QuickLogic Announces Fiscal 2012 Second Quarter Results
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Sunnyvale, Calif., July 31, 2012
Total revenue for the second quarter of 2012 was
Under generally accepted accounting principles (GAAP), the net loss for the second quarter of 2012 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
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QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
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July 1, July 3, April 1, July 1, July 3,
2012 2011 2012 2012 2011
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Revenue $ 4,071 $ 5,737 $ 4,130 $ 8,201 $ 11,284
Cost of revenue, excluding
inventory write-down and
related charges and long-
lived asset impairment 1,927 1,908 2,042 3,969 3,729
Inventory write-down and
related charges 99 58 329 428 176
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Gross profit 2,045 3,771 1,759 3,804 7,379
Operating expenses:
Research and development 2,452 3,312 2,802 5,254 5,115
Selling, general and
administrative 2,749 2,543 2,697 5,446 5,150
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Income (loss) from
operations (3,156) (2,084) (3,740) (6,896) (2,886)
Interest expense (24) (18) (13) (37) (26)
Interest income and other
(expense), net (50) (13) (13) (63) (17)
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Income (loss) before
income taxes (3,230) (2,115) (3,766) (6,996) (2,929)
Provision for (benefit
from) income taxes 6 (55) (45) (39) 9
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Net income (loss) $ (3,236) $ (2,060) $ (3,721) $ (6,957) $ (2,938)
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Net income (loss) per
share:
Basic $ (0.08) $ (0.05) $ (0.10) $ (0.18) $ (0.07)
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Diluted $ (0.08) $ (0.05) $ (0.10) $ (0.18) $ (0.07)
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Weighted average shares:
Basic 40,154 38,376 38,495 39,401 38,224
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Diluted 40,154 38,376 38,495 39,401 38,224
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QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
------------------------- ----------------
July 1, July 3, April July 1, July 3,
2012 2011 1, 2012 2012 2011
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GAAP income (loss) from
operations $(3,156) $(2,084) $(3,740) $(6,896) $(2,886)
Adjustment for stock-based
compensation within:
Cost of revenue 39 35 32 71 70
Research and development 99 119 93 192 240
Selling, general and
administrative 296 282 259 555 569
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Non-GAAP income (loss) from
operations $(2,722) $(1,648) $(3,356) $(6,078) $(2,007)
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GAAP net income (loss) $(3,236) $(2,060) $(3,721) $(6,957) $(2,938)
Adjustment for stock-based
compensation within:
Cost of revenue 39 35 32 71 70
Research and development 99 119 93 192 240
Selling, general and
administrative 296 282 259 555 569
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Non-GAAP net income (loss) $(2,802) $(1,624) $(3,337) $(6,139) $(2,059)
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GAAP net income (loss) per
share $ (0.08) $ (0.05) $ (0.10) $ (0.18) $ (0.07)
Adjustment for stock-based
compensation 0.01 0.01 0.01 0.02 0.02
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Non-GAAP net income (loss) per
share $ (0.07) $ (0.04) $ (0.09) $ (0.16) $ (0.05)
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GAAP gross margin percentage 50.2% 65.7% 42.6% 46.4% 65.4%
Adjustment for stock-based
compensation 1.0 0.6 0.8 0.9 0.6
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Non-GAAP gross margin
percentage 51.2% 66.3% 43.4% 47.3% 66.0%
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QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 1, January 1,
2012 2012 (1)
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ASSETS
Current assets:
Cash and cash equivalents $ 26,867 $ 20,203
Short-term investment in TowerJazz Semiconductor
Ltd. 432 406
Accounts receivable, net 1,661 1,585
Inventories 2,727 3,764
Other current assets 862 613
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Total current assets 32,549 26,571
Property and equipment, net 2,711 2,181
Other assets 214 211
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TOTAL ASSETS $ 35,474 $ 28,963
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables $ 2,105 $ 2,464
Accrued liabilities 1,541 1,118
Deferred royalty revenue 2 8
Current portion of capital lease obligations 287 141
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Total current liabilities 3,935 3,731
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Long-term liabilities:
Capital lease obligations, less current portion 469 146
Other long-term liabilities 139 148
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Total liabilities 4,543 4,025
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Stockholders' equity:
Common stock, at par value 44 39
Additional paid-in capital 203,007 190,025
Accumulated other comprehensive income 76 113
Accumulated deficit (172,196) (165,239)
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Total stockholders' equity 30,931 24,938
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 35,474 $ 28,963
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(1) Derived from the
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