QuickLogic Announces Fiscal 2014 Second Quarter Results

(1) Derived from the December 29, 2013 audited balance sheet included in the 2013 Annual Report on Form 10-K of QuickLogic Corporation.

                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
    SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES    
                  (In thousands, except per share amounts)                  
                                 (Unaudited)                                
                                                                            
                                Three Months Ended        Six Months Ended  
                           ----------------------------  ------------------ 
                           June 29,  June 30,    March   June 29,  June 30, 
                             2014      2013    30, 2014    2014      2013   
                           --------  --------  --------  --------  -------- 
GAAP loss from operations  $ (2,888) $ (3,020) $ (2,048) $ (4,936) $ (6,534)
  Adjustment for stock-                                                     
   based compensation                                                       
   within:                                                                  
    Cost of revenue              36        22        42        78        52 
    Research and                                                            
     development                221        46       353       574       212 
    Selling, general and                                                    
     administrative             309       217       337       646       473 
  Adjustment for                                                            
   restructuring costs            -       206         -         -       213 
                           --------  --------  --------  --------  -------- 
Non-GAAP loss from                                                          
 operations                $ (2,322) $ (2,529) $ (1,316) $ (3,638) $ (5,584)
                           ========  ========  ========  ========  ======== 
                                                                            
GAAP net loss              $ (2,897) $ (3,241) $ (2,110) $ (5,007) $ (6,825)
  Adjustment for stock-                                                                                            
      based  compensation                                                                                                              
      within:                                                                                                                                    
        Cost  of  revenue                            36                22                42                78                52  
        Research  and                                                                                                                        
          development                                221                46              353              574              212  
        Selling,  general  and                                                                                                        
          administrative                          309              217              337              646              473  
    Adjustment  for                                                                                                                        
      restructuring  costs                        -              206                  -                  -              213  
    Adjustment  for  gain  on                                                                                                        
      sale  of  TowerJazz                                                                                                                
      Semiconductor  Ltd.                                                                                                              
      shares                                                  -            (181)                -                  -            (181)
    Adjustment  for  tax                                                                                                                
      effect  on  other                                                                                                                    
      comprehensive  income                      -              273                  -                  -              273  
                                                      --------    --------    --------    --------    --------  
Non-GAAP  net  loss                    $  (2,331)  $  (2,658)  $  (1,378)  $  (3,709)  $  (5,783)
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
GAAP  net  loss  per  share        $    (0.05)  $    (0.07)  $    (0.04)  $    (0.09)  $    (0.15)
    Adjustment  for  stock-                                                                                                          
      based  compensation                    0.01            0.01            0.01            0.02            0.02  
    Adjustment  for                                                                                                                        
      restructuring  costs                        -            0.01                  -                  -            0.01  
    Adjustment  for  gain  on                                                                                                        
      sale  of  TowerJazz                                                                                                                
      Semiconductor  Ltd.                                                                                                              
      shares                                                  -          (0.01)                -                  -          (0.01)
    Adjustment  for  tax                                                                                                                
      effect  on  other                                                                                                                    
      comprehensive  income                      -            0.01                  -                  -            0.01  
                                                      --------    --------    --------    --------    --------  
Non-GAAP  net  loss  per                                                                                                              
  share                                          $    (0.04)  $    (0.05)  $    (0.03)  $    (0.07)  $    (0.12)
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
GAAP  gross  margin                                                                                                                      
  percentage                                        44.1%          37.8%          36.3%          39.3%          36.5%
    Adjustment  for  stock-                                                                                                          
      based  compensation                      0.5%            0.4%            0.4%            0.4%            0.6%
                                                      --------    --------    --------    --------    --------  
Non-GAAP  gross  margin                                                                                                              
  percentage                                        44.6%          38.2%          36.7%          39.7%          37.1%
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                                            SUPPLEMENTAL  DATA                                                          
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                Percentage  of  Revenue        Change  in  Revenue    
                                                            -------------------------    -----------------    
                                                                                                                  Q2  2013      Q1  2014    
                                                                                                                    to  Q2          to  Q2      
                                                            Q2  2014    Q2  2013    Q1  2014        2014            2014      
                                                            -------    -------    -------    -------      -------    
COMPOSITION  OF  REVENUE                                                                                                            
                                                                                                                                                        
Revenue  by  product  (1):                                                                                                          
    New  products                                          66%            60%            80%            45%            (50)%
    Mature  products                                    34%            40%            20%            16%                5%  
                                                                                                                                                        
Revenue  by  geography:                                                                                                              
    Korea                                                        39%            46%            70%            12%            (66)%
    Europe                                                      20%              7%              7%          300%              84%  
    United  States                                        13%            20%            10%          (13)%          (16)%
    Malaysia                                                  10%              7%              4%            99%              50%  
    Japan                                                          9%            10%              6%            26%              (6)%
    China                                                          8%              7%              3%            39%              35%  
    Rest  of  North  America                          1%              2%              0%          (35)%          128%  
    Rest  of  Asia  Pacific                            0%              1%              0%          (63)%          180%  
                                                                                                                                                        
 




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