1)      
                                                                                              -------------    -------------  
                                          ASSETS                                                                                                  
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $            22,498    $            21,956  
    Short-term  investment  in  TowerJazz                                                                                
      Semiconductor  Ltd.                                                                        870                        909  
    Accounts  receivable,  net                                                          3,690                    4,143  
    Inventories                                                                                    3,962                    3,344  
    Other  current  assets                                                                      814                        772  
                                                                                              -------------    -------------  
        Total  current  assets                                                            31,834                  31,124  
Property  and  equipment,  net                                                        2,287                    2,312  
Other  assets                                                                                          172                        192  
                                                                                              -------------    -------------  
TOTAL  ASSETS                                                                      $            34,293    $            33,628  
                                                                                              =============    =============  
                                                                                                                                                        
            LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                    
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Trade  payables                                                                              2,138                    2,152  
    Accrued  liabilities                                                                    1,091                    1,303  
    Deferred  royalty  revenue                                                              453                        328  
    Current  portion  of  capital  lease  obligations                      243                        408  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                    3,925                    4,191  
                                                                                              -------------    -------------  
                                                                                                                                                        
Long-term  liabilities:                                                                                                            
    Other  long-term  liabilities                                                        129                        124  
                                                                                              -------------    -------------  
        Total  liabilities                                                                    4,054                    4,315  
                                                                                              -------------    -------------  
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                            38                          38  
    Additional  paid-in  capital                                                  188,147                186,304  
    Accumulated  other  comprehensive  income                                  577                        616  
    Accumulated  deficit                                                              (158,523)            (157,645)
                                                                                              -------------    -------------  
        Total  stockholders'  equity                                                30,239                  29,313  
                                                                                              -------------    -------------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $            34,293    $            33,628  
                                                                                              =============    =============  
                                                                                                                                                        
(1)  Derived  from  the  January  2,  2011  audited  balance  sheet  included  in  the    
2010  Annual  Report  on  Form  10-K  of  QuickLogic  Corporation.                                    
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            QUICKLOGIC  CORPORATION                                                
                                                              SUPPLEMENTAL  DATA                                                        
                                                                    (Unaudited)                                                              
                                                                                                                                                        
                                                              Percentage  of  Revenue            Change  in  Revenue  
                                                      -----------------------------  -------------------
                                                                                                                    Q4  2010      Q1  2010  
                                                                                                                      to  Q1          to  Q1    
                                                        Q1  2011      Q4  2010      Q1  2010          2011            2011    
                                                      ---------  ---------  ---------  ---------  ---------
COMPOSITION  OF  REVENUE                                                                                                            
                                                                                                                                                        
Revenue  by  product  (1):                                                                                                          
    New  products                                22%              32%              38%              -46%            -41%    
    Mature  products                          78%              68%              62%              -8%              29%      
                                                                                                                                                        
Revenue  by  geography:                                                                                                              
    North  America                              51%              30%              43%              36%              23%      
    Europe                                            13%              28%              19%              -63%            -30%    
    Rest  of  world                              25%              31%              26%              -35%            -1%      
    Japan                                              10%              11%              12%              -25%            -15%    
                                                                                                                                                        
(1)  New  products  represent  products  introduced  since  2005,  and  include            
ArcticLink,  PolarPro  II,  PolarPro,  Eclipse  II  and  QuickPCI  II  products.          
Mature  products  include  QuickRAM,  pASIC®  3,  Eclipse,  QuickDSP  and  QuickFC      
products,  as  well  as  royalty  revenue,  programming  hardware  and  software.        
End-of-life  products  include  pASIC  1,  pASIC  2,  V3,  QuickPCI  and  QuickMIPS      
products.                                                                                                                                      
 

1 | 2  Next Page »



Review Article Be the first to review this article

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — 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 Policy