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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