QuickLogic Announces Fiscal 2012 Third Quarter Results
In accordance with the company's guidance for the quarter, total revenue for the third quarter of 2012 was
Under generally accepted accounting principles (GAAP), the net loss for the third 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
ArcticLink, pASIC, PolarPro and
Note to Editors: Financial Tables Follow
QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
-------------------------------- --------------------
September October July 1, September October
30, 2012 2, 2011 2012 30, 2012 2, 2011
---------- --------- --------- --------- ---------
Revenue $ 3,657 $ 5,339 $ 4,071 $ 11,858 $ 16,623
Cost of revenue,
excluding inventory
write-down and
related charges and
long-lived asset
impairment 1,916 1,897 1,927 5,885 5,626
Inventory write-down
and related charges - 386 99 428 562
---------- --------- --------- --------- ---------
Gross profit 1,741 3,056 2,045 5,545 10,435
Operating expenses:
Research and
development 1,865 2,271 2,452 7,119 7,386
Selling, general
and
administrative 2,658 2,267 2,749 8,104 7,417
---------- --------- --------- --------- ---------
Income (loss) from
operations (2,782) (1,482) (3,156) (9,678) (4,368)
Interest expense (12) (5) (24) (49) (31)
Interest income and
other (expense),
net 18 (49) (50) (45) (66)
---------- --------- --------- --------- ---------
Income (loss) before
income taxes (2,776) (1,536) (3,230) (9,772) (4,465)
Provision for
(benefit from)
income taxes 22 10 6 (17) 19
---------- --------- --------- --------- ---------
Net income (loss) $ (2,798) $ (1,546) $ (3,236) $ (9,755) $ (4,484)
========== ========= ========= ========= =========
Net income (loss)
per share:
Basic & Diluted $ (0.06) $ (0.04) $ (0.08) $ (0.24) $ (0.12)
========== ========= ========= ========= =========
Weighted average
shares:
Basic & Diluted 44,122 38,418 40,154 40,975 38,303
========== ========= ========= ========= =========
QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
-------------------------------- ---------------------
September October July 1, September October
30, 2012 2, 2011 2012 30, 2012 2, 2011
---------- --------- --------- ---------- ---------
GAAP income (loss)
from operations $ (2,782) $ (1,482) $ (3,156) $ (9,678) $ (4,368)
Adjustment for
stock-based
compensation
within:
Cost of revenue 69 34 39 140 104
Research and
development 147 114 99 339 354
Selling, general
and
administrative 385 264 296 940 833
Adjustment for the
write-off of
equipment within:
Selling, general
and
administrative 3 102 - 3 102
Cost of revenue 22 - - 22 -
---------- --------- --------- ---------- ---------
Non-GAAP income
(loss) from
operations $ (2,156) $ (968) $ (2,722) $ (8,234) $ (2,975)
========== ========= ========= ========== =========
GAAP net income
(loss) $ (2,798) $ (1,546) $ (3,236) $ (9,755) $ (4,484)
Adjustment for
stock-based
compensation
within:
Cost of revenue 69 34 39 140 104
Research and
development 147 114 99 339 354
Selling, general
and
administrative 385 264 296 940 833
Adjustment for the
write-off of
equipment within:
Selling, general
and
administrative 3 102 - 3 102
Cost of revenue 22 - - 22 -
---------- --------- --------- ---------- ---------
Non-GAAP net income
(loss) $ (2,172) $ (1,032) $ (2,802) $ (8,311) $ (3,091)
========== ========= ========= ========== =========
GAAP net income
(loss) per share $ (0.06) $ (0.04) $ (0.08) $ (0.24) $ (0.12)
Adjustment for
stock-based
compensation 0.01 0.01 0.01 0.04 0.04
Adjustment for
write-off of
equipment * * - * *
---------- --------- --------- ---------- ---------
Non-GAAP net income
(loss) per share $ (0.05) $ (0.03) $ (0.07) $ (0.20) $ (0.08)
========== ========= ========= ========== =========
GAAP gross margin
percentage 47.6% 57.2% 50.2% 46.8% 62.8%
Adjustment for
stock-based
compensation 1.9 0.7 1.0 1.2 0.6
Adjustment for the
write-off of
equipment 0.6 - - 0.2 -
---------- --------- --------- ---------- ---------
Non-GAAP gross
margin percentage 50.1% 57.9% 51.2% 48.2% 63.4%
========== ========= ========= ========== =========
* Figures were not considered in the reconciliaiton of Non-GAAP net loss
per share due to the insignificant amount.
QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, January 1,
2012 2012(1)
-------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 24,948 $ 20,203
Short-term investment in TowerJazz
Semiconductor Ltd. 380 406
Accounts receivable, net 1,335 1,585
Inventories 2,516 3,764
Other current assets 951 613
-------------- --------------
Total current assets 30,130 26,571
Property and equipment, net 2,915 2,181
Other assets 202 211
-------------- --------------
TOTAL ASSETS $ 33,247 $ 28,963
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables $ 1,535 $ 2,464
Accrued liabilities and deferred income 1,803 1,126
Current portion of debt and capital lease
obligations 418 141
-------------- --------------
Total current liabilities 3,756 3,731
-------------- --------------
Long-term liabilities:
Capital lease obligations, less current
portion 304 146
Other long-term liabilities 147 148
-------------- --------------
Total liabilities 4,207 4,025
-------------- --------------
Stockholders' equity:
Common stock, at par value 44 39
Additional paid-in capital 203,966 190,025
Accumulated other comprehensive income 24 113
Accumulated deficit (174,994) (165,239)
-------------- --------------
Total stockholders' equity 29,040 24,938
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 33,247 $ 28,963
============== ==============
(1) Derived from the January 1, 2012 audited balance sheet included in the
2011 Annual Report on Form 10-K of QuickLogic Corporation .
QUICKLOGIC CORPORATION
SUPPLEMENTAL DATA
(Unaudited)
Percentage of Revenue Change in Revenue
----------------------- -----------------------
Q2 2012 to Q3 2011 to
Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q3 2012
------- ------- ------- ----------- -----------
COMPOSITION OF REVENUE
Revenue by product (1)
New products 43% 42% 23% (9)% 27%
Mature products 57% 58% 77% (11)% (49)%
------- ------- -------
100% 100% 100%
======= ======= =======
Revenue by geography
United States 36% 29% 33% 11% (24)%
Japan 23% 23% 11% (9)% 45%
Europe 20% 15% 31% 22% (56)%
Malaysia 11% 8% 8% 19% (6)%
China 7% 21% 11% (69)% (56)%
Rest of North America 2% 1% 2% 31% (41)%
Rest of Asia Pacific 1% 3% 4% (75)% (84)%
------- ------- -------
100% 100% 100%
======= ======= =======
(1) New products represent products introduced since 2005, and include
ArcticLink®, ArcticLink II, Eclipse™ II, PolarPro®, PolarPro II, and
QuickPCI II. Mature products include Eclipse, EclipsePlus, pASIC® 1,
pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI, QuickRAM, 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 Email ContactAndrea Vedanayagam (408) 656-4494 Email Contact
Source:
Released October 30, 2012
