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QuickLogic Announces Fiscal 2013 First Quarter Results

QuickLogic Announces Fiscal 2013 First Quarter Results 
SUNNYVALE, CA -- (Marketwired) -- 05/01/13 --  QuickLogic Corporation
(NASDAQ: QUIK), the innovator of ultra-low-power Customer Specific
Standard Products (CSSPs), today announced the financial results for
its fiscal first quarter ended March 31, 2013. 
Total revenue for the first quarter of 2013 was $3.0 million, down 2%
from the fourth quarter of 2012 and down 27% from the first quarter
of 2012. During the first quarter, new product revenue decreased 6%
to $941,000 from $1.0 million in the fourth quarter of 2012. New
product revenue accounted for 31% of the total revenue in the first
quarter. During the first quarter, mature product revenue remained
flat at $2.1 million sequentially. Mature product revenue accounted
for 69% of the total revenue in the first quarter.  
Under generally accepted accounting principles (GAAP), the net loss
for the first quarter of 2013 was $3.6 million, or $0.08 per share,
compared with a net loss of $2.6 million, or $0.06 per share, in the
fourth quarter of 2012 and a net loss of $3.7 million, or $0.10 per
share, in the first quarter of 2012. Non-GAAP net loss for the first
quarter of 2013 was $3.1 million, or $0.07 per share, compared with a
non-GAAP net loss of $2.0 million, or $0.04 per share, in the fourth
quarter of 2012 and a non-GAAP net loss of $3.3 million, or $0.09 per
share, in the first quarter of 2012. 
"New product revenue in the first quarter was lower than expected
due to a delay in the receipt of an expected large order from a tier
one consumer electronics company. This order has since been received
and we are on track to meet our forecast for the first half of the
year," stated Andy Pease, QuickLogic's President and CEO.  
Conference Call  
QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight
Time today, May 1, 2013, to discuss its current financial results.
The conference call is being webcast and can be accessed via
QuickLogic's website at http://ir.quicklogic.com/events.cfm. To join
the live conference, please dial (877) 377-7094 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 (404) 537-3406 and reference the passcode:
412
16066. The call recording will be archived until Wednesday, May 8,
2013, 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 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
new product revenue meeting forecast for the first half of the year,
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. 
Note to Editors: Financial Tables Follow 


 
                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                  (In thousands, except per share amounts)                  
                                 (Unaud
ited)                                
                                                                            
                                              Three Months Ended            
                                   ---------------------------------------- 
                                     March 31,     April 1,    December 30, 
                                       2013          2012          2012     
                                   ------------  ------------  ------------ 
                                                                            
Revenue                            $      3,017  $      4,130  $      3,086 
Cost of revenue, excluding                                                  
 inventory write-down                     1,643         2,042         1,546 
Inventory write-down                        343           329            19 
                                   ------------  ------------  ------------ 
                                          1,031         1,759         1,521 
Gross profit                                                                
Operating expenses:                                                         
  Research and development                2,008         2,802         1,624 
  Selling, general and                                                      
   administrative                         2,530         2,697         2,377 
  Restructuring cost                          7             -             - 
                                   ------------  ------------  ------------ 
                                                                            
Income (loss) from operations            (3,514)       (3,740)       (2,480)
Interest expense                             (9)          (13)          (12)
Interest income and other                                                   
 (expense), net                              (4)          (13)          (32)
                                                                            
                                   ------------  ------------  ------------ 
Income (loss) before income taxes        (3,527)       (3,766)       (2,524)
Provision for (benefit from)                                                
 income taxes                                57           (45)           35 
                                                                            
                                   ------------  ------------  ------------ 
Net income (loss)                  $     (3,584) $     (3,721) $     (2,559)
                                   ============  ============  ============ 
                                                                            
Net income (loss) per share:                                                
  Basic                            $      (0.08) $      (0.10) $      (0.06)
                                   ============  ============  ============ 
  Diluted                          $      (0.08) $      (0.10) $      (0.06)
                                   ============  ============  ============ 
                                                                            
Weighted average shares:                                                    
  Basic                                  44,517        38,495        44,400 
                                   ============  ============  ============ 
  Diluted                                44,517        38,495        44,400 
                                   ============  ============  ============ 
                                                                            
                                                                            
                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
    SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES    
                  (In thousands, except per share amounts)                  
                                (Unaudited)                                 
                                                                            
                                              Three Months Ended            
                                   ---------------------------------------- 
                                     March 31,     April 1,    December 30, 
                                       2013          2012          2012     
                                   ------------  ------------  ------------ 
GAAP income (loss) from operations $     (3,514) $     (3,740) $     (2,480)
  Adjustment for stock-based                                                
   compensation within:                                                     
    Cost of revenue                          30            32            39 
    Research and development                166            93           116 
    Selling, general and                                                    
     administrative                         256           259           429 
  Adjustment for restructuring                                              
   costs                                      7             -             - 
                                   ------------  ------------  ------------ 
Non-GAAP income (loss) from                                                 
 operations                        $     (3,055) $     (3,356) $     (1,896)
                                   ============  ============  ============ 
                                                                            
GAAP net income (loss)             $     (3,584) $     (3,721) $     (2,559)
  Adjustment for stock-based                                                
   compensation within:                                                     
    Cost of revenue                          30            32            39 
    Research and development                166            93           116 
    Selling, general and                                                    
     administrative                         256           259           429 
  Adjustment for restructuring                                              
   costs                                      7             -             - 
                                   ------------  ------------  ------------ 
Non-GAAP net income (loss)         $     (3,125) $     (3,337) $     (1,975)
                                   ============  ============  ============ 
                                                                            
GAAP net income (loss) per share   $      (0.08) $      (0.10) $      (0.06)
  Adjustment for stock-based                                                
   compensation                            0.01          0.01          0.02 
  Adjustment for restructuring                                              
   costs                                      *             -             - 
                                   ------------  ------------  ------------ 
Non-GAAP net income (loss) per                                              
 share                             $      (0.07) $      (0.09) $      (0.04)
                                   ============  ============  ========
==== 
                                                                            
GAAP gross margin percentage               34.2%         42.6%         49.3%
  Adjustment for stock-based                                                
   compensation                             1.0%          0.8%          1.3%
  Adjustment for restructuring                                              
   costs                                      *             -             - 
                                   ------------  ------------  ------------ 
Non-GAAP gross margin percentage           35.2%         43.4%         50.6%
                                   ============  ============  ============ 
                                                                            
* Figures were not considered in the reconciliation due to the insignificant
amount.                                                                     
                                                                            
                                                                            
                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
                    CONDENSED CONSOLIDATED BALANCE SHEETS                   
                               (In thousands)                               
                                 (Unaudited)                                
                                                                            
                                     March 31, 2013    December 30, 2012(1) 
                                  -------------------- -------------------- 
              ASSETS                                                        
                                                                            
Current assets:                                                             
  Cash and cash equivalents       $             19,659 $             22,578 
  Short-term investment in                                                  
   TowerJazz Semiconductor Ltd.                    303                  345 
  Accounts receivable, net                       1,392                1,242 
  Inventories                                    2,525                3,028 
  Other current assets                             846                  986 
                                  -------------------- -------------------- 
    Total current assets                        24,725               28,179 
Property and equipment, net                      2,404                2,659 
Other assets                                       207                  186 
                                                                            
                                  -------------------- -------------------- 
TOTAL ASSETS                      $             27,336 $             31,024 
                                  ==================== ==================== 
                                                                            
   LIABILITIES AND STOCKHOLDERS'                                            
               EQUITY                                                       
                                                                            
Current liabilities:                                                        
  Trade payables                  $              1,393 $              1,965 
  Accrued liabilities                            1,289                1,214 
  Current portion of capital lease                                          
   obligations                                     239                  160 
                                                                            
                                  -------------------- -------------------- 
    Total current liabilities                    2,921                3,339 
                                  -------------------- -------------------- 
                                                                            
Long-term liabilities:                                                      
  Capital lease obligations, less                                           
   current portion                                 135                  266 
  Other long-term liabilities                      167                  141 
                                                                            
                                  -------------------- -------------------- 
    Total liabilities                            3,223                3,746 
                                  -------------------- -------------------- 
                                                                            
Stockholders' equity:                                                       
  Common stock, at par value                        45                   45 
  Additional paid-in capital                   205,259              204,797 
  Accumulated other comprehensive                                           
   income                                          (54)                 (11)
  Accumulated deficit                         (181,137)            (177,553)
                                   -------------------  ------------------- 
    Total stockholders' equity                  24,113               27,278 
                                   -------------------  ------------------- 
                                                                            
                                  -------------------- -------------------- 
       TOTAL LIABILITIES AND                                                
        STOCKHOLDERS' EQUITY      $             27,336 $             31,024 
                                  ==================== ==================== 
                                                                            
(1) Derived from the December 30, 2012 audited balance sheet included in the
    2012 Annual Report on Form 10-K of QuickLogic Corporation.              
                                                                            
                                                                            
                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
                              SUPPLEMENTAL DATA                             
                                 (Unaudited)                                
                                                                            
                            Percentage of Revenue      Change in Revenue    
                           ----------------------- -------------------------
                              Q1      Q1      Q4    Q1 2012 to   Q4 2012 to 
                             2013    2012    2012     Q1 2013      Q1 2013  
                           ------- ------- ------- ------------ ------------
COMPOSITION OF REVENUE                                                      
Revenue by product (1):                                                     
  New products               31%     40%     33%       (43)%        (6)%    
  Mature products            69%     60%     67%       (17)%         0%     
                                                                            
Revenue by geography:                                                       
  United States              31%     32%     41%       (28)%        (25)%   
  Malaysia                   23%     15%     11%        13%          95%    
  Japan                      20%     21%     21%       (32)%        (9)%    
  Europe                     15%     12%     20%       (7)%         (26)%   
  Rest of North America       6%      2%      4%        65%          66%    
  China                       4%     12%      3%       (74)%         32% 
   
  Rest of Asia Pacific        1%      6%      0%       (86)%        236%    
                                                                            
(1) New products represent products introduced since 2005, and include      
    ArcticLink(R), ArcticLink II, ArcticLink III, Eclipse(TM) II, PolarPro(R),  
   
    PolarPro II, and QuickPCI(R) II. Mature products include Eclipse,         
    EclipsePlus, pASIC(R) 1, pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI,  
    QuickRAM(R), and V3, as well as royalty revenue, programming hardware and 
    software.                                                               

  
Contacts:
Ralph S. Marimon
Vice President of Finance
Chief Financial Officer
(408) 990-4000
rsmarimon@quicklogic.com 
Andrea Vedanayagam
(408) 656-4494
ir@quicklogic.com 
 
 
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