QuickLogic Reports Fiscal 2017 Second Quarter Results


QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
 
   July 2, 2017  January 1, 2017 (1)
ASSETS    
Current assets:    
Cash and cash equivalents $22,234  $14,870 
Accounts receivable, net 1,051  839 
Inventories 3,322  2,017 
Other current assets 868  1,123 
Total current assets 27,475  18,849 
Property and equipment, net 2,529  2,765 
Other assets 236  230 
TOTAL ASSETS  $ 30,240   $ 21,844 
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Revolving line of credit $6,000  $6,000 
Trade payables 1,227  2,018 
Accrued liabilities 1,648  1,580 
Deferred Revenue 79   
Current portion of capital lease obligations 167  209 
Total current liabilities 9,121  9,807 
Long-term liabilities:    
Capital lease obligations, less current portion 129   
Other long-term liabilities 35  49 
Total liabilities 9,285  9,856 
Stockholders’ equity:    
Common stock, par value 80  68 
Additional paid-in capital 267,951  251,824 
Accumulated deficit (247,076) (239,904)
Total stockholders’ equity 20,955  11,988 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $ 30,240   $ 21,844 
         

________________________
(1) Derived from the January 1, 2017 audited balance sheet included in the 2016 Annual Report on Form 10-K of QuickLogic Corporation.

 
 
QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts and percentages)
(Unaudited)
 
    Three Months Ended   Six Months Ended
    July 2, 2017   July 3, 2016   April 2, 2017   July 2, 2017   July 3, 2016
US GAAP loss from operations   $ (3,553 )   $ (5,498 )   $ (3,468 )   $ (7,021 )   $ (10,482 )
Adjustment for stock-based compensation within:                    
Cost of revenue   20     47     33     53     85  
Research and development   134     175     139     273     466  
Selling, general and administrative   193     217     146     339     450  
Adjustment for the write-off of equipment within:                    
Research and development       312             312  
Non-GAAP loss from operations   $ (3,206 )   $ (4,747 )   $ (3,150 )   $ (6,356 )   $ (9,169 )
US GAAP net loss   $ (3,607 )   $ (5,574 )   $ (3,565 )   $ (7,172 )   $ (10,667 )
Adjustment for stock-based compensation within:                    
Cost of revenue   20     47     33     53     85  
Research and development   134     175     139     273     466  
Selling, general and administrative   193     217     146     339     450  
Adjustment for the write-off of equipment within:                    
Research and development       312             312  
Non-GAAP net loss   $ (3,260 )   $ (4,823 )   $ (3,247 )   $ (6,507 )   $ (9,354 )
US GAAP net loss per share   $ (0.05 )   $ (0.08 )   $ (0.05 )   $ (0.10 )   $ (0.17 )
Adjustment for stock-based compensation   0.01     0.01       *     0.01     0.02  
Adjustment for the write-off of equipment                     *  
Adjustment for restructuring costs                     *  
Adjustment for tax effect on other comprehensive income                 *      
Non-GAAP net loss per share   $ (0.04 )   $ (0.07 )   $ (0.05 )   $ (0.09 )   $ (0.15 )
US GAAP gross margin percentage   45.6 %   28.6 %   43.3 %   44.4 %   34.1 %
Adjustment for stock-based compensation   0.7 %   1.7 %   1.1 %   0.9 %   1.5 %
Adjustment for the write-off of equipment   %     *     %   %     *  
Adjustment for restructuring costs   %   %   %   %     *  
Non-GAAP gross margin percentage   46.3 %   30.3 %   44.4 %   45.3 %   35.6 %
                               

* Figures were not considered for reconciliation due to the insignificant amount.

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