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QuickLogic Announces Fiscal 2015 First Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Apr 29, 2015 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low power programmable sensor processing solutions, today announced the financial results for its Fiscal first quarter ended March 29, 2015.

Total revenue for the first quarter of 2015 was $6.2 million, representing an increase of 8% compared to $5.7 million in the fourth quarter of 2014 and a decrease of 45% compared to $11.2 million in the first quarter of 2014. New product revenue for the first quarter of 2015 was $4.1 million, an increase of 13% compared to $3.7 million in the fourth quarter of 2014 and a decrease of 54% compared to $8.9 million in the first quarter of 2014. During the first quarter, mature product revenue was $2.0 million which was flat sequentially and down 10% as compared to the first quarter of 2014. New product revenue accounted for 67% of the total revenue in the first quarter of 2015 compared to 64% in the fourth quarter of 2014 and 80% in the first quarter of 2014.

Under generally accepted accounting principles in the United States of America (GAAP), the net loss for the first quarter of 2015 was $3.6 million, or $0.06 per share, compared with a net loss of $4.1 million, or $0.07 per share in the fourth quarter of 2014 and a net loss of $2.1 million, or $0.04 per share, in the first quarter of 2014. Non-GAAP net loss for the first quarter of 2015 was $3.1 million, or $0.06 per share, compared with a non-GAAP net loss of $3.7 million, or $0.06 per share in the fourth quarter of 2014 and a non-GAAP net loss of $1.4 million, or $0.03 per share, in the first quarter of 2014.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time / 5:30 p.m. Eastern Daylight Time today, April 29, 2015, to discuss its current financial results. The conference call is being webcast and QuickLogic will be using presentation slides during the call. To access the webcast with slides, go to the "Events" section at http://ir.quicklogic.com. To join the live conference, you may dial (877) 377-7094 or you can access it online at http://ir.quicklogic.com/events.cfm. 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: 18707768. The call recording will be archived until Wednesday, May 6, 2015 and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) is the leading provider of ultra-low power, customizable Sensor Hub, Display, and Connectivity semiconductor solutions for smartphone, tablet, wearable, and mobile enterprise OEMs. Called Customer Specific Standard Products (CSSPs), these programmable 'silicon plus software' solutions enable our customers to bring hardware-differentiated products to market quickly and cost effectively. 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. 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.

QuickLogic is a registered trademark and the QuickLogic logo is a trademark of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                  (In thousands, except per share amounts)                  
                                (Unaudited)                                 
                                                                            
                                          Three Months Ended                
                          ------------------------------------------------- 
                          March 29, 2015  March 30, 2014  December 28, 2014 
                          --------------  --------------  ----------------- 
Revenue                   $        6,159  $       11,164  $           5,721 
Cost of revenue,                                                            
 excluding inventory                                                        
 write-down                        3,263           7,042              3,487 
Inventory write-down                  17              64                 22 
                          --------------  --------------  ----------------- 
Gross profit                       2,879           4,058              2,212 
Operating expenses:                                                         
  Research and                                                              
   development                     3,477           2,641              3,432 
  Selling, general and                                                      
   administrative                  2,960           3,465              2,771 
                          --------------  --------------  ----------------- 
Total operating expense            6,437           6,106              6,203 
                          --------------  --------------  ----------------- 
Loss from operations              (3,558)         (2,048)            (3,991)
Interest expense                     (14)            (16)               (18)
Interest income and other                                                   
 (expense), net                      (26)            (26)               (47)
                          --------------  --------------  ----------------- 
Loss before income taxes          (3,598)         (2,090)            (4,056)
Provision for income                                                        
 taxes                                40              20                 86 
                          --------------  --------------  ----------------- 
Net loss                  $       (3,638) $       (2,110) $          (4,142)
                          ==============  ==============  ================= 
Net loss per share:                                                         
  Basic                   $        (0.06) $        (0.04) $           (0.07)
                          ==============  ==============  ================= 
  Diluted                 $        (0.06) $        (0.04) $           (0.07)
                          ==============  ==============  ================= 
Weighted average shares:                                                    
  Basic                           56,190          54,433             55,982 
                          ==============  ==============  ================= 
  Diluted                         56,190          54,433             55,982 
                          ==============  ==============  ================= 
                                                                            
                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
                   CONDENSED CONSOLIDATED BALANCE SHEETS                    
                               (In thousands)                               
                                (Unaudited)                                 
                                                                            
                                   March 29, 2015     December 28, 2014 (1) 
                                --------------------  --------------------- 
             ASSETS                                                         
Current assets:                                                             
  Cash and cash equivalents     $             28,215  $              30,050 
  Accounts receivable, net                     1,684                  1,552 
  Inventories                                  3,349                  4,952 
  Other current assets                         1,050                  1,146 
                                --------------------  --------------------- 
    Total current assets                      34,298                 37,700 
Property and equipment, net                    2,974                  3,217 
Other assets                                     227                    222 
                                --------------------  --------------------- 
TOTAL ASSETS                    $             37,499  $              41,139 
                                ====================  ===================== 
 LIABILITIES AND STOCKHOLDERS'                                              
             EQUITY                                                         
Current liabilities:                                                        
  Trade payables                $              1,763  $               2,506 
  Accrued liabilities                          1,710                  1,574 
  Deferred Revenue                               114                     -- 
  Current portion of capital                                                
   lease obligations                             232                    225 
                                --------------------  --------------------- 
    Total current liabilities                  3,819                  4,305 
Long-term liabilities:                                                      
  Revolving line of credit                     1,000                  1,000 
  Capital lease obligations,                                                
   less current portion                          137                    191 
  Other long-term liabilities                    160                     76 
                                --------------------  --------------------- 
    Total liabilities                          5,116                  5,572 
                                --------------------  --------------------- 
Stockholders' equity:                                                       
  Common stock, at par value                      56                     56 
  Additional paid-in capital                 238,873                238,419 
  Accumulated deficit                       (206,546)              (202,908)
                                --------------------  --------------------- 
    Total stockholders' equity                32,383                 35,567 
                                --------------------  --------------------- 
TOTAL LIABILITIES AND                                                       
 STOCKHOLDERS' EQUITY           $             37,499  $              41,139 
                                ====================  ===================== 
                                                                            
(1) Derived from the December 28, 2014 audited balance sheet included in the
    2014 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 and percentages)          
                                (Unaudited)                                 
                                                                            
                                          Three Months Ended                
                          ------------------------------------------------- 
                          March 29, 2015  March 30, 2014  December 28, 2014 
                          --------------  --------------  ----------------- 
GAAP loss from operations $       (3,558) $       (2,048) $          (3,991)
  Adjustment for stock-                                                     
   based compensation                                                       
   within:                                                                  
    Cost of revenue                   39              42                 27 
    Research and                                                            
     development                     191             353                174 
    Selling, general and                                                    
     administrative                  267             337                291 
                          --------------  --------------  ----------------- 
Non-GAAP loss from                                                          
 operations               $       (3,061) $       (1,316) $          (3,499)
                          ==============  ==============  ================= 
GAAP net loss             $       (3,638) $       (2,110) $          (4,142)
  Adjustment for stock-                                                     
   based compensation                                                       
   within:                                                                  
    Cost of revenue                   39              42                 27 
    Research and                                                            
     development                     191             353                174 
    Selling, general and                                                    
     administrative                  267             337                291 
                          --------------  --------------  ----------------- 
Non-GAAP net loss         $       (3,141) $       (1,378) $          (3,650)
                          ==============  ==============  ================= 
GAAP net loss per share   $        (0.06) $        (0.04) $           (0.07)
  Adjustment for stock-                                                     
   based compensation                  *            0.01               0.01 
                          --------------  --------------  ----------------- 
Non-GAAP net loss per                                                       
 share                    $        (0.06) $        (0.03) $           (0.06)
                          ==============  ==============  ================= 
GAAP gross margin                                                           
 percentage                         46.7%           36.3%              38.7%
  Adjustment for stock-                                                     
   based compensation                0.7%            0.4%               0.4%
                          ==============  ==============  ================= 
Non-GAAP gross margin                                                       
 percentage                         47.4%           36.7%              39.1%
                          ==============  ==============  ================= 
                                                                            
  * Figures were not considered for reconciliation due to the insignificant 
                                   amount.                                  
                                                                            
                                                                            
                                                                            
                          QUICKLOGIC CORPORATION                            
                             SUPPLEMENTAL DATA                              
                                (Unaudited)                                 
                                                                            
                          Percentage of Revenue       Change in Revenue     
                        -------------------------  -----------------------  
                                                   Q1 2014 to   Q4 2014 to  
                        Q1 2015  Q1 2014  Q4 2014    Q1 2015      Q1 2015   
                        -------  -------  -------  ----------   ----------  
COMPOSITION OF REVENUE                                                      
Revenue by product: (1)                                                     
  New products               67%      80%      64%        (54)%         13% 
  Mature products            33%      20%      36%        (10)%         (1)%
Revenue by geography:                                                       
  Asia Pacific               62%      83%      70%        (59)%         (4)%
  North America              30%      10%      20%         67%          59% 
  Europe                      8%       7%      10%        (31)%        (13)%
                                                                            
(1) New products include all products manufactured on 180 nanometer or      
    smaller semiconductor processes. Mature products include all products   
    produced on semiconductor processes larger than 180 nanometers.         
                                                                            

Contacts:
Ralph S. Marimon
Vice President of Finance
Chief Financial Officer
(408) 990-4000

Email Contact

Andrea Vedanayagam
(408) 656-4494

Email Contact