QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
| October 1, 2017 | January 1, 2017 (1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 19,029 | $ | 14,870 | ||||
| Accounts receivable, net | 1,654 | 839 | ||||||
| Inventories | 3,307 | 2,017 | ||||||
| Other current assets | 1,031 | 1,123 | ||||||
| Total current assets | 25,021 | 18,849 | ||||||
| Property and equipment, net | 2,247 | 2,765 | ||||||
| Other assets | 253 | 230 | ||||||
| TOTAL ASSETS | $ | 27,521 | $ | 21,844 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Revolving line of credit | $ | 6,000 | $ | 6,000 | ||||
| Trade payables | 1,647 | 2,018 | ||||||
| Accrued liabilities | 1,781 | 1,580 | ||||||
| Deferred Revenue | — | — | ||||||
| Current portion of capital lease obligations | 145 | 209 | ||||||
| Total current liabilities | 9,573 | 9,807 | ||||||
| Long-term liabilities: | ||||||||
| Capital lease obligations, less current portion | 129 | — | ||||||
| Other long-term liabilities | 25 | 49 | ||||||
| Total liabilities | 9,727 | 9,856 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, par value | 80 | 68 | ||||||
| Additional paid-in capital | 268,340 | 251,824 | ||||||
| Accumulated deficit | (250,626 | ) | (239,904 | ) | ||||
| Total stockholders’ equity | 17,794 | 11,988 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 27,521 | $ | 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 | Nine Months Ended | |||||||||||||||||||
| October 1, 2017 | October 2, 2016 | July 2, 2017 | October 1, 2017 | October 2, 2016 | ||||||||||||||||
| US GAAP loss from operations | $ | (3,455 | ) | $ | (4,568 | ) | $ | (3,553 | ) | $ | (10,476 | ) | $ | (15,050 | ) | |||||
| Adjustment for stock-based compensation within: | ||||||||||||||||||||
| Cost of revenue | 32 | 34 | 20 | 85 | 119 | |||||||||||||||
| Research and development | 151 | 137 | 134 | 424 | 603 | |||||||||||||||
| Selling, general and administrative | 212 | 286 | 193 | 551 | 736 | |||||||||||||||
| Adjustment for the write-off of equipment within: | ||||||||||||||||||||
| Cost of revenue | — | 33 | — | 33 | ||||||||||||||||
| Research and development | 10 | 1 | — | 10 | 313 | |||||||||||||||
| Selling, general and administrative | — | 5 | — | 5 | ||||||||||||||||
| Adjustment for restructuring costs | — | — | — | — | — | |||||||||||||||
| Non-GAAP loss from operations | $ | (3,050 | ) | $ | (4,072 | ) | $ | (3,206 | ) | $ | (9,406 | ) | $ | (13,241 | ) | |||||
| US GAAP net loss | $ | (3,550 | ) | $ | (4,623 | ) | $ | (3,607 | ) | $ | (10,722 | ) | $ | (15,290 | ) | |||||
| Adjustment for stock-based compensation within: | ||||||||||||||||||||
| Cost of revenue | 32 | 34 | 20 | 85 | 119 | |||||||||||||||
| Research and development | 151 | 137 | 134 | 424 | 603 | |||||||||||||||
| Selling, general and administrative | 212 | 286 | 193 | 551 | 736 | |||||||||||||||
| Adjustment for the write-off of equipment within: | ||||||||||||||||||||
| Cost of revenue | — | 33 | — | — | 33 | |||||||||||||||
| Research and development | 10 | 1 | — | 10 | 313 | |||||||||||||||
| Selling, general and administrative | — | 5 | — | 5 | ||||||||||||||||
| Non-GAAP net loss | $ | (3,145 | ) | $ | (4,127 | ) | $ | (3,260 | ) | $ | (9,652 | ) | $ | (13,481 | ) | |||||
| US GAAP net loss per share | $ | (0.04 | ) | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.14 | ) | $ | (0.24 | ) | |||||
| Adjustment for stock-based compensation | * | 0.01 | 0.01 | 0.01 | 0.02 | |||||||||||||||
| Adjustment for the write-off of equipment | * | * | — | * | 0.01 | |||||||||||||||
| Non-GAAP net loss per share | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.21 | ) | |||||
| US GAAP gross margin percentage | 42.6 | % | 31.7 | % | 45.6 | % | 43.8 | % | 33.3 | % | ||||||||||
| Adjustment for stock-based compensation | 1.1 | % | 1.2 | % | 0.7 | % | 1.0 | % | 1.4 | % | ||||||||||
| Adjustment for the write-off of equipment | * | 1.2 | % | — | % | * | 0.4 | % | ||||||||||||
| Non-GAAP gross margin percentage | 43.7 | % | 34.1 | % | 46.3 | % | 44.8 | % | 35.1 | % | ||||||||||
* Figures were not considered for reconciliation due to the insignificant amount.
