SAN JOSE, Calif., Jan. 28, 2020 /PRNewswire/ -- QuickLogic
Corporation (NASDAQ: QUIK), a developer of ultra-low power
multi-core voice-enabled SoCs, embedded FPGA IP, and Endpoint AI
solutions, today announced a restructuring plan that will
significantly lower its annual operating expenses. When fully
implemented by the second quarter of fiscal 2020, the Company
estimates the reductions will result in annualized operating
expense savings of approximately $4.0
million. These changes are expected to only have a
minimal impact on the Company's research and development efforts to
support planned products and technologies.
The majority of the restructuring will come from personnel
reductions, which will be across all parts of the Company and
geographies, reducing total personnel by approximately 30% by the
end of the first quarter of fiscal 2020. The Company
estimates it will incur approximately $600,000 of restructuring expenses, of which
approximately $500,000 will be cash
expenditures with the majority coming in the first quarter of
fiscal 2020.
"As we went through our year-end strategic planning it became
clear that the vast majority of the software needed to support our
announced EOS™ SoC design wins and near-term SoC growth strategy is
completed. Furthermore, we believe the future expansion into
new markets and applications for our SoC and eFPGA products will
leverage more of the previously disclosed open source software
initiative being developed in conjunction with a Tier 1 service
provider. Given this, we believe we can move forward
with a leaner organization while still supporting our growth
objectives in fiscal 2020," said Brian
Faith, QuickLogic president and CEO. "The restructuring is
expected to further accelerate our path to improved bottom line
financial performance in fiscal 2020. We continue to forecast
revenue growth this year and are confident the changes will result
in a stronger organization, an optimized cost structure, and allow
us to allocate our resources in the most efficient way
possible."
Reaffirming Fourth Quarter Fiscal 2019 Revenue
Guidance
In addition, QuickLogic also reaffirmed its fourth
quarter fiscal 2019 revenue guidance of $3.0
million, plus or minus 10%, and will provide full financial
results during its conference call on February 12, 2020. The Company will provide
more information about the restructuring and changes in its
operating model in its upcoming financial results conference
call.
Fourth Quarter and Fiscal Year 2019 Financial Results Call on
February 12, 2020
QuickLogic
will hold a conference call to discuss its financial results and
provide more information about the restructuring on Wednesday, February 12, 2020 at 2:30 p.m. Pacific Standard Time / 5:30 p.m. Eastern Standard Time. The conference
call will be webcast at QuickLogic's IR Site Events Page. To
join the live conference, you may dial 1-888-394-8218 and
international participants should dial 1-323-794-2588. A recording
of the call will be available starting approximately one hour after
completion of the call. To access the recording, please call (412)
317-6671 and reference the passcode 5294729. The call recording
will be archived until Wednesday, February
19, 2020, and the webcast will be available for 12 months on
the Company's website at https://ir.quicklogic.com/ir-calendar.
About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK)
is a fabless semiconductor company that develops low power,
multi-core semiconductor platforms and Intellectual Property (IP)
for Artificial Intelligence (AI), voice and sensor processing. The
solutions include embedded FPGA IP (eFPGA) for hardware
acceleration and pre-processing, and heterogeneous multi-core SoCs
that integrate eFPGA with other processors and peripherals. The
Analytics Toolkit from our recently acquired wholly-owned
subsidiary, SensiML Corporation, completes the end-to-end solution
with accurate sensor algorithms using AI technology. The full range
of platforms, software tools and eFPGA IP enables the practical and
efficient adoption of AI, voice and sensor processing across
mobile, wearable, hearable, consumer, industrial, edge and endpoint
IoT. For more information, visit www.quicklogic.com and
https://www.quicklogic.com/blog/.
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.
Forward-looking statements can be identified by the use of words
such as "may," "will," "plan," "should," "expect," "anticipate,"
"estimate," "continue" or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, including market conditions and future
decisions regarding the Company's use of cash resources, many of
which the Company cannot predict with accuracy and some of which
the Company might not even anticipate, and involve factors that may
cause actual results to differ materially from those projected or
suggested. Readers are cautioned not to place undue reliance on
these forward-looking statements and are advised to consider these
and other potential factors and uncertainties that could cause
actual results to differ from the results predicted, including
those described in more detail in the Company's public reports
filed with 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's website at
www.sec.gov. In addition, please note that the date of this press
release is January 28, 2020, 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.
QuickLogic and logo are registered trademarks and EOS is a
trademark of QuickLogic. All other trademarks are the property of
their respective holders and should be treated as such.
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SOURCE QuickLogic Corporation