QuickLogic Announces Fiscal 2011 Third Quarter Results
In accordance with the company's guidance for the quarter, total revenue for the third quarter of 2011 was
Under generally accepted accounting principles (GAAP), the net loss for the third quarter of 2011 was
Conference Call
About
Non-GAAP Financial Measures
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
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements 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
ArcticLink, pASIC, PolarPro,
QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
------------------------------- --------------------
October October July 3, October October
2, 2011 3, 2010 2011 2, 2011 3, 2010
--------- --------- --------- --------- ---------
Revenue $ 5,339 $ 7,333 $ 5,737 $ 16,623 $19,241
Cost of revenue,
excluding inventory
write-down and
related charges and
long-lived asset
impairment 1,897 2,619 1,908 5,626 7,215
Inventory write-down
and related charges 386 17 58 562 90
--------- --------- --------- --------- ---------
Gross profit 3,056 4,697 3,771 10,435 11,936
Operating expenses:
Research and
development 2,271 1,817 3,312 7,386 5,410
Selling, general
and administrative 2,267 2,535 2,543 7,417 7,388
--------- --------- --------- --------- ---------
Income (loss) from
operations (1,482) 345 (2,084) (4,368) (862)
Gain on sale of
TowerJazz
Semiconductor Ltd.
shares 993
Interest expense (5) (12) (18) (31) (57)
Interest income and
other (expense), net (49) 25 (13) (66) (46)
--------- --------- --------- --------- ---------
Income (loss) before
income taxes (1,536) 358 (2,115) (4,465) 28
Provision for
(benefit from)
income taxes 10 (192) (55) 19 (164)
--------- --------- --------- --------- ---------
Net income (loss) $ (1,546) $ 550 $(2,060) $ (4,484) $ 192
========= ========= ========= ========= =========
Net income (loss) per
share:
Basic $ (0.04) $ 0.02 $ (0.05) $ (0.12) $ 0.01
========= ========= ========= ========= =========
Diluted $ (0.04) $ 0.01 $ (0.05) $ (0.12) $ 0.01
========= ========= ========= ========= =========
Weighted average
shares:
Basic 38,418 35,634 38,376 38,303 35,436
========= ========= ========= ========= =========
Diluted 38,418 38,711 38,376 38,303 37,911
========= ========= ========= ========= =========
QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
-------------------------------- ---------------------
October October July 3, October October
2, 2011 3, 2010 2011 2, 2011 3, 2010
--------- --------- --------- --------- ---------
GAAP income (loss)
from operations $ (1,482) $ 345 $ (2,084) $ (4,368) $ (862)
Adjustment for
stock-based
compensation
within:
Cost of revenue 34 34 35 104 120
Research and
development 114 147 119 354 502
Selling, general
and
administrative 264 387 282 833 1,231
Adjustment for the
write-off of
equipment within:
Selling, general
and
administrative 102 8 - 102 8
--------- --------- --------- --------- ---------
Non-GAAP income
(loss) from
operations $ (968) $ 921 $ (1,648) $ (2,975) $ 999
========= ========= ========= ========= =========
GAAP net income
(loss) $ (1,546) $ 550 $ (2,060) $ (4,484) $ 192
Adjustment for
stock-based
compensation
within:
Cost of revenue 34 34 35 104 120
Research and
development 114 147 119 354 502
Selling, general
and
administrative 264 387 282 833 1,231
Adjustment for the
write-off of
equipment within:
Selling, general
and
administrative 102 8 - 102 8
Adjustment for gain
on sale of
TowerJazz
Semiconductor Ltd.
Shares - - - (993)
Adjustment for tax
effect on other
comprehensive
income - (209) - (209)
--------- --------- --------- --------- ---------
Non-GAAP net income
(loss) $ (1,032) $ 917 $ (1,624) $ (3,091) $ 851
========= ========= ========= ========= =========
GAAP net income
(loss) per share $ (0.04) $ 0.01 $ (0.05) $ (0.12) $ 0.01
Adjustment for
stock-based
compensation 0.01 0.02 0.01 0.04 0.05
Adjustment for
write-off of
equipment * * - * *
Adjustment for gain
on sale of
TowerJazz
Semiconductor Ltd.
Shares - - - - (0.03)
Adjustment for tax
effect on other
comprehensive
income - (0.01) - - (0.01)
--------- --------- --------- --------- ---------
Non-GAAP net income
(loss) per share $ (0.03) $ 0.02 $ (0.04) $ (0.08) $ 0.02
========= ========= ========= ========= =========
GAAP gross margin
percentage 57.2% 64.1% 65.7% 62.8% 62.0%
Adjustment for
stock-based
compensation 0.7 0.4 0.6 0.6 0.7
--------- --------- --------- --------- ---------
Non-GAAP gross margin
percentage 57.9% 64.5% 66.3% 63.4% 62.7%
========= ========= ========= ========= =========
* Figures were not considered in the reconciliation of GAAP and Non-GAAP measures due to the insignificant amount.
QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
October 2, January 2,
2011 2011(1)
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 21,571 $ 21,956
Short-term investment in TowerJazz
Semiconductor Ltd. 425 909
Accounts receivable, net 1,978 4,143
Inventories 3,862 3,344
Other current assets 661 772
------------- -------------
Total current assets 28,497 31,124
Property and equipment, net 1,935 2,312
Other assets 202 192
------------- -------------
TOTAL ASSETS $ 30,634 $ 33,628
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit $ - $ -
Trade payables 1,924 2,152
Accrued liabilities 1,041 1,303
Deferred income on shipments to distributors 90 328
Current portion of debt and capital lease
obligations 37 408
------------- -------------
Total current liabilities 3,092 4,191
------------- -------------
Long-term liabilities:
Capital lease obligations, less current
portion - -
Other long-term liabilities 127 124
------------- -------------
Total liabilities 3,219 4,315
------------- -------------
Stockholders' equity:
Common stock, at par value 39 38
Additional paid-in capital 189,373 186,304
Accumulated other comprehensive income 132 616
Accumulated deficit (162,129) (157,645)
------------- -------------
Total stockholders' equity 27,415 29,313
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 30,634 $ 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
------------------------------- -------------------
Q2 2011 Q3 2010
Q3 Q2 Q3 to to
2011 2011 2010 Q3 2011 Q3 2011
--------- --------- --------- -------- --------
COMPOSITION OF
REVENUE
Revenue by product
(1)
New products 23% 21% 38% 3% (56)%
Mature products 77% 79% 62% (9)% (10)%
--------- --------- ---------
100% 100% 100%
========= ========= =========
Revenue by geography
North America 35% 34% 35% (7)% (28)%
Europe 31% 24% 10% 24% 120%
Rest of world 23% 31% 45% (31)% (62)%
Japan 11% 11% 10% (5)% (21)%
--------- --------- ---------
100% 100% 100%
========= ========= =========
(1) New products represent products introduced since 2005, and include
ArcticLink, ArcticLink II, Eclipse II, PolarPro, PolarPro II, and
QuickPCI II products. Mature products include Eclipse, pASIC1, pASIC2,
pASIC3, QuickDSP, QuickFC, QuickMIPS, QuickPCI, QuickRAM and V3
products, as well as royalty revenue, programming hardware and
software.
Contacts:Ralph S. Marimon Vice President of Finance Chief Financial Officer (408) 990-4000 Email ContactAndrea Vedanayagam (408) 656-4494 Email Contact
Source:
Released November 1, 2011
