SUNNYVALE, Calif., May 9, 2018 /PRNewswire/ -- QuickLogic
Corporation (NASDAQ: QUIK), a developer of ultra-low power
multi-core voice enabled SoCs, embedded FPGA (eFPGA) IP, display
bridge and programmable logic solutions, announced its financial
results for the fiscal first quarter ended April 1, 2018.
Recent Accomplishments
- Announced the formation of an ecosystem partnership with
Artificial Intelligence pioneers, General Vision, nepes
corporation, and SensiML, and released the QuickAI™
development platform that expands the market for QuickLogic's eFPGA
IP and EOS™ S3 SoC.
- Murata selected EOS S3 SoC to pair with its Wi-Fi module in a
new solution targeting IoT applications that enables always
listening and trigger word recognition.
- Partnered with Shenzhen Horn Audio Co., Ltd. to deliver a
Bluetooth®-enabled headset reference design that supports Amazon
Alexa Voice Services (AVS) for both Apple and Android devices.
- Introduced dual microphone support for EOS S3 that is coupled
with advanced noise cancellation and beam forming technology.
- Released EOS S3 LV, a new low-voltage version of the company's
EOS S3 platform that enables always-on / always-listening with a
33% reduction in power consumption relative to the standard,
ultra-low power consumption EOS S3.
- Announced a partnership with Aldec, Inc. for eFPGA Simulation
Flow.
- Joined the RISC-V Foundation, an open, free, Instruction Set
Architecture (ISA) that enables a new era of processor innovation
through open standard collaboration.
- Presented at the Design and Reuse IP-SoC Days conference.
- Participated in a panel at the annual SOI Silicon Valley
Symposium sponsored by GLOBALFOUNDRIES.
Fiscal 2018 First Quarter Financial Results
First
quarter total revenue was $2.8
million, down 7% compared to the fourth quarter of 2017, and
13% compared to the first quarter of 2017. New product revenue was
$1.3 million, up 34% compared to the
fourth quarter of 2017 and down 32% compared to the first quarter
of 2017. Mature product revenue was $1.5
million, down 27% compared to the fourth quarter of 2017 and
up 16% compared to the first quarter of 2017. New product revenue
accounted for 47% of the total revenue, compared to 33% in the
fourth quarter of 2017 and 60% in the first quarter of 2017.
First quarter GAAP gross margin was 50.3%, flat compared to the
fourth quarter of 2017 and improved from 43.3% in the first quarter
of 2017. Non-GAAP gross margin was 51.5%, flat compared to the
fourth quarter of 2017 and improved from 44.4% in the first quarter
of 2017.
First quarter GAAP operating expenses increased slightly to
$5.3 million, from $5.0 million in the fourth quarter of 2017 and
$4.8 million in the first quarter of
2017. Non-GAAP operating expenses were $4.9
million, slightly increased from $4.6
million in the fourth quarter of 2017 and $4.6 million in the first quarter of 2017.
First quarter GAAP net loss increased to $4.0 million, or $0.05 per share, from $3.4
million, or $0.04 per
share, in the fourth quarter of 2017 and $3.6 million, or $0.05 per share, in the first quarter of 2017.
Non-GAAP net loss was $3.5 million, or $0.04 per share, compared to $3.0 million, or $0.04 per share in the fourth quarter of 2017,
and $3.2 million, or $0.05 per share in the first quarter of 2017.
(See below for an explanation of non-GAAP financial measures.)
Conference Call
QuickLogic Corporation (NASDAQ: QUIK)
will hold a conference call at 2:30 p.m. Pacific Daylight
Saving Time/ 5:30 p.m. Eastern
Daylight Saving Time today, May 9,
2018, to discuss its current financial results. The
conference call will be webcasted and can be accessed via the
Company's website at http://ir.quicklogic.com/events.cfm. To join
the live conference, you may dial (877) 377-7094 and
international participants should dial (253) 237-1177 by
2:20 p.m. Pacific Daylight Saving Time. The Conference ID is
5192808. A recording of the call will be available starting one
hour after completion of the call. To access the recording, please
call (855) 859-2056 or (404) 537-3406 and reference the
passcode: 5192808. The call recording will be archived until
Thursday, May 17, 2018, and the
webcast will be available for 12 months on the Company's
website.
About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK)
enables OEMs to maximize battery life for highly differentiated,
immersive user experiences with Smartphone, Wearable, Hearable and
IoT devices. QuickLogic delivers these benefits through industry
leading ultra-low power customer programmable SoC semiconductor
solutions, embedded software, and algorithm solutions for always-on
voice and sensor processing. The company's embedded FPGA initiative
also enables SoC designers to easily implement post production
changes, and increase revenue by providing hardware programmability
to their end customers. For more information about QuickLogic,
please visit www.quicklogic.com.
QuickLogic uses its website (www.quicklogic.com), the company
blog QuickLogic HotSpot (http://blog.quicklogic.com),
corporate Twitter account (@QuickLogic_Corp), Facebook page
(https://www.facebook.com/QuickLogic), and LinkedIn page
(https://www.linkedin.com/company/13512/) as channels of
distribution of information about its products, its planned
financial and other announcements, its attendance at upcoming
investor and industry conferences, and other matters. Such
information may be deemed material information, and QuickLogic may
use these channels to comply with its disclosure obligations under
Regulation FD. Therefore, investors should monitor the company's
website and its social media accounts in addition to following the
company's press releases, SEC filings, public conference calls, and
webcasts.
Non-GAAP Financial Measures
QuickLogic reports
financial information in accordance with United States Generally
Accepted Accounting Principles, or US 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 the Company's 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 US 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 US GAAP financial measures.
Forward Looking Statements
This press release contains
forward-looking statements regarding our future business
expectations, which are subject to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are only predictions and may differ
materially from actual results due to a variety of factors
including: 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 and other potential factors and uncertainties
that could cause actual results to differ from the results
predicted are described in more detail in the Company's public
reports filed with the Securities and Exchange Commission (the
"SEC"), including the risks discussed in the "Risk Factors" section
in the Company's Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and in the Company's prior press
releases, which are available on the Company's Investor Relations
website at http://ir.quicklogic.com/and on the SEC website at
www.sec.gov. In addition, please note that the date of this press
release is May 9, 2018, and any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. We
undertake no obligation to update these statements as a result of
new information or future events.
ArcticLink, QuickLogic and the QuickLogic logo are registered
trademarks and EOS and ArcticPro are trademarks of QuickLogic
Corporation. All other brands or trademarks are the property
of their respective holders and should be treated as such.
CODE: QUIK-E
-Tables Follow -
QUICKLOGIC
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
April 1, 2018
|
|
April 2, 2017
|
|
December 31, 2017
|
Revenue
|
$
|
2,764
|
|
|
$
|
3,170
|
|
|
$
|
2,981
|
|
Cost of
revenue
|
1,375
|
|
|
1,797
|
|
|
1,478
|
|
Gross
profit
|
1,389
|
|
|
1,373
|
|
|
1,503
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development
|
2,699
|
|
|
2,427
|
|
|
2,458
|
|
Selling, general and
administrative
|
2,561
|
|
|
2,414
|
|
|
2,519
|
|
Total operating
expense
|
5,260
|
|
|
4,841
|
|
|
4,977
|
|
Loss from
operations
|
(3,871)
|
|
|
(3,468)
|
|
|
(3,474)
|
|
Interest
expense
|
(24)
|
|
|
(61)
|
|
|
(18)
|
|
Interest income and
other (expense), net
|
(14)
|
|
|
—
|
|
|
23
|
|
Loss before income
taxes
|
(3,909)
|
|
|
(3,529)
|
|
|
(3,469)
|
|
Provision for
(benefit from) income taxes
|
61
|
|
|
36
|
|
|
(60)
|
|
Net loss
|
$
|
(3,970)
|
|
|
$
|
(3,565)
|
|
|
$
|
(3,409)
|
|
Net loss per
share:
|
|
|
|
|
|
Basic
|
$
|
(0.05)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
Diluted
|
$
|
(0.05)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
Weighted average
shares:
|
|
|
|
|
|
Basic
|
80,571
|
|
|
68,794
|
|
|
80,353
|
|
Diluted
|
80,571
|
|
|
68,794
|
|
|
80,353
|
|
QUICKLOGIC
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
(Unaudited)
|
|
|
April 1,
2018
|
|
December 31, 2017
(1)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
12,561
|
|
|
$
|
16,527
|
|
Accounts receivable,
net
|
1,254
|
|
|
925
|
|
Inventories
|
3,550
|
|
|
3,559
|
|
Other current
assets
|
1,426
|
|
|
997
|
|
Total current
assets
|
18,791
|
|
|
22,008
|
|
Property and
equipment, net
|
2,117
|
|
|
2,375
|
|
Other
assets
|
255
|
|
|
253
|
|
TOTAL
ASSETS
|
$
|
21,163
|
|
|
$
|
24,636
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Revolving line of
credit
|
$
|
6,000
|
|
|
$
|
6,000
|
|
Trade
payables
|
1,292
|
|
|
1,437
|
|
Accrued
liabilities
|
1,982
|
|
|
1,653
|
|
Current portion of
capital lease obligations
|
296
|
|
|
299
|
|
Total current
liabilities
|
9,570
|
|
|
9,389
|
|
Long-term
liabilities:
|
|
|
|
Capital lease
obligations, less current portion
|
235
|
|
|
355
|
|
Other long-term
liabilities
|
65
|
|
|
14
|
|
Total
liabilities
|
9,870
|
|
|
9,758
|
|
Stockholders'
equity:
|
|
|
|
Common stock, par
value
|
80
|
|
|
80
|
|
Additional paid-in
capital
|
269,218
|
|
|
268,833
|
|
Accumulated
deficit
|
(258,005)
|
|
|
(254,035)
|
|
Total stockholders'
equity
|
11,293
|
|
|
14,878
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
21,163
|
|
|
$
|
24,636
|
|
________________________
|
(1)
|
Derived from the
December 31, 2017 audited balance sheet included in the 2017
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
|
|
April
1, 2018
|
|
April
2, 2017
|
|
December 31,
2017
|
US GAAP loss from
operations
|
$
|
(3,871)
|
|
|
$
|
(3,468)
|
|
|
$
|
(3,474)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
Cost of
revenue
|
34
|
|
|
33
|
|
|
36
|
|
Research and
development
|
183
|
|
|
139
|
|
|
190
|
|
Selling, general and
administrative
|
215
|
|
|
146
|
|
|
155
|
|
Adjustment for the
write-off of equipment within:
|
|
|
|
|
|
Research and
development
|
—
|
|
|
—
|
|
|
2
|
|
Selling, general and
administrative
|
5
|
|
|
—
|
|
|
—
|
|
Non-GAAP loss from
operations
|
$
|
(3,434)
|
|
|
$
|
(3,150)
|
|
|
$
|
(3,091)
|
|
US GAAP net
loss
|
$
|
(3,970)
|
|
|
$
|
(3,565)
|
|
|
$
|
(3,409)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
Cost of
revenue
|
34
|
|
|
33
|
|
|
36
|
|
Research and
development
|
183
|
|
|
139
|
|
|
190
|
|
Selling, general and
administrative
|
215
|
|
|
146
|
|
|
155
|
|
Adjustment for the
write-off of equipment within:
|
|
|
|
|
|
Research and
development
|
—
|
|
|
—
|
|
|
2
|
|
Selling, general and
administrative
|
5
|
|
|
—
|
|
|
—
|
|
Non-GAAP net
loss
|
$
|
(3,533)
|
|
|
$
|
(3,247)
|
|
|
$
|
(3,026)
|
|
US GAAP net loss
per share
|
$
|
(0.05)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
Adjustment for
stock-based compensation
|
0.01
|
|
|
*
|
|
|
*
|
|
Non-GAAP net loss
per share
|
$
|
(0.04)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
US GAAP gross
margin percentage
|
50.3
|
%
|
|
43.3
|
%
|
|
50.4
|
%
|
Adjustment for
stock-based compensation
|
1.2
|
%
|
|
1.1
|
%
|
|
1.2
|
%
|
Adjustment for the
write-off of equipment
|
*
|
|
|
—
|
%
|
|
*
|
|
Non-GAAP gross
margin percentage
|
51.5
|
%
|
|
44.4
|
%
|
|
51.6
|
%
|
|
* Figures were not
considered for reconciliation due to the insignificant
amount.
|
QUICKLOGIC
CORPORATION
|
SUPPLEMENTAL
DATA
|
(Unaudited)
|
|
|
Percentage of Revenue
|
|
Change in Revenue
|
|
Q1 2018
|
|
Q1 2017
|
|
Q4 2017
|
|
Q1 2017 to Q1
2018
|
|
Q4
2017 to Q1 2018
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
Revenue by product:
(1)
|
|
|
|
|
|
|
|
|
|
New
products
|
47
|
%
|
|
60
|
%
|
|
33
|
%
|
|
(32)
|
%
|
|
34
|
%
|
Mature
products
|
53
|
%
|
|
40
|
%
|
|
67
|
%
|
|
16
|
%
|
|
(27)
|
%
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
33
|
%
|
|
54
|
%
|
|
32
|
%
|
|
(47)
|
%
|
|
(3)
|
%
|
North
America
|
57
|
%
|
|
36
|
%
|
|
32
|
%
|
|
38
|
%
|
|
66
|
%
|
Europe
|
10
|
%
|
|
10
|
%
|
|
37
|
%
|
|
(9)
|
%
|
|
(75)
|
%
|
_____________________
|
(1)
|
New products include
all products manufactured on 180 nanometer or smaller semiconductor
processes. eFPGA IP license revenue is also included in new product
revenue. Mature products include all products produced on
semiconductor processes larger than 180 nanometers.
|
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SOURCE QuickLogic Corporation