Code: QUIK-E
-Tables Follow -
QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
-------------------------------------
April 2, April 3, January 1,
2017 2016 2017
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Revenue $ 3,170 $ 2,950 $ 2,945
Cost of revenue 1,797 1,794 1,995
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Gross profit 1,373 1,156 950
Operating expenses:
Research and development 2,427 3,447 2,380
Selling, general and administrative 2,414 2,693 2,322
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Total operating expense 4,841 6,140 4,702
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Loss from operations (3,468) (4,984) (3,752)
Interest expense (61) (38) (66)
Interest income and other (expense),
net -- (7) (43)
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Loss before income taxes (3,529) (5,029) (3,861)
Provision for (benefit from) income
taxes 36 64 (3)
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Net loss $ (3,565) $ (5,093) $ (3,858)
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Net loss per share:
Basic $ (0.05) $ (0.09) $ (0.05)
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Diluted $ (0.05) $ (0.09) $ (0.05)
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Weighted average shares:
Basic 68,794 58,371 67,941
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Diluted 68,794 58,371 67,941
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QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
April 2, January 1,
2017 2017 (1)
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ASSETS
Current assets:
Cash and cash equivalents $ 26,674 $ 14,870
Accounts receivable, net 1,807 839
Inventories 2,861 2,017
Other current assets 977 1,123
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Total current assets 32,319 18,849
Property and equipment, net 2,566 2,765
Other assets 233 230
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TOTAL ASSETS $ 35,118 $ 21,844
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit $ 6,000 $ 6,000
Trade payables 2,498 2,018
Accrued liabilities 2,016 1,580
Deferred Revenue 317 --
Current portion of capital lease obligations 171 209
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Total current liabilities 11,002 9,807
Long-term liabilities:
Capital lease obligations, less current portion 42 --
Other long-term liabilities 45 49
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Total liabilities 11,089 9,856
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Stockholders' equity:
Common stock, par value 79 68
Additional paid-in capital 267,419 251,824
Accumulated deficit (243,469) (239,904)
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Total stockholders' equity 24,029 11,988
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 35,118 $ 21,844
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(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
-------------------------------------
April 2, April 3, January 1,
2017 2016 2017
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US GAAP loss from operations $ (3,468) $ (4,984) $ (3,752)
Adjustment for stock-based
compensation within:
Cost of revenue 33 38 13
Research and development 139 291 55
Selling, general and
administrative 146 233 57
Adjustment for the write-off of
equipment within:
Cost of revenue -- -- 17
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Non-GAAP loss from operations $ (3,150) $ (4,422) $ (3,610)
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US GAAP net loss $ (3,565) $ (5,093) $ (3,858)
Adjustment for stock-based
compensation within:
Cost of revenue 33 38 13
Research and development 139 291 55
Selling, general and
administrative 146 233 57
Adjustment for the write-off of
equipment within:
Cost of revenue -- -- 17
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Non-GAAP net loss $ (3,247) $ (4,531) $ (3,716)
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US GAAP net loss per share $ (0.05) $ (0.09) $ (0.05)
Adjustment for stock-based
compensation * 0.01 *
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Non-GAAP net loss per share $ (0.05) $ (0.08) $ (0.05)
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US GAAP gross margin percentage 43.3% 39.2% 32.3%
Adjustment for stock-based
compensation 1.1% 1.3% 0.4%
Adjustment for the write-off of
equipment --% --% 0.6%
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Non-GAAP gross margin percentage 44.4% 40.5% 33.3%
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* Figures were not considered for reconciliation due to the insignificant
amount.
QUICKLOGIC CORPORATION
SUPPLEMENTAL DATA
(Unaudited)
Percentage of Revenue Change in Revenue
------------------------- -----------------------
Q1 2016 to Q4 2016 to
Q1 2017 Q1 2016 Q4 2016 Q1 2017 Q1 2017
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COMPOSITION OF REVENUE
Revenue by product: (1)
New products 60% 51% 54% 28% 20%
Mature products 40% 49% 46% (14)% (7)%
Revenue by geography:
Asia Pacific 54% 58% 64% --% (9)%
North America 36% 28% 26% 38% 48%
Europe 10% 14% 10% (25)% 8%
(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.
